Displaying "Transformation" articles (10)
Insurers Can Avoid Cyber Attacks Amid Increased Cybersecurity Concerns
As insurers embrace new digital channels, avoiding ransomware, data breaches, and other cyberattacks is their top priority. Survey results from the Earnix 2023 Industry Trends report: Insurance Operations in a Changing Industry and additional statistics provide even more insights.
Shoring up the Bottom Line: Insurers Prioritize Profitability Over Growth
As global P&C insurers continue to face lingering economic conditions and challenging markets, many are now focused on profitability instead of growth. Innovative new technologies can help insurers increase profitability in uncertain times like these.
Climate Change's Impact on the Insurance Industry
The insurance industry is feeling the impact of climate change, prompting insurers to reevaluate their strategies. They're wrestling with the necessity for new models that don't solely rely on historical data to anticipate and manage risks resulting from changing weather patterns.
Uncertain Economic Conditions
Insurers reported factors such as ongoing supply chain issues, inflation, and new insurance regulations would be some of the most significant macroeconomic conditions they expected to face in the next two years.
The Personalization Gap
According to the findings of our 2023 trends report, personalization remains a clear priority for insurance executives and leaders. However, the majority of carriers have not yet fully executed their envisioned strategies. Many identify data privacy and competitors’ offerings as the primary challenges hindering their personalization efforts.
Innovation Roadmap for the Insurance Industry
Earnix’s Model Accelerator overcomes software constraints by allowing Data Scientists to choose their preferred tools for modeling. Now, any machine learning model can be imported seamlessly into Earnix for underwriting, pricing and rating.
Modernizing & Upgrading Insurance Underwriting
With new technology and the assistance of a reliable and knowledgeable partner, insurers can move rapidly to generate improved business results. Now is the time to move forward with modernizing and upgrading underwriting in insurance.
Winning in a Changing Insurance Landscape with Agile Operations
If insurers want to be able to keep up with changing customer expectations and shifting market conditions, one thing is certain: they need to be a lot faster.
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