Coté

“More specifically, our definition will include leveraging technologies, such as AI, machine learning or robotic process automation, but it’s really about data and how we’ll utilize it. Like most insurers, we have decades of outcome data. Now, with evolving capabilities, the availability of new data sources and advances in analytical modeling, we can marry historical data with real-time data to create something more powerful. The ultimate goal is establishing new ways of working that are more data-driven in order to become more proactive and valued in our customers’ lives.

“More specifically, our definition will include leveraging technologies, such as AI, machine learning or robotic process automation, but it’s really about data and how we’ll utilize it. Like most insurers, we have decades of outcome data. Now, with evolving capabilities, the availability of new data sources and advances in analytical modeling, we can marry historical data with real-time data to create something more powerful. The ultimate goal is establishing new ways of working that are more data-driven in order to become more proactive and valued in our customers’ lives.

“More specifically, our definition will include leveraging technologies, such as AI, machine learning or robotic process automation, but it’s really about data and how we’ll utilize it. Like most insurers, we have decades of outcome data. Now, with evolving capabilities, the availability of new data sources and advances in analytical modeling, we can marry historical data with real-time data to create something more powerful. The ultimate goal is establishing new ways of working that are more data-driven in order to become more proactive and valued in our customers’ lives.

“Health insurance companies are the most positive about their digital transformation, with 20% of respondents believing they were either moderately or significantly ahead of other sectors." Original source: Insurers lag behind other financial services in adopting digital technologies

“Health insurance companies are the most positive about their digital transformation, with 20% of respondents believing they were either moderately or significantly ahead of other sectors." Original source: Insurers lag behind other financial services in adopting digital technologies

“Health insurance companies are the most positive about their digital transformation, with 20% of respondents believing they were either moderately or significantly ahead of other sectors." Original source: Insurers lag behind other financial services in adopting digital technologies

“Amazon’s Indian venture is probably a springboard for a move towards more established markets. India is some way away from Amazon’s key US and European markets, suggesting that it’s using India as a test lab for expanding its insurance operations. However, Amazon’s decision to flex its insurance muscles in India is probably also down to the fact that Amazon has stronger competition in this market in the form of home-grown rival Flipkart — which has also begun stepping into insurance.

“Amazon’s Indian venture is probably a springboard for a move towards more established markets. India is some way away from Amazon’s key US and European markets, suggesting that it’s using India as a test lab for expanding its insurance operations. However, Amazon’s decision to flex its insurance muscles in India is probably also down to the fact that Amazon has stronger competition in this market in the form of home-grown rival Flipkart — which has also begun stepping into insurance.

“Amazon’s Indian venture is probably a springboard for a move towards more established markets. India is some way away from Amazon’s key US and European markets, suggesting that it’s using India as a test lab for expanding its insurance operations. However, Amazon’s decision to flex its insurance muscles in India is probably also down to the fact that Amazon has stronger competition in this market in the form of home-grown rival Flipkart — which has also begun stepping into insurance.

“While UK insurers are investing in tech and providing digital services, the majority are light years behind Amazon,” noted Davies. “If insurers are not careful, they may be pushed out of having a direct relationship with customers and be relegated to the role of a price-driven risk carrier at the back end (assuming Amazon doesn’t want to hold the risk too).” Original source: Amazon is coming for the insurance industry – should we be worried?