The insurance industry is at crossroads. On basis of the report Insurance at the Intersection, we’ve compiled eight strategic imperatives insurers need to consider in response to the challenging and rapidly changing business environment.
Just as no automaker would run without robotic systems on its factory floor, or no drug company would fill bottles by hand, automation will be increasingly common in core IT operations to enable the business to compete effectively. Many IT functions, from resetting passwords to resource provisioning, involve repeatable steps that can be codified into standard operating procedures and then automated.
Gamification has already helped insurers improve customer engagement and employee collaboration. Today, using a well-designed prioritization model and best practices, carriers can apply gamification to boost the performance of sales, marketing, and the brand.
Can a research driven approach ensure that an innovation also is viable and desirable in the long run? And how do you bring that product or solution to market at scale?
How can you infuse human behavior insights into new customer solutions? With focus on innovative integration and design that meets the end-consumers’ behavior, digital agency Mirabeau forms smarter solutions.
In a world in search of more open, trusted and secure IT systems, all eyes are on blockchain. Through its distributed ledger, smart contracts and non-repudiation capabilities it acts as a shared infrastructure that can transform multiple processes across the insurance value chain. Here’s how.
In parallel with running the core business, you need to work on exploring new ideas that correspond to what tomorrow’s core business will be. A structured process will take you all the way from idea to commercialization.
Anthropologists, social scientists, and the focus on people’s daily whereabouts, can add new insights based on so called “thick data” – important facts beyond the digital track image.
As financial institutions pivot to digital, they require a business-process-centric assurance strategy that connects technology and regulatory compliance — while delivering desired operational benefits. Financial services firms need to address the many nuances of emerging technologies such as blockchain and advanced artificial intelligence (AI).
According to IDC, worldwide spending on AI is estimated to grow from $8 billion in 2016 to $47 billion by 2020. While AI is hailed as a technology that will impact a number of areas, it’s another story to identify AI opportunities and to start applying AI within your own business. Use our list to get going.
