6 Burning Questions on Field Reorganization
Timid steps are giving way to massive reorganizations and wholesale redesigns of compensation programs.
January 29, 2021
4:57 pm
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Timid steps are giving way to massive reorganizations and wholesale redesigns of compensation programs.
The start of a new year presents a good opportunity to reflect on changes over the past 12 months and predict what lies ahead in the next. As we can see a distant end to this difficult period, it’s time to reimagine the world’s future.
Increasingly, insurers can understand how and when people drive, as well as how vehicles interact with the road and their drivers.
The idea of the core taking a backseat is a myth: Core systems are not necessarily the drivers of digital projects, but they are the enablers.
“AI will be life-changing for insurance companies and consumers alike, raising the question of how regulators can ensure that models and algorithms and machine learning don’t simply scale-up the bad practices of the past,” writes Andrew Mais, commissioner of the Connecticut Insurance Department.
A new report by Travelers reaffirms the company’s belief that the auto insurance industry will play a “critical role” as lawmakers, regulators and society adjust to innovations in transportation, including the shift towards autonomous driving.
Now that conditions are beginning to settle, we need to look at 2021 as a “rebuilding” year; more of a reset than a resumption of what was.
The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.
The reality is that almost all insurers believe that digital transformation is essential. This belief has only been reinforced by the pandemic.
Increasingly digital customers are demanding more from insurers. They want help preventing injury and loss. And insurers who re-invent their offerings with AI capabilities will be poised to deliver.
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