The cumulative effect of lower investment income and slower sales is that insurers will be forced to optimise their profitability through cost reduction and pricing innovation. Those who have invested in technology are in the strongest position to do so.
This shift towards technology, especially in using advanced analytics to improve both risk pricing and the customer experience is a trend that will continue into the future. Nevertheless, it is especially relevant in the short term, as insurers scramble to realign their business models to a new normal where traditional sales, marketing and customer service processes need to be fundamentally rethought.
This whitepaper explores how insurers can harness advanced analytics to support their most vulnerable customers, rebuild trust in the industry and nurture the green shoots of recovery and growth.
Topics covered:
• How the world has changed.
• Addressing immediate concerns.
• Planning a tactical and strategic response.
• Case study – enabling personalised insurance advice at scale.
• Growing through adversity.
• See the life, not the policy.