Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Uncategorized

Adapt or Perish – Insurers Must Embrace Innovative Technologies

by Jackie Davis
July 30, 2019
in Uncategorized
Reading Time: 3 mins read
A A
Adapt or Perish – Insurers Must Embrace Innovative Technologies
Share on FacebookShare on Twitter

Today’s world is largely digitally-driven – and it’s no different for insurance. Insurers are embracing innovative technologies such as cloud computing, artificial intelligence, and machine learning to offer customers a unique experience that provides a superior customer experience. Although these technologies are driving innovation, some insurance companies are slow to adapt. What’s stopping them from embracing these technologies?

New Auto Tech Impacting Insurance

Vehicle technology that promises to help avoid crashes sounds like a great investment that could save policyholders money on their insurance policy, but auto insurers aren’t quite ready to embrace the technology. Even though the global market for advanced driver assistance systems, ADAS, is expected to grow to $67 billion by 2025, many insurance companies haven’t enacted discounts for policies with the technology.

“Anybody that has been in a car with advanced safety solutions is not going to go back,” said Kevin Clark, chief executive of auto technology supplier at Aptiv. How can insurers update policies and discounts to match the evolving driving technology?

Read more here.

Single Customer View

A Deeper Dive Into Insurance Customers

Insurers can now provide customers with better, more accurate policies thanks to digital transformation. By leveraging new technologies, like Single Customer View, insurers can engage customers by using information they already have access to like account information, policies, and risk assessments. With this technology, insurers can build relationships using real-time data.

“By putting data to work an insurer can improve the overall quality of their underwriting efforts by identifying key exposures that might otherwise have gone unnoticed but that need to be addressed and factored into pricing,” said Mike Hofert, Managing Director of Insurance Solutions at Pitney Bowes.

Read more here.

It’s Time to Embrace New Technology

It may be surprising to hear that the insurance industry has historically been apart of early technology adoption. Travelers Insurance, for example, was one of the first companies to install an IBM mainframe computer in the 1960s. In the 1970s, insurance companies were embracing time-shared mini-computers and in the 1990s, desktops were being put to good use.

However, since then, the insurance industry has been slow to embrace new technologies that strive towards innovation. Today, to be successful, insurers must once again revisit that explorative spirit and embrace emerging technologies like cloud computing, artificial intelligence, and machine learning.

Read more here.

Tags: ADASadvanced driver assistance systemAIAptivartificial intelligencecloud computingmachine learningPitney Bowessingle customer viewTravelers Insurance

RELATED POSTS

retail banking
Banking

New Solutions in Retail Banking Help the FSI Space Build a Foundation for Success During Pandemic

February 24, 2021
digital content
Banking

Digital Content – The Missing Link in Your Portfolio (Part 2)

February 19, 2021
Digital Content
Banking

Digital Content – The Missing Link in Your Portfolio (Part 1)

February 16, 2021

TRENDING NOW

  • Data Quality

    The Business Benefits of Improving Data Quality for Financial Services

    502 shares
    Share 201 Tweet 126
  • Digital Content – The Missing Link in Your Portfolio (Part 1)

    505 shares
    Share 202 Tweet 126
  • Natural Disasters Shook the Insurance Industry in 2018

    507 shares
    Share 203 Tweet 127
  • Understanding the Cyber Insurance Underwriting Process

    501 shares
    Share 200 Tweet 125
  • Monetizing Data: Follow the Yellow Brick Road

    503 shares
    Share 201 Tweet 126

CONNECT WITH US

Advertisement Banner Advertisement Banner Advertisement Banner
Advertisement Banner Advertisement Banner Advertisement Banner
Advertisement Banner Advertisement Banner Advertisement Banner
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2021 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us