Race to Innovation in Insurance
 

Leveraging Connected Environments and IoT to Improve the Customer Experience, Deliver Value and Change the Game in Insurance

Hosted by Jamie Macgregor, senior vice president of Celent’s Insurance practice, and co-presented by Joe Policella, business consulting managing principal at NTT DATA, Inc., this interactive video debate will be a unique discussion on how connected environments and the Internet of Things (IoT) can improve and deliver a new customer experience, and drive efficiency and ROI for insurers. IoT is accelerating existing pressures and disrupting traditional insurance models — while at the same time opening new frontiers for growth. Can an old industry learn new tricks?

It’s not the rapidly changing environment that poses the biggest threat — it's acting on future challenges with strategies linked to the past. As near-term macroeconomic indicators trend toward the positive, long-term signs are pointing to accelerated change and new challenges for an industry already facing long-term growth and profitability issues. IoT will fundamentally change what consumers know and how they interact, both among themselves and with insurers. The change will impact the core P&C business model and create new opportunities, including the shift from restitution to prevention.

This session will be supported by a live demonstration of an IoT Insurance Accelerator that allows insurers to test new IoT propositions without having to invest heavily in infrastructure.

Key areas to be discussed:

  1. How can insurers enable disruptive insurance business models to stay ahead of the competition (including non-insurers entering the market as a result of IoT)?
  2. How can IoT help insurers understand the behaviour and the risks of customers, allowing them to predict costs and adverse events, and offer products that are suited to their lifestyle?
  3. How can insurers enable radical innovation and next-generation customer services?
  4. How can insurers seamlessly integrate channels and devices while putting security first?
  5. What approaches can be insurers use to boost customer retention rates and keep their best customers?