Developments in technology, along with evolving consumer needs and expectations, continue to change the insurance industry. Combined with recent regulatory and financial reporting developments, the industry will continue to re-evaluate their traditional business models. In addition to significant catastrophe losses due to natural disasters, technology has plagued us with an increase in distracted driving, causing more accidents and increasing both property and personal claims.
Consumers expect more choice and personalization across their insurance experience, as well as greater mobile device functionality for faster and easier claims processing, and comparison and purchase options. And while the use of technology for both consumers and businesses is on the rise, as with all industries, a focus on data privacy and security is paramount.
The impact of digital technology means that insurers must adapt more quickly than ever before. Their policyholders demand it, and the amount of information now available can be a key differentiator in keeping insurers aware of new opportunities and risks to survive in today’s constantly changing environment. The network of devices that are embedded with technology (IoT) – such as smartphones, smart home sensors, connected cars – is changing the insurance industry from reactive to proactive as the monitoring and security of homes, cars, and digital assets are easier than ever.
In addition, by connecting with clients via sensor devices, insurers can build more regular and meaningful client engagement. For example, insurers can harness data from devices that monitor vital signs, activity, nutrient consumption, and sleep patterns for more precise underwriting and pricing while offering value-added fitness and lifestyle feedback.
Pending changes to the Department of Labor’s Fiduciary Rule – intended to increase transparency and decrease conflicts of interest between financial advisors and their customers – could impact financial professionals and their organizations once the delay period ends and full implementation is required.
As technology innovation, greater customer expectations, and disruptive newcomers redefine the marketplace, insurers remain focused on growing top-line sales and bottom-line profitability, while competing in a dynamic industry. These changes drive the need, more than ever, to bring people together to brainstorm new solutions, educate teams, influence stakeholders and connect with thought leaders. The collaboration, ideation and networking that comes from in-person meetings, events, and incentive travel programs will boost your organization’s ability to meet new business challenges.
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