As smart carriers continue to leverage cognitive and digital computing technologies to better understand, mitigate and absorb customers’ property and casualty risks, the insurance industry is primed for transformative changes.
Executive SummaryInsurers cannot win without innovation, writes QBE NA SVP Jude DiBattista. Here, he explains why his firm has allied with several InsurTech firms and made significant investments in technological advancements. Key to his vision for the future is an ecosystem in which carriers seamlessly interact with customers—including agents and brokers—and with numerous third parties to better understand risks and provide superior experiences and service anywhere and at any time.
Absent this metamorphosis, however, the industry confronts a threat given the expressed intent of major technology companies to carve inroads into the property and casualty insurance market. To maintain customer share, carriers must do what large tech firms are planning to do—only better.
As insurers pursue this goal, startups in the growing InsurTech sector also promote innovation, disrupting traditional insurance norms and practices. These companies are undertaking parallel research into the use of artificial intelligence (AI), data analytics, telematics, machine learning, image recognition software, robotics processing automation and other tools to enhance operating efficiency and forge closer connections with customers. Carriers that stay on top of these innovations will enjoy a competitive edge, while those that maintain the status quo and do little—or nothing—will fall by the wayside.
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