Insurtech firm Valen Analytics identified the “critical path” that carriers must take to cope with the challenges of an unstable economic environment in its recently released 2017 Outlook Report.
The firm said that insurers must adopt a holistic approach to the use of technology to realize its full benefit.
“A year ago, funding for insurance innovation was pouring into the space, but it was unclear how insurers would react and whether they would embrace the new technologies at their disposal,” said Valen chief executive and president Dax Craig.
“Today, many of these technologies have been embraced, but in order to fully deliver on their promise, the industry as a whole must reconsider its approach to understanding and serving customers,” Craig further noted.
report also took into consideration the complex and inefficient buying cycle intrinsic to property and casualty insurance firms in general and makes recommendations on how they can shift procurement approaches to become more effective.
Further, the report stressed approaches that focus on customer experience to avert competitive pressures and combat adverse selection.
It also explains the fundamental role of data analytics in propelling innovation as well as improving customer acquisition and retention initiatives.
Valen will host a webinar at the end of January to further discuss the report.
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