A clear picture is emerging of the future for insurance carriers as they move into the unknown. All roads point toward the need for a new way of building and distributing products and services.
In the end, speed will characterise carriers’ survival. Speed in the ability to collect, analyse, and properly interpret data from constantly multiplying sources. Speed in the ability to update/change products and algorithms to reflect newly uncovered insights. Speed in the ability to launch into new channels and geographies at a moment’s notice.
Getting there is easier said than done. For many carriers, building for speed requires a 180-degree shift. It requires leadership to move away from thinking “What can we do with what we have today?” toward “What would I do if I could build this company from scratch?”
This article focuses on:
• Imperatives for how to build for speed within insurance.
• How the latest policy administration systems can help insurers to differentiate their offerings, and respond more fully to customers’ expectations?
• How insurers can take advantage of analytics and business intelligence to gain a competitive advantage.