Pricing automation improves speed and flexibilityDownload the report
The cost to consumers of switching insurance products and carriers has declined, with a predictable effect of decreasing customer loyalty. Insurers can address this challenge with artificial intelligence (AI)-based dynamic pricing.
AI-based pricing models deliver significant reductions in the time required to introduce new pricing frameworks. Time-to-market can be condensed from months to weeks.
New governance models are required. AI builds speed, flexibility, and reduces the risk of mispricing, but new pricing and calculation models require a next-generation approval process.
To stay relevant, insurers should shift from reactive risk underwriting to proactive prevention aimed at better outcomes for customers and themselves.
Insurers are turning to artificial intelligence and cognitive computing to augment the capabilities of their business experts.
Faced with the potential threat of technology innovators, insurers must embrace an insurtech-infused future.
The IoT can be a disruptive force in insurance with the potential to create competitive advantage for first movers who are exploiting the opportunity it presents.
Participation in platform business models opens the door to both cost savings and new revenue streams for insurers.
The Indian insurance market has enormous potential for growth if it can overcome its constraints and bureaucratic legacies.