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Description
The insurance industry, which has often been labeled as a laggard and slow to innovate, is now making a strong push to innovate and execute around emerging business models and digital transformation strategies. The average speed to market for new products can take six months or more, but carriers are realizing that increasing speed to market could be key to improving overall customer satisfaction and retention. Understanding customer expectations and the ability for agile innovation and product development are necessary for carriers to keep up with market changes and customer demands, as well as fending off emerging competitive players.
In order to redefine new processes for faster product adoption, collaboration between product innovation, IT, and operations is essential. But so is the need to incorporate risk assessment and mitigation into the strategic mix. Cloud technologies, such as big data, smart analytics, AI and machine learning, may not only help detect, predict, and prevent risk, but they can also enable insurance companies to generate new revenue sources (e.g. usage based insurance, monetization of data, and up-sell/cross-sell opportunities) and reduce costs (e.g. enhanced risk profiles, proactive safety assessments, and fraud prevention).
During this webinar, attendees will learn how cloud technology can help insurers:
1. Better assess and price product offerings, while detecting and preventing risk across the portfolio
2. Understand the benefits of driving continuous ideation and experimentation in new markets and products
3. Recognize and make significant improvements in the areas of customer satisfaction, operational efficiency, and risk/underwriting prediction and accuracy
Note: All downloads and related contact information will be accessible to the sponsor of this webinar.