Insurance Innovation: A Look at the Most Profound Changes From the Past 20 Years
Deb Smallwood
Insurance Transformational Executive | Women's SELFPOWERMENT Creator | Author | Mentor | Board Director | Thought Leader | Motivational Keynote Speaker
Many of the innovations that drive the insurance business today were only figments of the imagination just two decades ago. Advancements in data, analytics, and technology have transformed every aspect of the industry, some more significantly than others.??
For example, 20 years ago, few insurers realized the automation potential in predictive models and external data. Now, the integration of these innovations in everyday processes has evolved insurance into an industry that is digital-first and customer-focused.?
A recent Best’s Review article explores how innovations have impacted the insurance industry today and into the future. Read "In Innovation, It's Not the Most Obvious Changes That Make the Biggest Impacts" to uncover what leaders at SMA, Resilience, ACORD, and Agile Insurance Analytics have to say about the transformative changes insurance has undergone over the past twenty years.??
Insurance Industry Advocate | Claims Leadership Advocate | Speed Wins | Eliminate Bottlenecks | Measure = Improvement
2 年This article has brilliant content and is one of the best I've read in a long time. There are too many highlights to point out. Great info. Two areas of innovation that I believe the insurance industry desperately needs: 1) be faster and better at pulling knowledge from claims and applying it to underwriting [MGAs are far better than carriers]; and 2) generate new premium and coverages by using loss control, risk management and claim data to identify gaps and omissions.
Helping Individuals and Businesses Manage and Insure Against Risk
2 年Hi Deb, Interested what your thoughts are on some of the upstart insurtech's such as Mint, Lemonade, etc., and their ability to disrupt the market in the next 5+years.