Insurance Innovation Outlook 2019

Persistent inflationary pressures heighten property insurers’ need for current, localized, component-based replacement cost estimates. And the need for data goes beyond the structure to encompass the contents that make a home complete. Verisk’s 360Value® meets these challenges with data from millions of actual property claims and expertise of our property estimating solutions team. Ongoing innovation keeps adding to the power of this tool.

Property insurance protects millions of household and businesses across the UK from a range of perils and risks, paying out over £11 million per day to customers when the worst occurs. However, the perils and risks customers face are continually evolving and changing, in particular as the effects of climate change become more prominent. It is vital that the industry understands current and future risks customers face and adapts and innovates to this changing landscape.

As insurers deal with the fallout from COVID and dedicate themselves to improving the customer experience, many still shy away from refreshing their correspondence because they worry it takes too much time, effort and money. Artificial intelligence can now solve the problem by using "content intelligence" to quickly sort through even ad hoc correspondence. AI lets firms modernize their correspondence with messages and branding that are consistent and with the right reading comprehension level, no matter how the company touches a customer -- pleasing customers while lowering costs.

The Canadian insurance industry is on the brink of a customer-centric transformation. To survive this monumental industry shift, carriers must understand what customers really want, and effectively deliver this vision. You cannot afford to lag behind on customer-focused innovation, you must deliver interactive, personalized on-demand products, communications and experiences throughout the journey. Hear from the following speakers: Catherine Bishop ,Vice President, RBC Insurance. Scott Marnoch, AVP, Innovation, Insurance Solutions, Individual Customer, Great-West Life.