4 Tools to Effectively Leverage AI, Blockchain, Chatbots, IoT and More
How Can You Turn Innovative Tech into a Competitive Advantage?
Today’s carriers are at the center of what might be considered a developmental perfect storm. It sounds dramatic, but insurer’s very existence is being challenged by shifting market forces, some of which have the power to rock these decades-old institutions to their very foundations.
Insurance Nexus teamed up with Allstate Insurance & Unum to understand how they are leveraging data to become more customer-centric and managing mass internal change.
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The pressures for carriers are four-fold. This exclusive whitepaper looks at the challenges facing insurers, including:
Technology: Discover the tools that drive future strategy, so you can take them back to your team.
“We see two kinds of innovation. There’s sustaining innovation and disruptive innovation. The internet of things (IoT) and even, to a certain extent, machine learning is now past the disruptive state and more into the sustaining state,” claims Roman Dumiak, Director of Technology Innovation, Allstate.
Customers: Marry customer expectations and experience with your prerogative and become invaluable to your customers.
Dumiak proposes a solution: “We could also do things from a customer experience standpoint. If we were to provide a customer with the option to take a different route to work today that maybe takes five minutes longer and we’ll give you an incentive or reward.”
Data: Understand which strategies to prepare and utilize your data to leverage the possibilities of new innovative technologies.
“The first step to digitize what you have and by digitize, I mean truly digitize. This means you should have a digital ontology of all assets and how they relate to the various parts along the value chain”
Culture: Learn the importance of building internal cultures that are ready to accept change.
“Don’t short the whole idea of culture, employee engagement. Without that, none of the other technology will go anywhere. Lots of people come up with great strategies but they’ve got no clue of how to do change management or alter hiring practices. They’re doomed from the get-go,” Dumiak warns.
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Globally renowned contributors include:
Mike Hendry, Technology Capability Officer, Unum
Roman Dumiak, Director, Technology Innovation, Allstate
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