TRENDS

Technology vision for insurance: Endless possibilities for efficiency and growth

Advances in technology are creating a world of possibilities for insurers.

Connecting with customers. Connected devices are rapidly transitioning from being curiosities to supporting new insurance products and services. A growing number of carriers are using wearables (31 percent), connected TVs (40 percent), connected cars (38 percent), kiosks or interactive displays (37 percent) and other smart devices (32 percent) to engage with their customers.
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Focusing on outcomes. The proliferation of intelligent hardware, sensors and devices in customers’ businesses, homes and vehicles is making it easier for carriers to be explicit about the outcomes they sell. Eighty-three percent of insurers believe it will shift the industry from selling products and services to outcomes.
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Taking the lead from tech. Platform-based businesses, like Google and Salesforce.com, have dramatically transformed their industries. But 73 percent of insurers are of the opinion that the next generation of platforms will be led not by technology companies, but by industry leaders and players.
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Investing in intelligence. Intelligent technology is likely to be widely adopted by insurance carriers in the next two years. The most commonplace are expected to be rule-based algorithms (75 percent of executives foresee industry-wide adoption), machine learning (70 percent), predictive analytics (77 percent) and intelligent agents (69 percent).
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Teaming workers and machines. As machines become more intelligent, insurers will recognize the benefits of creating workforces consisting of people and machines operating side by side in close collaboration. Seventy-six percent of executives agree that this is a model for success.
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TRENDS

Technology vision for insurance: Endless possibilities for efficiency and growth

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