Five Tech Trends That Will Define the Future of Insurance

By Ernst & Young

With technology initiating dramatic changes that are reshaping the insurance industry, the forward-looking insurers are taking action and making investments that will help them become more customer-centric, improve their pricing and create operational efficiencies. But with a boom of innovation and so much at stake, what are the optimal areas to focus?

Five key issues and trends that should be on the radar for insurance company leaders, include:

Digital and omnichannel: are companies as customer-centric as customers want you to be?

Big data and analytics: what are the best ways to collect and manage big data to generate insights and gain a competitive advantage?

Legacy system transformation: from modernization to mobile to robots – where are companies on the journey?

Cybersecurity: how can proactive threat monitoring be used to strengthen cybersecurity capabilities, and which emerging technology have the greatest potential for these applications?

Insurtech and blockchain: does the innovation upside from disruptive technologies outweigh the competitive threat?

Predictions for 2019 find that strategic investments in these five areas will allow for insurers to become more customer-centric, achieve growth and lower costs.

Read more here.

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