Furthermore, the article highlights the need for proper cybersecurity, data privacy, risk management, and regulatory compliance programs. It also points out the potential of blockchain technology in the insurance industry and the necessity of cloud computing for security, cost, and resource availability. The author concludes by suggesting other competencies such as advanced communication technologies and encourages insurers to provide in-depth technology training programs and support experimentation.
Key takeaways:
- Data analytics and artificial intelligence (AI) are crucial skills for insurance professionals, providing insights into business strategies, internal operations, insurance products, claims, customer behavior and security.
- Cybersecurity and data privacy are essential to protect insurers and consumers from risk, and technology teams need to have cyber insurance policies in place.
- Blockchain technology is disrupting the insurance industry, with potential for expanded use of cryptocurrencies in claims and sales and the creation of decentralized insurance delivery methods.
- Understanding IT infrastructure management and cloud computing is important for insurance professionals, as cloud core systems can alleviate concerns around security, cost and resource availability and enable the implementation of advanced technologies.