Future of Insurance - The Effects Technological Advancements Will Have on the Future of Insurance

Share this & earn $10
Levvel
Published at : 21 Oct 2020
29 views
1
0

In this brand new series from Levvel, our industry experts discuss what the future of insurance looks like, how insurers are leveraging emerging technologies, and what steps established insurers can take now to prepare for the future.

* Watch the full video series here: https://www.levvel.io/resource-library/video-series-the-future-of-insurance

* Watch 'Modernizing the Insurance Experience' here: https://www.levvel.io/resource-library/video-series-modernizing-the-insurance-experience

* Watch 'The State of the Industry' series here: https://www.levvel.io/resource-library/vlog-series-state-of-the-insurance-industry

* Download the 2020 Insurance Technology Executive Report: https://bit.ly/insurance-tech-report-2020

* Download our Insurance Modernization Webinar, Part 1: https://www.levvel.io/resource-library/insurance-modernization-part-1-the-data-and-benchmarks-webinar

* Download the full 2020 Legacy Modernization Report: https://bit.ly/legacy-mod-report-2020

Transcription:

David Antoline:

So the future of insurance is probably not as different as a lot of people are either hoping for or expecting, and we don't necessarily view that as a bad thing. I think that in a lot of cases, the movement is well on its way towards what a lot of people are considering to be the future. And in a lot of ways, what you're looking at is a continued shift in the direction of higher quality, in the direction of personalization.

And so when you look at digital products that are currently offered within insurance and you look at where those are headed, we've already seen a movement in the direction of high quality. And this is something that we expect to continue. One of the easiest ways to gauge this is to compare the user experience and really the overall customer experience with some of these digital products that currently exist against other similar products from competing industries or just other industries in general.

And traditionally, from the consumer standpoint, the expectations from their insurer were not always incredibly high. In fact, it was expected that, in a lot of cases, the experience that I may have with my insurer versus maybe some other digital experiences I have, whether that's with my bank or with a retailer or et cetera, it was expected to be lower.

And now what we're seeing is that the quality of these products has raised to a point where it's now caught up to where many other industries are, and this is something that we expect to see happen. And so as you see Insurtechs enter the market that are really born out of this idea of improving customer experience, as you see data become a bigger and bigger player in the digital experience end, and what's being presented, what we should expect is that these products are going to be universally accepted as on par with many other industries.

As far as the people that are using these products and how they're impacted, really when we talk about those that are insured, you're going to see a number of changes, but the largest one by far will continue to be this movement towards personalization. So this comes in a lot of different flavors, but what we've already seen is that insurers are moving towards products and experiences that allow the insured to really feel like the experience that they're having with digital products, whether that's mobile, whether that's on the web, and with customer service scenarios are really supporting the idea that they are unique, that they are working with a vendor that really understands them, and that they're being provided with services that are commensurate with the amount of money that they're paying and the way that that money is changing hands.

And as this continues to improve, what you're really going to find is that people are going to increase this bond that they have with their insurers. And we expect this to be true whether folks start to use multiple companies for different parts of their insurance needs or whether they actually go down the consolidation path and continue to use a single provider across a number of different entities.

On the topic of risk and how that fits in with some of the advancements in technology, within insurance, you're really looking at two categories that, A, always meant a lot to this market and B, have taken just giant steps in the last couple of years, and by no means are done growing in terms of capability. So the first is the ability to be accurate in assessing risk and then in translating that risk to the insurance products that you offer...

Read the full transcription at: https://www.levvel.io/resource-library/video-series-the-future-of-insurance

About Levvel:
You’re going to use technology to change the world. We’re going to help you create it. Whether you are reinventing your company, creating an industry-changing product, or making existing products even better with new technologies—we exist to make your endeavor a success story.
insurancetechnologyconsulting

WIN IN 7 MOVES | Traxler Counter-Attack

WIN IN 7 MOVES | Traxler Counter-Attack

فاش شد. تهرانی ها هوشیار باشید. پیش بینی های عجیب

فاش شد. تهرانی ها هوشیار باشید. پیش بینی های عجیب

Grandmasters go to bathroom during $100,000 rapid chess game

Grandmasters go to bathroom during $100,000 rapid chess game

Facets 1

Facets 1

How to Integrate Using U-Substitution (NancyPi)

How to Integrate Using U-Substitution (NancyPi)

What is PROCUREMENT? What does PROCUREMENT mean? PROCUREMENT meaning, definition & explanation

What is PROCUREMENT? What does PROCUREMENT mean? PROCUREMENT meaning, definition & explanation

CARBS or NO CARBS?! Which foods contain carbs?

CARBS or NO CARBS?! Which foods contain carbs?

WCK x OKOLICZNY ELEMENT x DJ LEM - CHATA OBOK PIERDLA #STILLKRUZYN'

WCK x OKOLICZNY ELEMENT x DJ LEM - CHATA OBOK PIERDLA #STILLKRUZYN'

Guaranty Bank - Not a Guaranty any more

Guaranty Bank - Not a Guaranty any more

ARIES - FINISHING A CYCLE - TIMELESS TWIN FLAMES/SOUL MATES IN CONTACT/COMING INTO UNION

ARIES - FINISHING A CYCLE - TIMELESS TWIN FLAMES/SOUL MATES IN CONTACT/COMING INTO UNION

TAURUS ♉️TAROT READING HOW THEY GONNA HAVE HIDDEN MOTIVES?YOU CANT PUT EVERYBODY ON they envy you

TAURUS ♉️TAROT READING HOW THEY GONNA HAVE HIDDEN MOTIVES?YOU CANT PUT EVERYBODY ON they envy you

Модальные глаголы SHOULD и OUGHT TO.

