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Emerging technology’s role in the future of the insurance industry

As an industry, we need to think bigger and re-evaluate the way companies operate along with the tools they’re using.

By Scott Quiana | May 06, 2020 at 01:00 AM
Not everything can be automated, so choose wisely. When looking at new technologies or partnering with an InsurTech, focus on the primary business requirements. Will the technology or new capability help deliver more value to policyholders? Will the company gain more market share by leveraging the technology? Will the technology help improve combined ratios by creating more operational efficiencies? In some cases, it may be best to extend the scope of an initiative beyond the policyholder to include other stakeholders, such as brokers or internal business users. Before moving forward with a project, it is important to perform a thorough cost-benefit analysis (CBA), making certain to rank all the use cases based on expected ROI, and choose the one that would yield the maximum returns. Engaging an insurance-focused technology consultant at this point can be a good way to ensure an effective due diligence process.(Shutterstock) To achieve an order of magnitude change in how companies operate, they must begin with how they think about data. (Photo: Shutterstock)

The global (re)insurance market is undergoing a transformation from manually run processes to a technology-driven business model, enabling companies to tap into the full potential that data has to offer.

A surge in fast-paced innovation and the utilization of machine learning (ML) with cloud-technology has enabled automation, streamlined efficiency and provided access to more comprehensive analytics fed by this data.

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