Happy New Year! And welcome to 2023, a year which appears to offer great promise, fascinating contradictions, and some real risks for insurance carriers as they execute in what feels like a different era. The changes we have experienced over the past three years have been profound and, in many ways, have altered our trajectory.
January 31, 2023 by Robert McIsaac
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January 30, 2023 by John Keddy
Q: ChatGPT – Angelic or evil?
A: Neither. If you haven’t experimented with ChatGPT, it is what computers do in the movies. Ask a question, get an answer.}
January 26, 2023 by Stephanie Dalwin
Like many other travelers this holiday season, I woke up on Christmas Eve to the notification that my Southwest flight had been canceled. The process of rebooking was straightforward; I was able to easily change my flight to a later date from my phone. For the moment, I was mildly annoyed but otherwise unbothered. Three days later, my flight was canceled again, and then my trip altogether.
January 24, 2023 by Martina Conlon
Insurance has traditionally been viewed as resilient to recession and economic uncertainty. Yet, besides the tough economic conditions, the insurance industry is facing an unprecedented number of business challenges: increasing claims severity rates due to supply chain issues and rising inflation, climate risk and ever more frequent natural catastrophes, increased regulatory oversight, and greater customer expectations.
Normally, in a difficult environment, insurers would be tightening their belts, yet in 2023, Aite-Novarica Group anticipates many insurers taking a different approach by increasing investment in IT and implementing new technologies to improve operational efficiencies, increase revenue, and enhance customer experience.
January 23, 2023 by Robert McIsaac
The last two years have dramatically impacted the life insurance industry. As the pandemic has gone on, remote work, a talent shortage, social distancing, and direct reminders of mortality have been impacting the daily lives of customers, distribution partners, and insurers.
These factors have led to changes in the processes for underwriting, applying for policies, and distribution. Ongoing changes in demographics across the insurance value chain and a shift to primarily remote work have led insurers to prioritize digital experiences and introduce ancillary benefit solutions as they scramble to prepare themselves for a new, and still emerging, reality.