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Infographics
Overcoming Legacy Challenges
Many insurance companies today are implementing new technologies to overcome legacy pricing and rating processes and digitally transform their business. As they do, they’re seeing how innovative new insurance technology platforms can help develop and deploy new, highly targeted and personalized offers much faster. This infographic looks at 5 challenges and solutions that address the impact of legacy insurance technologies.
Increased Cybersecurity Concerns
As insurers embrace new digital channels, avoiding ransomware, data breaches, and other cyberattacks is their top priority. Survey results from the Earnix 2023 Industry Trends report: Insurance Operations in a Changing Industry and additional statistics provide even more insights.
Shoring up the Bottom Line: Insurers Prioritize Profitability Over Growth
As global P&C insurers continue to face lingering economic conditions and challenging markets, many are now focused on profitability instead of growth. Innovative new technologies can help insurers increase profitability in uncertain times like these.
Climate Change's Impact on the Insurance Industry
The insurance industry is feeling the impact of climate change, prompting insurers to reevaluate their strategies. They're wrestling with the necessity for new models that don't solely rely on historical data to anticipate and manage risks resulting from changing weather patterns.
Uncertain Economic Conditions
Insurers reported factors such as ongoing supply chain issues, inflation, and new insurance regulations would be some of the most significant macroeconomic conditions they expected to face in the next two years.
The Personalization Gap
According to the findings of our 2023 trends report, personalization remains a clear priority for insurance executives and leaders. However, the majority of carriers have not yet fully executed their envisioned strategies. Many identify data privacy and competitors’ offerings as the primary challenges hindering their personalization efforts.
Earnix Pricing Accelerator
This infographic looks at the four main challenges facing pricing teams across consumer and auto lending today and matches them with unique solutions provided by Earnix Pricing Accelerator.
How Insurers Can Modernize Their Technology Infrastructure
Insurers need data-driven approaches to succeed in identifying new business opportunities, better serving customers, growing sales, and improving operations. Introducing: Intelligent InsurOps. Unlock advanced analytics for underwriting, dynamic pricing strategies, real-time rating, and fast delivery of personalized offers.