At present, insurance is in an exciting place. Excitement is not often associated with this industry as it is dependent on predictability and the management and mitigation of risk. But, today it’s a sector filled with speculation and anticipation. The rapid pace of innovation now requires insurers to position themselves at the bleeding edge of technology, engaging with it without any real certainty of what it’s all going to mean. We are stepping bravely into the unknown.

The future is so uncertain because multiple variables are shifting all at once. Innovation in consumer technology is fundamentally changing customer behavior and even the nature of the risk we insure. How should insurers respond to this constantly changing environment?

From the insurance customer’s point of view, disruption is neither obvious nor... disruptive. For them, disruption is seen in subtle shifts towards self-service, immediacy of claims processing or a pleasing increase in insurer responsiveness. But much like the swan gliding serenely on the surface, even these subtle changes reflect furious activity below.

So, from the insurer’s point of view, disruption means much more impactful change. They are fighting battles on three fronts. Firstly, meeting these new customer expectations as set by Amazon, Uber and the like. Secondly, responding to changes in technology both on the consumer side (telematics, intelligent home and mobile first) and behind the scenes (martech and fintech, automation, robo advisors and so on). And thirdly, the ongoing attempt to manage the tsunami of data that threatens to wash over organizations.

It is crazy to think that insurers are now the ones that need to manage their risk in the face of disruption. They must reinvent their business processes and strategies from the inside out to keep up with the rate of change. So, what are insurers doing to take action? Insurance Nexus conducted exclusive interviews with the largest life insurer – Manulife and a mid-tier insurer IAT and created an exclusive white paper on analytics, business transformation and customer-centricity.

Take a look at these exclusive interviews here

Get answers on how to apply the ABC’s of insurance in your business to:

• Apply advanced analytics and glean critical insights: figure out how data management, analytics and machine learning hold critical places in your organizations ability to achieve in the digital world and get clear insight on how to effectively apply and execute results-driven analytics across your business

• Believe in business transformation and cultural change: making change in your business can be strenuous on your workforce, you need to hire new talent, train existing staff and get internal advocates onboard, find out the best steps forward to make new plans resonate

• Create a customer-centric approach that sticks: put the customer at the heart of your planning process and determine how to set up your best approach based on what your core clients want

The white paper is complimentary and can be accessed right now

The whitepaper was created Insurance Nexus, the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry. Insurance Nexus is part of FC Business Intelligence Ltd.