An ideal quartet formation of a rock band consists of a voice, an electric guitar, a bass, and a drum kit. What else do we need to enjoy our favorite tunes and get inspired?
There's another great quartet that could bring you fresh ideas and that is the insurance industry. Who said insurance was boring? Insurance is on the verge of a seismic, tech-driven shift: is it a dream, or could Insurers become proactive coaches to their customers?
This is the reality, and we discussed that during our insurance track at SAS Global Forum. Here's our magical quartet for you:
Voice: Customer speaks up! The role of the customer in insurance transformation
Together with the Geneva Association and Italian Insurtech Association, we had a panel discussion about the evolution of the insurance customer and why traditional offerings are not sufficient anymore:
- How can we ensure to team up with the right people to foster innovation in insurance?
- Did AI competency already reach the boards?
If you'd like to get the expert's view and answers to these questions, watch the recording here.
Electric guitar: a marvelous rock solo "The Road to Analytics Hell is Paved with Good Intentions."
When the interest in data science and machine learning applications on the rise, the risk of inappropriate usage and misinterpretation also increases. As a result, we've heard about many failed innovation projects and AI/ ML applications that never succeeded and moved from the sandbox environment. Why does this happen?
State Farm Insurance has been applying machine learning for over 40 years, and they detailed some common pitfalls and myths to watch out for as you grow or build your data science divisions. Enjoy the presentation here.
Bass: the link between harmony and rhythm, just as process is a link between the idea and real business
McKinsey's "Insurance 2030" report predicts that underwriting will be largely digitized in less than ten years, app and data platforms connect carriers and consumers, pricing is available in real-time, and more than half of all claims activities are fully automated.
For most insurers, the work on this vision has already started. The key to embracing this change is a comprehensive data and AI strategy.
VSK from Russia shared their experience: the project focuses on enhancing their underwriting with new data and analytical capabilities to become more competitive and profitable.
Insures need to provide a smooth experience and transparent customer communication handling claims avoiding cost leakage due to fraudulent claims or process inefficiencies. My colleague David Hartley discussed with Turkish Eureko how insurance claims are transforming (start at the 11:54 mark).
Drums: the rhythm of the future - The challenge of digital resiliency for the new normal
We started the insurance stream of the SAS Global Forum with a panel on innovation. Then, we brought a view on the new normal and the challenges of insurers immediately ahead of us.
The pandemic turned us all into digital natives. Patrick Van Brussel, Research Director of European Financial Insights at IDC, guided us through the new normal and talked about the "challenge of digital resiliency".
To strengthen their portfolios, insurers must complete the digital transition of their traditional sales networks, shared Patrick. They must do so while providing those networks with modern analytical tools rooted in BD&A and AI, to boost their resilience. Partnership ecosystems will flourish to offer 360° solutions for targeted market segments. Insurers can lead such ecosystems by capitalizing on their core business rooted in Risk Management and powered by cloud-based technologies.
Transforming the organization is not so different from a band that brings a new sound to the world. But, exactly like in music where harmony is created with the contribution of each element of the quartet, in a company, transformation must happen organically, balancing the key elements – creativity, responsibility, change, and resilience.