In an industry facing multiple disruptive forces including technological, regulatory and competitive pressures rethinking finance as a strategic function can help insurers reduce costs, report faster and extract more value commercialization of their data.
In this crossover interview, Paolo Rubano, Finance Transformation Director at Generali, shares his perspective on the evolution of the insurance industry and how the finance function is responding to it. He explains in particular the role of Finance in this journey to allow a greater impact.
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Insurance Nexus
In an increasingly cost-competitive industry, digital technologies are providing today’s insurance carriers with new methods of distinguishing themselves from competitors. Of particular focus is the claims process. As insurance’s ‘moment of truth’, policy-holders’ experiences when making a claim can define whether they become satisfied and loyal customers for life or disgruntled, and unlikely to return. With the majority of insurance executives believing that customer experience will see the biggest impact from technologies like AI, machine learning and advanced analytics, it is no surprise, therefore, that claims should take a special focus.
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Lorman
Are you involved on a complex and large-scale construction project, whether from the owner or general contractor's perspective? If so, has the topic of subcontractor default insurance (SDI) been discussed? If you are involved in such a project, SDI is an important topic since SDI would generally serve as an alternative to requiring subcontractors to obtain performance bonds. SDI is a first-party insurance policy, but operates differently than the first-party insurance policies you typically think of such as a property insurance/builder's risk policy.
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Congnizant
A panel of business and technology experts will examine how insurers are using state-of-the-art digital platforms to jump-start their direct-to-consumer channel efforts. These new platforms allow for faster speed to market for new products, faster entry into new marketing channels, improved customer experiences and more effective variable cost administration. Self-learning, artificial-intelligence-driven capabilities like virtual servicing agents and robo advisors will be integrated and play a key role in driving the next generation of customer experience.
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