The insurance industry is one of many fields being impacted by the digital revolution. Insurance firms have vast resources and other assets that can effectively help insurers connect with customers in this changing digital setting. Insurance & Technology’s article, “3 Tech Trends Set to Rock the Insurance Industry,” provides an overview of three top trends that are changing the insurance industry.

The following three trends are the major changes that insurers must respond to in order to remain successful:

    1. Digital-physical blur. The “real world” is becoming increasingly digital as we are able to control our physical world through computers. We are now constantly connected and continue to incorporate machines and technology into our daily lives. Our everyday technology use is blurring the lines between physical and digital. Some technology is able to analyze environmental variables and make decisions in real time. This could prove to be a disruption for the insurance industry. Insurers must integrate products such as self-driving cars into their business model in this new digital age.
    2. Move from workforce to crowdsource. The workforce will soon extend beyond in-house employees to any individual with access to the Internet. Insurers are able to utilize human resources anywhere in the world with the click of a mouse. Digital collaboration can connect insurers to individuals who have the interest and expertise to solve some of their toughest business challenges. Problems that insurers have difficulty solving in-house can now be solved online.

 

  1. Data supply chain. Insurers can increase the value of their data by viewing it as a supply chain that can be accessed and then spread throughout the organization. Data is one of the most important resources for insurance companies, yet few insurance companies view data as a portable and sellable product. Insurers can generate value from their data by managing it in the context of a supply chain. Data can be accessed, moved throughout the chain as it acquires value, and output as a monetized resource.

Insurance companies are faced with many changes as we enter an era of digitalization. For insurers to remain successful they must adapt their business model and use these technological changes to their advantage.

If you’re in healthcare, insurance, technology or other professional services industries, and need help with a PR, marketing or social media campaign, contact Scott Public Relations.

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