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The Digital Chauffeur: Real World Principles of Innovation for the Insurance Industry
The following is an excerpt from a report by TowerGroup Insurance Research Director David West
As we progress deeper into the 21st century, the silicon revolution's impact on the insurance industry will become more pronounced and more tangible. The impact goes far beyond the use of faster computers and a browser-based customer experience. Technology touches every aspect of the insurance experience, but as we progress, the technology that we use becomes less important than what we actually do with it. Cheap and plentiful data storage will enable insurers to radically change the way they interact with customers, agents, and employees by providing unprecedented insight into their wants and needs. However, simply addressing current wants and needs would put insurers in the position of constantly playing catch-up.
Insurers must look beyond the present and envision the landscape of the future in order to remain effective and relevant. Failure to prepare adequately for the future will leave the door open for competing industries such as banking and wealth management to capture valuable market share.
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