Today, staying relevant is an issue affecting all industries. But as insurance undergoes a complete digital transformation and InsurTech becomes a standard rather than innovation, insurers are increasingly feeling pressure to perform above and beyond expectations. Insurers need to achieve profitable growth and compete in a changing market, but customers also have needs that must be met. By prioritizing strategies best suited to your business and customers, you’ll be better positioned to face the future with unwavering confidence.
This year’s sessions center on issues and challenges your business faces now and how they may change as we look to the future. General sessions will focus on innovative approaches to strategy, analytics and technology, and you’ll also be able to choose breakout sessions that cater specifically to your interests and business focus.
Patrick Schwerdtfeger is a business futurist specializing in technology trends, including artificial intelligence, FinTech, blockchain and social media. He’s lectured at academic institutions, including Purdue...
Recent media claims report millions of consumers will see their scores jump as foreclosures and bankruptcies fall off of credit reports. As a result, credit score trends have garnered more and more attention. But are we really seeing wholesale scores shift up? What implications, if any, would broader score shifts have on the insurance underwriting process? In our research, we evaluated macro and micro trends of TransUnion’s insurance risk scores to answer the following important questions raised by insurance carriers:
Despite the industry’s increased focus on fraud mitigation, fraud remains an embedded cost in most consumers’ insurance premiums. Although all varieties of fraud challenge profitable growth, application fraud is undoubtedly becoming more sophisticated as stolen identities become more prevalent. Deploying early fraud detection in the application process helps protect consumers’ personal information and identities, allows carriers to focus their limited resources on engaging and acquiring new customers with confidence, and helps prevent the spread of fraud in the industry.
At the core of automobile insurance is driving behavior and how likely the insured is to have a loss. With the growing inventory of data assets and advanced analytics, we can leverage new ways to measure driving behavior and its connection to automobile accidents. Changing behaviors and the evolution of autonomous vehicles will challenge conventional wisdom.
The insurance industry’s hunger for data has no bounds. Thanks to the pressure from hundreds of InsurTech/FinTech disruptors, traditional insurers are on the hook to securely deliver simpler, faster and more personalized services that help them cost-effectively acquire and retain customers. This results in insurers striving to extract better insights from greater volumes of increasingly complex data. In this general session, Forrester Research examines the growing insight investments insurers are making to compete in the “Age of the Customer”.
The insurance industry is ossified, tech-averse, disliked by consumers, slow, aging, and until recently—untouched by the IT revolution. That’s changing, thanks to a new generation of financial insurance technology startups reshaping the way Americans think about, shop for, purchase and use insurance.
In this session, we’ll hear from an esteemed group of industry experts with diverse work experiences and perspectives on the insurance industry. Join this dynamic discussion on technology, data and how both are shaping the future of underwriting, claims and the overall insurance customer experience. Bill Pieroni, President and CEO of ACORD, moderates a panel of experts to draw out the changes happening in the market today and get a peek at what the future holds.
During this session, we’ll examine how consumer mobility impacts the risk profile of personal lines insurance carriers. We’ll leverage TransUnion’s unique insight into consumer behavior and compare it to industry results, in order to ask and answer the following questions:
A consumer shopping for insurance is more than just an observed quote – it’s the culmination of a variety of factors leading them to shop in the first place. In this session, we’ll examine current and historical shopping trends in the market for personal auto insurance and answer the question “why people shop”, explore how retention varies due to life events and risk tier, and share some thoughts on how shopping behavior may change in the future. We’ll also explore the topic of retention and how insurers can take measures to keep policyholders in their book of business after the shopping and quoting process.