During the Marsh & McLennan Companies’ Young Professionals’ Global Forum event, Chubb chairman and CEO Evan Greenberg underscored that digitalisation will significantly transform the financial services industry – including insurance.
“Insurance companies are already digital companies, just not very good ones,” Greenberg said in a speech before the events’ delegates. “But it varies vastly by company, just as the response by companies to transform themselves varies enormously.”
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According to Greenberg, insurers already acquire and (to varying amounts) use large amounts of data to market, underwrite, manage claims and provide risk-related services.
“We are endeavoring to improve our customer experience more in line with what customers experience with other modern, consumer brands,” he explained.
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Greenberg further elaborated that Chubb’s aim is to become “a digitally integrated enterprise from top to bottom” within the next few years. He also said that while the change will not occur overnight, it is still happening.
He also identified a number of other trends insurance companies should keep an eye on (as listed by GCCapitalIdeas.com):
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- Technologies such as robotics, automation, and artificial intelligence will significantly change the face of insurance and make it less expensive for all, while improving speed and the relevance of the coverage to buyers.
- Insurance buyers’ needs are changing; “sharing economy” businesses such as Uber and Airbnb might soon replace their traditional annual insurance policies for on-demand coverage.
- Insurers must reassess the way that smart homes are insured; they must move toward a “predict and prevent” model.
- The use of drones is incredibly powerful for the insurance industry.