“Adopting new technology is not just ‘nice-to-have’, it’s critical to help insurers achieve their most important goals – Improve customer experience, offer greater product personalization, and improve efficiencies.”
Dror Pockard, Chief Strategy Officer at Earnix, begins this wide-ranging look at the insurance industry and its future with a recap of a recently-completed Earnix survey examining Insurers’ Perceptions, Priorities, and Plans Related to New Technology Adoption.
With Approximately 80% of companies planning to modernize their infrastructure in the next two years, it’s critically important to ensure that the programs pursued serve the needs of insurance operations modernization. As Dror puts it, “With intelligent insurance operations, carriers will create a more personalized, connected world.”
Yet, despite the promise and the overwhelming intent, a resounding 87% of the executives surveyed report that they have not fully developed and executed their operations modernization strategy.
While the greatest needs exist in such critical areas as operationalizing pricing, fraud analytics, and personalized add-on offerings, current efforts are hampered by lack of flexibility, legacy system resources, and lack of talent. Pockard’s summary is that technologies such as artificial intelligence (AI) and machine learning (ML) are key to overcoming many of the challenges facing insurers.
By watching the recording, you will gain access to the important survey results and tap into Dror’s extensive experience and insights in the world of insurance.