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With big change comes big opportunities for reinvention and renewed purpose, in life as well as the insurance world.
One suggestion: Shift focus from being an industry that primarily detects and repairs to one that predicts and prevents.
Cultural changes are necessary to maintain data management as a competitive differentiator.
Many insurance carriers continue to struggle to maximize the full value of data, according to Deloitte.
Going forward, insurers should emphasize an ongoing culture of innovation while making customer-centricity the standard.
The rise of alternative channels should prompt insurers to bolster agency force and diversify distribution options.
Many of the questions policyholders take to their insurer or agent lend themselves to automated self-service.
Small business owners now want customized, adjustable policies and enhanced risk-management services.
The role of insurance-company chief sustainability officers is still very much a work in progress.
Modern technical skills and tools relieve staff from labor-intensive, lower-value tasks while freeing them up for analytical work.
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Friedman" } ], "kickerNode": [ { "uri": "/commentary/", "sectionName": "Commentary" } ], "summary": "Many insurance carriers continue to struggle to maximize the full value of data, according to Deloitte.", "body": null }, { "uri": "/2022/09/30/insurance-carriers-should-pivot-in-2023-to-longer-term-reinvention/", "title": "Insurance carriers should pivot in 2023 to longer-term reinvention", "byline": "Sam J. Friedman and Michelle Canaan", "kicker": "Commentary", "prettyDate": "September 30, 2022", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/09/Lifting-economic.jpg-image620x372.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" }, { "webUrl": "/author/profile/michelle-canaan/", "name": "Michelle Canaan" } ], "kickerNode": [ { "uri": "/commentary/", "sectionName": "Commentary" } ], "summary": "Going forward, insurers should emphasize an ongoing culture of innovation while making customer-centricity the standard.", "body": null }, { "uri": "/2022/08/22/deloitte-most-consumers-now-open-to-non-traditional-insurance/", "title": "Deloitte: Business owners now open to non-traditional insurance", "byline": "Sam J. Friedman", "kicker": "Research", "prettyDate": "August 22, 2022", "timeToRead": "4 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/08/Money-increase.jpg-image620x372.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" } ], "kickerNode": [ { "uri": "/research/", "sectionName": "Research" } ], "summary": "The rise of alternative channels should prompt insurers to bolster agency force and diversify distribution options.", "body": null }, { "uri": "/2022/06/29/robo-advisors-could-give-small-business-insurers-a-competitive-edge/", "title": "Robo advisors could give small-business insurers a competitive edge", "byline": "Sam J. Friedman", "kicker": "Commentary", "prettyDate": "June 29, 2022", "timeToRead": "5 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2020/07/iStock_74766171_SMALL.jpg", "width": "616", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" } ], "kickerNode": [ { "uri": "/commentary/", "sectionName": "Commentary" } ], "summary": "Many of the questions policyholders take to their insurer or agent lend themselves to automated self-service.", "body": null }, { "uri": "/2022/05/25/insurers-update-value-propositions-for-todays-small-businesses/", "title": "Insurers: Update value propositions for today's small businesses", "byline": "Sam J. Friedman", "kicker": "Research", "prettyDate": "May 25, 2022", "timeToRead": "5 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/05/Small-Business-Owner_iStock.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" } ], "kickerNode": [ { "uri": "/research/", "sectionName": "Research" } ], "summary": "Small business owners now want customized, adjustable policies and enhanced risk-management services.", "body": null }, { "uri": "/2022/03/31/how-should-insurers-choose-their-csos/", "title": "How should insurers choose their CSOs?", "byline": "Sam J. Friedman", "kicker": "Research", "prettyDate": "March 31, 2022", "timeToRead": "6 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/03/Sustainability-Check-Mark-List.jpeg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" } ], "kickerNode": [ { "uri": "/research/", "sectionName": "Research" } ], "summary": "The role of insurance-company chief sustainability officers is still very much a work in progress.", "body": null }, { "uri": "/2022/03/29/lingering-skills-gap-could-hinder-underwriting-claims-transformation/", "title": "Lingering skills gap could hinder underwriting, claims transformation", "byline": "Sam J. Friedman", "kicker": "Research", "prettyDate": "March 29, 2022", "timeToRead": "7 minute", "image": { "uri": "https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2022/03/Businessman-juggling-business-icons.jpg-image620x372.jpg", "width": "620", "height": "372" }, "authors": [ { "webUrl": "/author/profile/sam-j-friedman/", "name": "Sam J. Friedman" } ], "kickerNode": [ { "uri": "/research/", "sectionName": "Research" } ], "summary": "Modern technical skills and tools relieve staff from labor-intensive, lower-value tasks while freeing them up for analytical work.", "body": null } ] } }
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