Ahead of Digital Transformation in Insurance 2017 we spoke to Insurance Analyst Thomas McCourtie about what he’s looking forward to at the event and how digital developments will shape the insurance industry and evolve the customer journey going forward.
What is happening within insurance at the moment that excites you?
It’s great to see the insurance industry striving to catch up with the rest of financial services and incorporating the use of technology to improve its service capabilities. What’s also exciting is how the use of new technology is encouraging competition within product lines. New providers are coming to market with alternative takes on the current products available, offering consumers the option to purchase cover that differs from the norm.
Which presentation are you most looking forward to?
Among the major benefits of technology are speed and efficiency, in a variety of aspects. Artificial intelligence (AI) and machine learning are making their mark on the industry and helping providers expedite some of the most arduous parts of the job. Where a certain degree of automation can be applied, productivity and output increases, thus saving on time and cost. So Matthew Thomas, strategy and planning director at Ageas UK, delivering a presentation on how AI and machine learning can be implemented in an efficient manner to improve insurer processes should be very intriguing.
How do you think digital technology will change the insurance industry in the future?
Insurance has been a latecomer on the tech scene, but for an industry steeped in tradition technology could help provide the invigoration it needs to best serve the modern consumer.
On the front-end, insurers will be able to provide a more comprehensive product range and adopt a more holistic approach to the market; providers will no longer be confined to the traditional modes and methods of practice, and will be more pliable in their service and offerings.
At the back-end, all processes will be quicker and more efficient. Insurers will benefit from the reduced amount of effort required to complete more mundane and time-consuming tasks, and will be able to concentrate on other aspects of the business. Technology will also help bring providers and customers closer together by opening more channels of communication, through which customers can interact with the company on a more personable level.
Digital Transformation in Insurance 2017 will deliver actionable content about the whole end-to-end insurance process. Focusing on both front- and back-office functions, this strategic event is about how to use digital tools to expand your customer base and improve internal processes to ultimately grow your business. You can register for the event here.
By Thomas McCourtie, General Insurance Analyst