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In the insurance industry, carriers are still learning to transform their business for a digital experience that benefits the customer. I worked in insurance sales, service, and underwriting for 15 years and just a few years ago moved to a position at Jerry, the car insurance comparison shopping app.
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
The pandemic has accelerated the digital transformation of the insurance industry. Driven by industry trends, customer expectations, and regulatory pressures, digital innovation has resulted in the creation of a new space called InsurTech that is aimed at the seamless delivery of insurance products.
“Awareness of insurance and its value has never been higher,” said Lloyd’s of London CEO John Neal, as he addressed delegates at the Marsh McLennan Rising Professionals’ Global Forum, referring to how recent events have shaped “the most uncertain landscape seen for generations.”
Aon’s latest global M&A Risk in Review report finds reasons for optimism in 2022, but the broker cautions dealmakers that headwinds persist in the wake of the COVID-19 pandemic.
Insurtechs determined to disrupt the insurance industry have not succeeded so far, but a future wave of insurtechs could emerge to achieve a similar goal, carrier executives said recently.
The paradigm shift from traditional to digital means of carrying out operations is leading the industries through a pathway of growth and development. In the new era of technological advancements, the insurance sector is in the midst of a radical, digitally infused shake-up.
One of the key drivers of digital transformation at the origin of the success of the new economy is the customer experience. It is now becoming one of the spearheads of the digitization of the insurance industry. The journey? The product? The touch points? Which factors really improve the loyalty of these 2.0 consumers?
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic.
Cambridge Mobile Telematics (CMT) now offers a new way for auto insurers, automakers, rideshare, fleet, wireless, and safety companies to automatically engage with their customers through its DriveWell platform and, in the event of a crash, would automatically gather sensor information for collision repairers and insurers to reference.
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