Amid Data-Driven Change, Best-in-Class Insurers Stay Focused on Specialization and Service
Change is happening on all fronts in the risk and insurance world.
The explosion of data enables more proactive risk management and more granular underwriting, but has also created a bifurcation among brokers and carriers, separating those that have the scale and capabilities to harness that data from those that don’t.
The rise of artificial intelligence and machine learning are slowly modernizing and automating many manual processes within insurance. As with the influx of data, the organizations that can nimbly adapt to these technologies will be the ones to thrive.
“Technology and data produce many benefits, but implementing new technology requires a significant investment of resources. As a result, greater reliance on technology is shifting the competitive landscape,” said Morris Tooker, head of Middle & Large Commercial for The Hartford.
At the end of the day, the carriers that will come out on top are those that take advantage of these trends rather than resist them. In each case, insurers can identify a point of friction for clients and use it as an opportunity to provide better service.
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