What disruptive forces will insurers need to confront to compete? And what changes are already upon us? A summary of the changes afoot and the transformations ahead, from consumer engagement and underwriting to claims.
We are experiencing the most rapid evolution our industry has ever seen. Incremental innovation has been underway for the last 10 to 15 years, but currently, the pace of change is truly frenetic. Today, we are competing with not only peer companies, but also start-ups, third-party solution providers and others from outside the life insurance industry, who recognize the potential to disrupt the industry we know so well.
If link below does not work, the article can be found here:
https://www.soa.org/sections/reinsurance/reinsurance-newsletter/ (article appears in Issue 89 on page 38)
Advances in bioelectronic technology – and the resulting influx of data – promise to reshape the underwriting process. Preparing today can help insurers capitalize on the opportunities of tomorrow.
In just one year, almost $3 billion were invested in InsurTech — in de novo technology and in the brains driving it. RGA's Farron Blanc delves into the causes and consequences of past, present and and pending technology revolutions.
Insurance Governance Leadership Network (IGLN) participants recently discussed how global insurance companies are addressing the changing talent landscape and dealing with emerging human capital challenges.
Slides from presentations delivered at the 2017 Southeastern Home Office Underwriters Association have been posted at the SEHOUA site. Presentations include:
- Analytics – Mind versus Matter
- Pharmacogenetics: Relevant or Not?
- Give Credit Where Credit is Due – The Value of Credit in Life Underwriting
- The Underwriting Profession at Risk: 4 Steps to Manage Career Morbidity
- Underwriting the High Mileage Applicant
- The Meaning of Underwriting
- Life after Bariatric Surgery
- Mental Illness Update
RGA's Raimondo Guerra demystifies data and discusses the future of insurance. Questions or comments?
Backed with new capital, powered by digital technology and chained to a decentralized administration: A new model for transparent, simple and customer-focused life insurance, couldn’t be easier to visualize.
The insurance industry is not the only business to struggle with understanding its data. But the sheer volume of information hitting insurers’ desktops on a daily basis means it cannot ignore the importance of acting now to embrace the latest technology in order to get to grips with the issue.
Digitalization and the spread of the internet and mobile technology have impacted a number of industries in recent years, often transforming them beyond recognition. There is little doubt that technology will have an enormous impact also on the insurance industry over the next decade, across the value chain from product development and underwriting through to distribution, services and claims. In the near term, the largest impact is likely to be on underwriting and distribution.