Page 11 - July2017

INDUSTRY

Insurers Must Digitize To Meet

Customer Needs
By Lyle Adriano

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

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