Embracing the Human Side of the Bionic Insurer
Insurance CEOs have a big strategic challenge: successful companies of the future will look very different than they do today.
December 6, 2021
9:13 pm
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Insurance CEOs have a big strategic challenge: successful companies of the future will look very different than they do today.
In this series, we’ve been looking at the value digital twin data can bring to the insurance business. Specifically, I see there being four main areas where insurers could take advantage of digital twins to make material improvements.
Incumbents need to look to the latest data analytics tools and AI technology to eliminate friction and deliver exceptional customer experiences.
AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.
For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.
As the cyber risk environment evolves from occasional data theft to rampant extortion, cybersecurity experts believe that the current cyber insurance model – where policies are easily accessible – is ripe for a change.
The words “insurance” and “innovation” are not typically used together. Today’s leaders are working to change that.
Insurers, which traditionally render services after catastrophes like earthquakes, hurricanes and wildfires, are busier than ever as climate risk becomes a genuine, dangerous possibility to many customers.
According to Zurich’s Chief Claims Officer Ian Thompson, the company is seeing evidence that consumers are choosing to file in-person claims rather than use the digital options available to them.
Despite seeming reluctant to make sweeping changes, the insurance industry continues to be at the forefront of adopting digital solutions.
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