Модальные глаголы SHOULD и OUGHT TO.

Drawing lots of FACES?! (sketch with me)

Drawing lots of FACES?! (sketch with me)

KISS & then END SENPAI! SNAP MODE is FINALLY here & I regret this ending! (Yandere Simulator Update)

KISS & then END SENPAI! SNAP MODE is FINALLY here & I regret this ending! (Yandere Simulator Update)

"Demonstration of Extubation Procedure" by Craig Smallwood, RRT, for OPENPediatrics

"Demonstration of Extubation Procedure" by Craig Smallwood, RRT, for OPENPediatrics

PS5 Reveal Trailer 2020! - But it's low budget.

PS5 Reveal Trailer 2020! - But it's low budget.

Arthur & Hermione - Heartburn |CROSSOVER|

Arthur & Hermione - Heartburn |CROSSOVER|

How to Calculate Load on Column(2020)

How to Calculate Load on Column(2020)

Regina Spektor - Consequence of Sound

Regina Spektor - Consequence of Sound

Lene Marlin - A Place Nearby

Lene Marlin - A Place Nearby

15 Amazing Hybrid Animals That Actually Exist

15 Amazing Hybrid Animals That Actually Exist

Кодек H.265 / Сравнение с H.264

Кодек H.265 / Сравнение с H.264

Do Political Opinions Matter in a Relationship? | Tell My Story

Do Political Opinions Matter in a Relationship? | Tell My Story

PRESET ALIGHT MONTION FF || ADU AIM BOSS? 🎧 JEDAG JEDUG

PRESET ALIGHT MONTION FF || ADU AIM BOSS? 🎧 JEDAG JEDUG

frzn - firstclass (prod. abelskittles) [Official Video]

frzn - firstclass (prod. abelskittles) [Official Video]

Walkera QRX350 Pro Loiter testing flying around Time Lapse

Walkera QRX350 Pro Loiter testing flying around Time Lapse

The Rise & Fall of The Mall

The Rise & Fall of The Mall

Thick and Glossy Slime Compilation

Thick and Glossy Slime Compilation

Grow 1-2 inches Taller Naturally | Neck Exercises

Grow 1-2 inches Taller Naturally | Neck Exercises

John Duke, Loveliest of Trees, A flat major, Piano Accompaniment, no voice

John Duke, Loveliest of Trees, A flat major, Piano Accompaniment, no voice

Apple Tart Recipe りんごのタルトの作り方

Apple Tart Recipe りんごのタルトの作り方

all my quarantine recommendations📚 books, podcasts, tv, films and more!

all my quarantine recommendations📚 books, podcasts, tv, films and more!

Trump Can't Install Himself as President, But His Actual Goal May Be Immunity From Prosecution

Trump Can't Install Himself as President, But His Actual Goal May Be Immunity From Prosecution

Turkey is taking its best friend Pakistan to Libya | Paraparapu Tamil News

Turkey is taking its best friend Pakistan to Libya | Paraparapu Tamil News

How to Create a Rainbow Helmet 🌈 Style Files Hair Tutorial | Sunny Day’s Style Files | Nick Jr.

How to Create a Rainbow Helmet 🌈 Style Files Hair Tutorial | Sunny Day’s Style Files | Nick Jr.

VESTITION & FIRST PROFESSION OF OUR NOVICES

VESTITION & FIRST PROFESSION OF OUR NOVICES

Every Little Thing  [Audio] - Hillsong Young & Free

Every Little Thing [Audio] - Hillsong Young & Free

Perfectly Normal Hotel (Roblox)

Perfectly Normal Hotel (Roblox)

10 Coolest Gadgets You Can Buy on Amazon ▶ Under Rs.99 to 500 & 10k

10 Coolest Gadgets You Can Buy on Amazon ▶ Under Rs.99 to 500 & 10k

Becky Lynch and Charlotte Flair battle to determine the Last Woman Standing: WWE Evolution 2018

Becky Lynch and Charlotte Flair battle to determine the Last Woman Standing: WWE Evolution 2018

VIPAC SORT - Modular and Flexible Sorting Technology

VIPAC SORT - Modular and Flexible Sorting Technology

ERMENİ TARİHÇİNİNİN GÖZÜNDEN TÜRKLER ( 1400 Yıl Önce Türkler )

ERMENİ TARİHÇİNİNİN GÖZÜNDEN TÜRKLER ( 1400 Yıl Önce Türkler )

What A R380 Longstick Is Supplied With

What A R380 Longstick Is Supplied With

That's All I Really Wanna Do Song | Teri Meri Kahaani | Shahid Kapoor, Priyanka Chopra

That's All I Really Wanna Do Song | Teri Meri Kahaani | Shahid Kapoor, Priyanka Chopra

ONE-MINUTE ENGLISH: (a bit of / some) R&R LEARN WITH LEXICAL LAB

ONE-MINUTE ENGLISH: (a bit of / some) R&R LEARN WITH LEXICAL LAB

Top 20 Easy Nail Art Designs! Diy Nail Art💅How to Paint your Nails at Home! Nail art tutorial 2020

Top 20 Easy Nail Art Designs! Diy Nail Art💅How to Paint your Nails at Home! Nail art tutorial 2020

Oblique- Aloron (Official Audio)

Oblique- Aloron (Official Audio)

Goodnews Italy comune have start giving free comune house & they will pay you 9,000 euro for a year

Goodnews Italy comune have start giving free comune house & they will pay you 9,000 euro for a year

Desert Ice: a 3 Strings video production.

Desert Ice: a 3 Strings video production.