Technology may direct the future of the insurance industry as a whole in the coming years
Technology is beginning to play a very important role in the insurance industry. 2015 was the first year in which technology issues took up a significant degree of discourse within the industry. During the recent Property/Casualty Insurance Joint Industry Forum in New York, several insurance experts noted that change is coming quickly to the industry. Insurers will have to prepare to tackle challenges concerning technology in order to continue operating effectively.
Volume of data being used, collected, and store is grew significantly in 2015
Hemant Shah, CEO of Risk Management Solutions, noted that the pace of change that the insurance industry has been experiencing over the past year has been unprecedented. The volume of data flowing through the industry has been growing rapidly. North Dakota’s Insurance Commissioner, Adam Hamm, notes that the amount of data being used, collected, and stored is growing quickly. As such, insurers will have to adapt to new risks that they face, especially as they become more reliant on new technology.
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New technology could provide insurers with the ability to connect with consumers more effectively
Technology serves as a way to unlock new distribution channels. Personal lines of insurance may benefit most from this, as insurers are finding new ways to connect with consumers throughout the world. Demand for more effective communication has been growing among consumers, and insurers leveraging the power of new technology may be able to provide consumers with the engagement they desire. Big data is also becoming an important tool for the insurance industry, as it will allow them to better market to consumers and offer new services.
Insurance industry will have to continue to adapt to embrace the benefits of new technology
Technology has played a major role in the insurance industry for some time, but some insurers have been slow to embrace new technology outside of tools used to estimate and manage risks. Insurers will have to adapt quickly in order to catch up with the accelerating pace at which technology is advancing. Insurers that cannot adapt may lose out on promising opportunities in the future.