The latest technology trends and how they impact the insurance industry
Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. Under these circumstances, it’s key to modernize systems to reduce operating costs, and improve the ability to launch new digital offerings to better connect with customers. A recent Computer Economics report shows the urgency for insurers […]
The insurance industry is in the midst of a brutal stress test, due to the current environment. The loss of customers who become unemployed, already an issue, is likely to worsen. Some insurance products may become uneconomical. And many insurers will come under pressure to reduce their spending. Given this fast-changing business environment, insurers need […]
An explosion of technology innovation over the last several years has created digital-savvy consumers and digital-empowered employees. For the insurance sector, this has brought forth both new market opportunities and new market confusion. The insurance sector has leveraged digital for new ways of working, and that has proven to be especially valuable in light of […]
The digital landscape is now so all-encompassing that most consumers expect a digital experience in everything they do. That’s certainly true when it comes to insurance, as evidenced by the findings of our recent consumer survey. Based on responses from more than 2,000 individuals in the United States, the 2020 DXC Insurance Survey Report presents […]
At the start of last year, DXC Technology issued its 2020 predictions for the future of work, which showed renewed focus on technology to drive growth while ensuring the right environment for the teams and leaders to take companies into the future. These trends resonate strongly across the insurance industry, which has undergone significant change […]
The business of insurance is to define, evaluate and mitigate risk. But risk is becoming less predictable, and customer expectations for the purchase and delivery of insurance are changing. That puts added pressure on the industry to appropriately assess and cover risk, while also taking advantage of the growing opportunities that result from changing global […]
The lone inventor hunched over a bench, toiling over a thousand failed experiments before achieving success (Eureka!), is the notional image of innovation we’ve carried for generations. But innovation rarely happens in isolation, especially in the insurance industry. Digitalization makes it possible for insurers to serve customers in many new ways, stretching the demand curve […]
The use of artificial intelligence (AI) technologies has spread across the insurance value chain. In product development, it enables insurers to create more profitable and effective products based on insights from past claims and product uptake in the market. In underwriting, it creates a better understanding of risk for new and underserved markets. It’s improving […]
The digital era is enabling new opportunities as well as challenges for underwriters. Today, there’s a requirement for massive quantities of information from different sources to evaluate risks, leaving underwriters with a significant amount of data to sift through so they can effectively rate the risks for a new customer and determine the coverages that […]
Cognitive computing and artificial intelligence (AI) present a new set of possibilities throughout insurance organizations, and can provide clear benefits within contact centers. Cognitive computing and AI capabilities are breathing new life into existing applications, creating new applications to provide deep insights and enabling insurers to drive transformation and innovation while achieving better business results. […]
