Before embarking on a journey to the cloud, insurers should consider their strategy for effective cloud management to ensure costs are managed properly. Since carriers operate in a highly regulated environment, being able to identify risks to data privacy, security and regulatory compliance is also critical for an effective cloud transition.
In this blog series, I’ve looked at how workers’ compensation insurers and their clients can use industrial wearables and the data they generate to deliver a triple win: safer workers, lower insurance costs and greater productivity.
In my first post in this series, I outlined how workplace injuries cost companies and their workers’ compensation insurers billions of dollars each year and proposed that analytics tools and a new generation of wearables could help bring down the costs and risks of workplace injuries.
Workplace injuries cost companies and their workers’ compensation insurers billions of dollars each year—the US Occupational Safety and Health Administration estimates the annual direct and indirect costs of lift-related injuries alone top $56 billion. In this series of blog posts, I’ll explore how a new generation of industrial wearables and analytics tools promises to change this picture for the better.
In this series on how to boost your AIQ, I’m exploring innovative ways to apply artificial intelligence to the insurance value chain. In my first post, I spoke about the artificial intelligence quotient (AIQ), which consists of three key ingredients: technology, data and people and the ability of an enterprise to invest significantly in their inhouse AI capabilities and collaborate externally. To achieve success, insurers need to develop these capabilities: both in-house and collaboratively.
As I’ve previously noted, the most conservative independent analysts of the Industrial Internet of Things (IIoT) predict that global IIoT expenditure will reach $500 billion by 2020. The value created by the IIoT—which includes certain uses of drones—could reach as high as $15 trillion by 2030. Accenture Strategy predicts that the insurance industry could capture 26 percent of the value from the IoT. However, as more devices, data and actors connect to deliver these solutions, the cyber threat grows.
Traditional modes of business planning are often so entrenched that it’s difficult for an organization’s leadership to change course. Attempts to introduce new approaches are frequently limited to discrete parts of the business where their impact is curtailed. Alternatively, they’re rooted in the past performance of the organization and fail to adequately prepare it for the challenges of the future.
“A satisfied customer is the best business strategy of all”—Michael LaBoeuf, American business author.
New talent acquisition techniques must be employed to land today’s top talent. In this video, I discuss millennials’ expectations of potential employers.
The rapid spread of digital technology is heightening competition throughout the insurance industry. Insurers, more than ever, need to strengthen and differentiate their relationships with their customers. Building greater trust and loyalty is vital.