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Innovation and analytics
PwC's Joe Calandro and Liberty Mutual's Kimberly Holmes discuss how innovative use of analytics can create measurable business value.
The spectrum of change we describe in Insurance 2030 affects all carriers, regardless of their specific lines of business. Likewise, we think most readers will recognize the buyer personae we’ve developed, even if their customers are not exact matches.
Of course, there are some issues that are very specific to industry subsectors. This first in a series analyzes the implications of particular relevance to commercial property and casualty insurers and their stakeholders.
There’s a general lack of plain-English product descriptions, not least because there’s a lack of standard coverages. This is especially true with small and medium-size businesses, which (unlike many larger companies) rarely employ dedicated risk managers responsible for understanding protection needs and related policy terms and conditions.
Although many carriers offer bundles to better serve customer protection needs, we suggest moving away from current product-centric models and instead designing more holistic, account-level coverages. Instead of requiring customers to seek out and interpret offerings, basic risk assessment can take place via easy-to-understand, chatbot-assisted online questionnaires that AI capabilities validate. This will facilitate the writing of policies that cover key risks, thereby reducing coverage gaps, at risk-based prices.
Better yet, simplifying products and adopting an account-level approach helps more than just customers. For carriers, the operational benefits of policy simplification include code and rate refreshes that facilitate:
PwC's Francois Ramette (Principal), Joseph Calandro (Managing Director), and Jonathan Blough (Director) contributed to the Insurance 2030: Commercial P&C considerations report.
PwC's Marie Carr and Joseph Calandro talk with Kimberly Holmes, Chief Actuary of Liberty Mutual Global Risk Solutions about innovation, risk, and analytics used to improve distribution management.
Managing Director, PwC Insurance Consulting
Principal, PwC Insurance Consulting
Chief Actuary, Liberty Mutual Global Risk Solutions
PwC's Joe Calandro and Liberty Mutual's Kimberly Holmes discuss how innovative use of analytics can create measurable business value.
PwC's Joe Calandro and Liberty Mutual's Kimberly Holmes describe how improving efficiencies can help carriers overcome sector challenges.
PwC's Joe Calandro and Liberty Mutual's Kimberly Holmes touch on the importance of consistency in risk selection and management.
PwC's Joe Calandro and Liberty Mutual's Kimberly Holmes conclude that business performance improvement comes from humans aided by advanced analytical models.
Ongoing reinvention of insurance distribution puts brokers and independent agencies in an excellent position to remain relevant and successful far into the future.
To meet insurance customers’ expectations, radical reinvention of back and mid-office services should be a carrier priority.
Carriers know the insurance customer experience must improve. We describe how they can move from customer worst to customer first.
Savvy personal lines insurers are meeting market challenges by moving beyond digitization and automation to analytics-assisted personalization.