This article is part of Carrier Management’s series on the Future of Insurance.
Asked to imagine changes in the insurance industry in the next decade, Mike Pritula, President, RMS, highlighted a greater focus on cloud technology among his predictions. Cloud integration will benefit insurers and reinsurers seeking to access a broader range of risk models and data analytics, he writes.
Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years? What will insurance companies, insurance leaders, the industry and its workforce look like in the next decade? What risks will they insure?
Pritula (RMS): The property/casualty insurance sector is changing rapidly before our eyes, but what’s driving this change? With the introduction of advanced technologies and new processes overhauling business practices, insurers and reinsurers and the broad market have the potential to look entirely different—and possibly more consolidated—facing a different set of participants in the next five to 10 years.
This also means the integration of cloud technologies will be of greater focus as companies look to enable greater efficiency and business agility.
Through these new innovations, insurers and reinsurers will have access to a broader range of risk models and data analytics that traditionally have been challenging to create.
Q: How will insurance products and services be distributed?
Pritula (RMS): Over the next several years, the distribution of services and insurance product delivery will continue to evolve. The insurance market will increasingly need to focus on the customer and seek tools and services that are flexible, customizable and scalable. This will require many actions, including a thorough exploration of cloud strategy for the company.
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