The article also advises insurance executives to be open to new technologies and learn from industries that failed due to resistance to change. It highlights the importance of ecosystems, where technology and service partnerships can address customer needs in a seamless, proactive, and collaborative manner. The author emphasizes that the transformation of the insurance customer experience with AI should be a joint effort between insurers and insurtechs.
Key takeaways:
- Insurtechs need to address concerns around bias, ethics, and feedback from insurance customers, not just focus on innovation.
- Insurance senior executives need to adapt to new technologies and processes, rather than sticking to legacy systems.
- Insurtech ecosystems can provide value by amplifying the value of various cloud-based intelligent solutions, changing how insurers operate internally.
- For AI to work in insurance, it must be about partnerships between insurers and insurtechs, not just new customer sign-ups for vendors.