Impact of Climate Change in Insurance: How to Sell Catastrophe Coverage

Today’s insurance industry business environment is characterized by constant disruption, increasing competition, stagnant growth, increasing costs, new technologies, and shifting market and customer demands. These tectonic shifts are redefining the future of the insurance industry. In this environment, focusing on both operational and strategic innovation is more important than ever to effectively manage the current business while creating the future.

Home inspections have always been essential for accurate underwriting. However recent economic disruptions have put a pronounced pressure on rethinking the process and the value it provides to insurers.

To be successful, an insurer has to correctly estimate the probability of losses. To do that, the insurer collects information about risks and other factors, whose presence increases the probability of losses. For a very long time, the collection of such information has been done manually. However, things are changing. Insurers are using new technologies which automate the assessment of risks and sharpen loss probability estimates. This webinar, presented by Donald Light, discusses how insurers are using these new technologies, with special reference to cyber.

The most disruptive changes in the insurance industry will be led by the advances in and utilization of key technologies. Primarily, it will include the adaptation of AI to create desirable products, harness insights from new data sources, optimize processes and costs, and improve customer experiences. According to a recent Accenture report:Digital transformation grants insurance companies exceptional capabilities. But it also creates enormous expectations.Amid these rising expectations, insurers are investing in digital technologies, raising the question of how leaders will set themselves apart.Insurers looking to differentiate themselves must be aware of technology trends that will characterize the post-digital future.