January 2, 2018 by Heidi Sevcik
The pace of change in the property and casualty market remains faster than ever before, increasing the need for cooperation and innovation in 2018.
The increasing frequency of severe weather events emphasizes the importance of the industry and governments working together to develop mitigation strategies and a framework for building community resiliency. Also, opportunities exist for insurers to partner with IoT companies to build solutions that help reduce risk.
This year has seen an unprecedented number of cyber breaches, and even more cyber threats can be expected in 2018. The pervasive nature of this exposure presents a growing need to build services and products to allay the risk. Insurers, technology companies and reinsurers need to work together actively to address the growing vulnerabilities arising from an increasing dependence on technology.
The advancement of technology is creating a change in consumer dynamics and expectations. The broker’s role as a personal trusted advisor is still valuable, but technology has influenced the consumer desire for transparency, convenience, simplicity, and customization in how they receive their products and services. Interpersonal service must integrate seamlessly with technology. Here lies an opportunity
for insurers and brokers to work together to develop a new model and approach to service.
An emerging omni-channel approach is forcing the industry to better understand modern customers. Data, information and analytics are instrumental in understanding customer preferences and satisfaction. Traditional notions of customer ownership have become blurred and fluid. Within this dynamic environment, collaboration between insurers and brokers is vital to provide innovative coverage and service to customers.