Whether premium dollars for 2011 are flat—as some experts predict—or on the rise, none of the analysts interviewed by Tech Decisions for this article believe the industry is ready to return just yet to the golden days of three years ago.
That means insurers can expect fierce battles to attract new policyholders and retain their own best customers in 2011.
The third is capitalizing on new opportunities. This involves turning to the predictive models and analysis and answering the question: What is likely to happen?
“We know in underwriting for personal lines, carriers are using predictive models for insurance scores and risk appetite,” says Smallwood. “They are using models in claims, but now [the models] are more widespread throughout the value chain. Once you have all the data together for new opportunities and predicting the future it creates a whole chain.”
“Everyone’s talking about how they can strengthen the sale process, whether that’s through direct sales or an intermediary-based sales force,” says Harris-Ferrante.
Some of those conversations eventually get around to mobility.
Josefowicz believes the advances users are enjoying in mobile computing are a reflection of the work already done to enable real-time transactions and information through the Web.
“The interface or delivery layer may differ, but all the investments done to enable that real time, outside-the-firewalls delivery can be leveraged in mobile,” he says.