Instant insurance, insurance on demand and real-time customer engagement are the buzzwords of the moment. These concepts are also, however, a real breakthrough in the insurance business. They describe new products and services that are strongly oriented to customer needs and follow their evolution throughout the life cycle. These changes
Until recently the approach to accounting for insurance contracts was considerably simple. Most of the existing accounting standards do not require any special processing after estimations are made by actuaries and before they are posted in the general ledger. However, with the arrival of IFRS 17, this will definitely change.
Does loyalty pay in business? Most of us, if asked, would probably say that it ought to do so. Fairness suggests that there should be an element of “you scratch my back, I’ll scratch yours.” In other words, if I remain your customer, you will look out for my interests;
If we look at digitisation projects among insurance companies, the majority are essentially process improvements and cost savings. Processes and costs. These are not exactly “modern” terms. They are more or less precisely the opposite of the usual buzzwords and statements about digitisation and innovation. Does that make them boring
The insurance industry is one of the late starters in terms of digitisation, even in customer service, where digital networking has literally been imposed. This is largely the result of company size and the associated deadlocked structures, plus legacy systems and processes. These make it difficult to react spontaneously to
Enterprisewide analytics and AI have the power to prepare insurers for a customer-centric future and transform the relationship with policyholders. But will only a handful realise that their current approach to analytics leaves them poorly prepared for the challenge? As I noted in my previous post, success in the new
The people, the homes and the businesses you protect are all changing. Technological advancements mean we can now command Alexa or Siri to write a shopping list by speaking to a box in the corner of the kitchen. Or talk to the delivery guy waiting on our doorstep from another
The EU’s new Insurance Distribution Directive (IDD) comes into force in October this year, and will regulate how insurance products are designed and sold across the EU. The thinking behind the directive is both to provide fairer competition in the market place and to improve the protection available to customers.
What on earth am I talking about? Spotting insurance fraud, of course! An ex-colleague of mine used to aptly describe the traditional rules-based methods of spotting fraud as “if it walks like a duck and talks like a duck, it’s probably a duck.” This is, of course, true to a
The Insurance Distribution Directive (IDD) comes into force in October this year. It is expected to have a wide-ranging impact on the insurance industry, because it fundamentally changes the focus of insurers from products to customers. This requires a radical rethink about how insurers do business. And as companies from
