Library: Property & Casualty360º – As insureds lean on the industry, insurers lean on data
Executive summary :
Data also assists in developing a more agile organisation, which is especially important at a time when some insurers have had to do more with less.
The insurance industry was formed to create a cushion for those inevitable bumps in the road, but the bumps in 2020 felt more like a mountain. In the blink of an eye, the whole world was faced with a global pandemic that has altered the way we live, shop and play.
A deluge of inquiries
While remote working had increased in recent years, it skyrocketed (https://www.idc.com/getdoc.jsp?containerId=prUS46809920) in 2020, stretching insurers’ technologies to the max as customers called their providers amid concerns of COVID-19. Insurers, much like banks and other vital institutions, were overwhelmed by the inquiries they received at what may have been the most challenging period they have ever faced.
At the same time, regulatory issues and competitive disruptions continue to add to insurers’ growing list of challenges. As if that weren’t enough, customer demands are adding pressure as they lean on their insurance providers in this unique and uncertain environment.
It’s not over, yet
Though it seems that stay-at-home orders could finally become a thing of the past, many restrictions are still in place. Until all barriers are lifted and the world feels normal again, we all will need help to make it through — including the assistance of insurers.
However, in order to live up to expectations and provide the top-of-the-line service customers expect, insurers will need to evolve their operations to become more agile and resilient.
See the full report for more…
Link to Full Article:: click here
Link to Source:: click here