Industry
The status quo is changing for most industries as boundaries blur between fields due to innovation, disruption, and digitally-driven change. That’s why keeping abreast of emerging trends in sectors outside your own is vital, not only because your organization’s competitive landscape may be changing, but because there are universal, strategic lessons to learn from the opportunities and threats convergence poses for every marketplace. We examine emerging trends and the impact of evolving tech in key fields such as healthcare, financial services, telco, energy, mobility, and more to help you capitalize on the possibilities of the future while managing the challenges of today.
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The insurance arena is undergoing an evolution through technological developments, demand changes for coverage, and risk perception. A dire need for change is evident when we look at large disasters that have the potential to cause harm to diverse communities over sizeable geographical areas
Connected insurance, enabled by big data, the Internet of Things (IoT), and artificial intelligence (AI), is disrupting a major industry that is traditionally resistant to change. Insurance technology — or insurtech — is a vast field and incorporates the interconnected landscape of connected insurance with its three pillars: health, car, and home. Microinsurance comes as a transversal opportunity that can help close the protection gap on the one hand and allow carriers to propose customer-centric products and services aligned with client expectations and behavior on the other hand.
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Riding the Insurtech Wave
Small and medium-sized insurance companies need to engage with insurtechs to fully take advantage of the insurtech wave and leverage it successfully. In this article, we highlight avenues for sourcing, curating, and building long-term relationships with the insurtech firms that are most suitable for the incumbent organization’s strategic requirements.
In this article, Evangelos Vayias and Ioannis Konstantinidis offer a roadmap for digital transformation and tell us how OTE Group used it to transform itself “from a ‘fast-bleeding,’ bureaucratic telco into a modern, competitive, high-performance service company” through the application of IoT-related technologies.
For most insurance companies, now is the time to begin experimenting with AI, learning about what it can do and what will be involved in supporting and maintaining AI-based apps.
Internationalization and localization are important steps in distributing and deploying systems to different regions of the world. Internationalization refers to the process of engineering a system such that it can support various languages and regions without further modification. Localization refers to the process of adapting an internationalized software system for a specific language or region.
The digital revolution has hit the insurance sector, with insurtech disrupting the entire value chain and customer lifecycle. New technology offers opportunities to redesign the customer experience, design new products and services, streamline processes, and increase effectiveness. The opportunities are huge; hence, they attract financial technology startups and drive investment.
Traditional banks, big tech firms, and new fintech startup ventures are the three major players that together will help shape the new financial services landscape. Are they all going to compete? Not necessarily! We are already seeing the first forms of collaboration between these different players materialize.