How Insurance Carriers are Taking Advantage of Disruption, With MetLife, Chubb and Nationwide
Although an often-overused term, there can be no doubt that insurance is facing significant disruption. Data is more abundant than ever, yet in many cases is unstructured, disparate and, well, very big. Customers now demand seamless, omnichannel and personalized service and with a shortage of technical expertise hitting every industry, leveraging the availability of data and the potential of the technology is proving difficult.
What’s more, as first-movers begin to reap the rewards of integrating advanced technologies, time is increasingly running short. As Accenture’s Future Workforce Survey recently found, insurance companies that commit to AI to the same extent as “top-performing businesses could boost their revenue by an average of 17 percent” by 2022. It is therefore incumbent on those who have not acted to do so now, or face irrelevancy. Despite this upheaval, opportunities are arising as carriers learn how to leverage these changes in their environment. Insurance Nexus spoke to three insurance data experts, Paul Travers (SVP of Finance Technology, Data and Process, MetLife), Andrew Pelcin (VP, Claims Data Analytics Implementation, Chubb) and Amish Amin (Director Claims Data Analytics, Nationwide), for their perspectives on how carriers can leverage AI, machine learning and chatbots to improve profitability, turbocharge customer experience, and make the most of the explosion in data and computing power.
Access the whitepaper here for exclusive insights into:
- The underlying drivers of disruption in insurance: As technology, organizational structures and job roles evolve almost beyond recognition, getting to grips with the causes of disruption is essential if carriers are to navigate the storm
- Making the most of data: whether internal or external, structured or otherwise, advances in AI and machine learning techniques are enabling carriers to extract robust, actionable and prescriptive insights from data
- Anticipating and exceeding customer needs and expectations: As millennials come to make up a higher proportion of insurance organizations’ customer bases, providing a fast, easy and omnichannel customer experience is ever more essential. Learn how carriers are employing technology, including chatbots, to create a single customer view and seamless service for their customers
- Innovate or Die – Listen to how carriers are identifying, developing and delivering innovation with AI, machine learning, advanced analytics and more, enabling greater profitability and greater customer loyalty
- Cross-training and upskilling employees: with data scientists, technical expertise and resources in short supply, learn how carriers are overcoming the skills shortage creatively through upskilling of employees and building bridges within the business
This whitepaper was created in association with Insurance Nexus’ sixth annual Insurance AI and Analytics USA Summit, taking place May 2-3 2019 at the Renaissance Chicago Downtown Hotel, Chicago USA. Expecting over 450 senior attendees from across analytics and business leadership teams, the event will explore how insurance carriers can harness AI and advanced analytics to meet increasing customer demands, optimize operations and improve profitability. For more information, please visit the website: https://events.insurancenexus.com/analyticsusa/