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Opening the door to insurance carrier innovation

A pressing concern at this current time is how insurers will cope as they are inundated by pandemic claims and queries.

By Ira Sopic | May 22, 2020 at 09:00 AM
A streamlined approach to claims processing will help improve carrier cost efficiencies and deliver on customer experience. (Shutterstock) A streamlined approach to claims processing will help improve carrier cost efficiencies and deliver on customer experience. (Shutterstock)

In 2019, the word on the street was that the insurance industry was on the brink of a revolution in technology innovation. If that was true then it is even more so now as the insurance industry looks to position itself for a post-COVID-19 world.

In a recent survey of 300 U.S. executives by Insurance Nexus by Reuters Events, 89% said that innovation technologies would transform their business in the long term. A similar number are also investing in new analytics and technology solutions. Nationwide is one of them. Chief Data Officer Jim Tyo is looking for partners with whom the carrier can learn and grow together. This is preferable to “making a traditional substantial and long term investment commitment up front,” Tyo says.

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