Future of insurance presntatin 1.2 (1) short
- 1. UNLEASH POTENTIAL Augmented Intelligence: The Roadmap to 2028 March 2019 UNLEASH POTENTIAL
- 2. FUTURE OF INSURANCE TOWARDS 2029 SENIOR EXECUTIVE RESEARCH
- 3. What is the most important data build for your company in the next ten years? Artificial Intelligence is the most important build for 63% of companies.
- 4. Data analytics and AI driven decisions are the future. Head of Portfolio Analytics & Reporting ABM Systems Future of Insurance Study 2019
- 5. When will your job be replaced by AI? 31.8% of senior executives believe their job will be replaced by AI in under 10 years.
- 6. Skills set need to move to encompass greater understanding and use of predictive analytics and machine learning. Guess work will be drastically reduced.Chief Underwriter ABM Systems Future of Insurance Study 2019
- 7. What are you most worried about being unprepared for as a company of the next ten years? 36% of executives are worried about start-ups disrupting their company.ABM Systems Future of Insurance Study 2019
- 8. Leveraging data on dynamic real-time ways Head of Accelerator, Technology & Innovation Division ABM Systems Future of Insurance Study 2019
- 9. The combination of increasing third party data with increasing sophistication in analytics will continue to impact the way we assess and price risk. General Manager, CTP ABM Systems Future of Insurance Study 2019
- 10. Greater public accountability of insurance companies. Full public disclosure of pay out rates, enforced disclosure of data so that the public can make fully informed purchasing decisions. The exclusion of risks as a result of Climate Change. Data Manager ABM Systems Future of Insurance Study 2019
- 11. Conversational AI and Virtual Auto Claims are the highest industry adoption but the highest market strength threat is commercial data automation and robotic process automation. 11 Underwriting & risk selection Product design & distribution Customer engagement Claims management &
- 12. FROM HUNTED TO HUNTER Organizations are shifting from passivedata collection to aggressive data collection and analysis.
- 13. What is the majority of your IT budget building? The majority of the IT budget will be updating current systems at 40% of the companies.
- 14. I believe that technology will replace a lot of the transactional clutter in insurance, and advice will be the key piece we can provide our customers in the future.General Manager, Business & Information Systems ABM Systems Future of Insurance Study 2019
- 15. Mistrust of data Information Overload No time to just look at 500 screens Siloed systems Business Intelligence - Why isn’t it working?
- 16. How do we augmented the current intelligence?
- 17. How to help Insurers – More organized data Dashboard Analysis Operations, IT, & Back Office • Expense Management • Financial & Management Reporting • P&L Analysis by LOB • Fund Accounting / GL • IT Systems & SLA Management Executive Management • Executive Dashboards and Mobile • Balanced Scorecards • Predictive / What-If Analysis • Product Performance • Performance, Margins, Commissions Risk Management & Compliance • Solvency II Compliance • Actuarial Loss Triangles • Risk & Exposure Analysis - Credit, Market, Portfolio, Operational - Cross-Product / Counterparty Risk… Agency & Insurance Brokers • Sales & Revenue Analysis • Customer Targeting • Broker /Agency Analysis • Sales Performance Analysis • Online Channel Performance Investments • Portfolio Management & Analysis • Investment Performance / Profitability • Investment Research • Scenario / What-if Analysis • AUM Analysis / NAV Interpolation Marketing & Product Management • Customer Retention • Cross-sell and Up-sell • Customer Profitability & Segmentation • Product Performance Analysis • Marketing Campaign Analysis Underwriting • Integrating Underwriting & Claims • Loss Ratio Analysis • Policy Portfolio Analysis • Optimize Approval Process • Resource Allocation Claims • Integrating Underwriting & Claims • Fraud Investigation • Supplier Management • Claims Processing • Reserve Adequacy
- 19. Traditional insurance models will be at risk of disruption, as insurance becomes more of a commodity. Insurance companies need to invest in exploring alternatives to satisfy changing customer expectations. Technology must be a significant part of this investment, along with different capability requirements. Executive Manager, Risk Architecture & Governance ABM Systems Future of Insurance Study 2019
- 20. Own the future. ABM Systems implements Augmented Intelligence systems by working with our partners to build a data led team. Technology and advice to help you accelerate your digital transformation.