Not everything can be automated, so choose wisely. When looking at new technologies or partnering with an InsurTech, focus on the primary business requirements. Will the technology or new capability help deliver more value to policyholders? Will the company gain more market share by leveraging the technology? Will the technology help improve combined ratios by creating more operational efficiencies? In some cases, it may be best to extend the scope of an initiative beyond the policyholder to include other stakeholders, such as brokers or internal business users. Before moving forward with a project, it is important to perform a thorough cost-benefit analysis (CBA), making certain to rank all the use cases based on expected ROI, and choose the one that would yield the maximum returns. Engaging an insurance-focused technology consultant at this point can be a good way to ensure an effective due diligence process.(Shutterstock) To achieve an order of magnitude change in how companies operate, they must begin with how they think about data. (Photo: Shutterstock)

The global (re)insurance market is undergoing a transformation from manually run processes to a technology-driven business model, enabling companies to tap into the full potential that data has to offer.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Artificial Intelligence
Technology Solutions
Commercial Lines
E&S/Specialty
Reinsurance
Corporate Risk