Post on 14-Jul-2020
IASA 86TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW
Insurance 2024: Emerging Trends and Technologies that Matter to Insurers
Session 675
What does the future hold for insurance?
Demographic shift and innovative technologies are driving massive changes in customer-driven business models
Traditional markets have become
saturated and companies must
look beyond their borders to
continue to grow
With growth slowing,
insurers must embrace
transformative technology
for cost reduction and
increased efficiency
In a low interest rate environment, insurers must
invest in operating technology to drive down
frictional costs and stay current. “Anna Khalamayzer Property and Casualty 360”
In a global marketplace intra-
company communication must
evolve to enable internal
collaboration and thought leadership
Traditional sales methods
and consumer interaction
are no longer sufficient
Insurers must adopt Omni-channel
strategies that maximize all methods
of communication, to remain
competitive in a technology driven
marketplace
The connected
consumer is no longer
just a buzz word, it has
become a reality
Companies are offered
the choice, evolve and
embrace technology or
become obsolete
Technology is
transforming business
and has become a
catalyst for growth
The Five Technology Catalysts Currently
Transforming the Insurance Industry
Internet of Everything
connects our world
through the use of
telematics and sensors
Social Media has changed
the way we interact, share
and communicate
information
Mobile has enabled consumers to be connected anytime anywhere
Analytics has allowed companies to
turn the endless streams of internal and external data into actionable insight
Cloud computing allows companies to reduce spending on technology infrastructure and make information available anytime anywhere
Innovative Technology in the
Insurance Industry
Usage Based Insurance
(UBI) is completely
revamping the way insurers
sell and consumers buy car
insurance.
Mobile Claims Management is
driving down the cost of
processing claims, and
greatly reducing claim lag
time
Companies are able to
monitor product performance
through simple unified
dashboards, to drive business
strategy and address
consumer demand
Through automation and new
process management
technology, customized niche
insurance products are very
close to a reality
These Top Ten Connected Applications are Projected to Account for 60% of Global Business Impact in 2020
http://connectedlife.gsma.com/toptenappsin2020/
A Smarter World
50+ Sensor Applications by 2020 & BeyondSource: Libelium.com
How do you
invent?
How do you operate?
How do you test
the market?
EMBRACE
TECHNOLOGY
IASA 86TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW
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