In the year ahead, insurers will be challenged to effectively anticipate and adapt to an accelerating evolution in how insurance is designed, sold and serviced.
Customer service is rapidly shifting to self-service, digital, and mobile, with the next wave including chatbots, natural language processing and AI/machine learning.
Insurers are under increasing pressure to cut costs and offer better digital services to their customers. Chatbots that serve as virtual insurance agents can help.
One of the great ironies of the insurance industry is that it was among the first to embrace analytics but has become known for its reluctance to adopt technological innovations.