Globally, the auto insurance industry faces fast diminishing customer loyalty and declining profit margins. Consequently, companies need to identify new solutions to improve driver safety, establish clear product differentiators, and control claims inflation and pricing. In addition, growing privacy concerns prevent insurers from harnessing the full potential of this solution.
Ongoing changes in technology, demography, and consumer needs and expectations continue to disrupt the insurance industry. Combined with recent regulatory and financial reporting developments, these changes are putting severe strain on traditional business models. Many insurers are responding by reimagining their internal operations and business strategies, but the pace of change outside the industry has been relentless and even proactive companies are struggling to remain on the cutting edge. Top Insurance Industry Issues in 2017 focuses on changing business and operating models and the key developments that are causing and being influenced by this change. Insurers should ignore concerns about disruption, risk and cost when it comes to technology, and instead monitor it in innovation labs, evaluate phase-based adoption frameworks, and experiment with it in PoCs.
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