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How Big Data Has Changed Public Policy
| February 18, 2017
The Dickerson Agency is a family owned and operated, local independent insurance agency in Kennesaw, Georgia. We specialize in Auto, Home, Business and Life Insurance.
Article | April 9, 2020
The speed at which COVID-19 is impacting the economy is unprecedented. Like many businesses, insurance companies are facing unique challenges in this rapidly evolving situation. How insurers approach and respond to these challenges will influence their resiliency and ultimately how they will fare. Insurance companies are facing new pressures as they are hit with multiple challenges—all at once.
During InsurTech Connect 2019, the world’s largest gathering for the insurance industry, I had the opportunity to meet and talk about the future of insurance with executives, thought leaders, analysts, consultants, and tech providers. In an interesting discussion with Seth Rachlin, chief innovation officer of Insurance at Capgemini, he discussed three trends that he envisions driving the “future of insurance.”
In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.
The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:
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