People are generating more data than at any point in human history, giving insurers huge insight into their behaviour and risk profiles. This is transforming the industry with innovative, tailored and customer centric products.
For those looking to compete or grow, the challenge now is how to build and maintain a new breed of pricing models at scale, leveraging machine learning and advanced analytics.
The digital revolution continues to transform all aspects of how we live, work, socialise, communicate, travel and consume. There are two interlinking implications of the digital revolution for insurers and both are an imperative to thriving and surviving in a competitive market:
1) How do you keep pace with new entrants who are offering a modern, Uber-like user experience?
2) How do you provide services and products that offer suitable cover for people’s changing behaviour and risk profiles?
This whitepaper focuses on how insurers can compete in the new era of customer-centric insurance by adopting an agile pricing strategy that recognises changing behaviour and risk profiles.
Topics covered include:
• A changing consumer landscape.
• New expectations for insurers.
• New challenges to overcome.
• Transforming pricing.
• An easy first step to scalable, customer-centric insurance.