01 Nov INSURANCE SPEAKER: WHAT THE FUTURE OF RISK MANAGEMENT HOLDS
Insurance speakers often wax poetic about topics like the future of the business, and how digital disruption and change management will define it, in keynote speeches. But the truth is that technology innovation is already here in a massive way, and rapidly transforming the industry as we speak. You don’t have to look far to see the future of risk management. In fact, in many ways, it’s already arrived.
Incredibly, over 90% of insurance carriers and brokers admit that technology is growing at a exponential rate, and that – from a business and strategic standpoint – this means that they too need to exponentially change in order to maintain a competitive edge as well. That’s why data-driven insights, analytics, and other high-tech tools are increasingly becoming a go-to resource for companies (and insurance speakers) hoping to help workforces that often number in the thousands drive forward growth and make better business decisions. Implement these technology advancements, and not only can you greatly reduce risk, improve shopper satisfaction, and boost customer service. As a general rule, you can also greatly multiply efficiency while slashing costs. Noting this, it’s no surprise that radical paradigm shifts brought on by the introduction of new high-tech solutions are already impacting every facet of the insurance business from distribution to underwriting and pricing.
Artificial intelligence and automation can likewise help you gather and parse thousands of data points to improve the process of risk management. Machine learning is also serving to advance the field by allowing firms to get better about predicting and mitigating risks. Overall, insurance companies continue to benefit from the rise of new technologies – so much so that they can even leverage them to launch entirely new services, solutions, and business models. (And, for that matter, even predict where to focus their efforts on new commercial offerings before even customers themselves know that there’s a demand for it.)
Long story short: You don’t have to be a futurist, insurance keynote speaker, or even industry exec to see just how much change is coming down the pipeline. And from the standpoint of risk management? Let’s just say the numbers clearly add up to huge potential windfalls in coming years for the business.