An Inflection Point for Credit: Innovations for a Personal Auto Hard Market

This webinar will discuss successful Al adoption strategies with minimal business disruption for immediate business lift in just weeks. There will be discussion on this tailored approach and effective management of four core pillars - people, process, technology and data.

Change and disruption are a constant in today’s digital era but has exploded in intensity and breadth starting with InsurTech emerging in 2015 and accelerating during the pandemic. The tectonic forces of customers, technology and shifting market boundaries are driving foundational change to the insurance industry. From embedded insurance to the acceleration of commoditized insurance, the expansion of a multi-channel world, the resilience of agents and brokers who embrace technology, digital ecosystems, technology as a service, next generation customer engagement models, the data and analytics arms race, the demand for new payment options and the rise of new innovative products.

In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences. Combining data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are increasing the gap between Insurance 1.0 and Digital Insurance 2.0 at an accelerated rate. To realize the benefits of becoming truly data-driven at the company level, insurers must have a broad enterprise data strategy underpinned by a robust enterprise data warehouse and model to capture internal and new, external data sources across multiple systems so that advanced and emerging analytics can be used effectively.

Constraints cause creativity. Covid created the need to handle property claims remotely. The technology and uses of devices to assess damage and settle claims has proliferated in the last 24 months. To support the launch of the InsTech London report, “Remote Claims Assessment - the 40 companies to watch”, Matthew Grant hosted a Live Chat to discuss the findings in our report. We spoke to the creators and users of these solutions, examine what is happening in this area, discuss the opportunities emerging from new technologies and the future themes in remote claims assessment.