Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
Charlie Hanna | March 08, 2018
Earlier this month, I had the pleasure of hosting Mark Breading, partner at Strategy Meets Action, at our headquarters in Westlake to discuss some of the biggest trends affecting the insurance industry. During our Facebook Live conversation, we talked about the state of the InsurTech movement, digital transformation, data management, content services and security – and different approaches to help insurers better understand and address the challenges they face in these areas.
Before we dive into these categories, however, it’s important to understand the evolution behind the meaning of ‘digital’ to insurers. Embracing digitization can and has meant many different things to different people.
According to SMA research, more insurers have reported embracing digitization strategies in order to best serve their customers. Previously insurers thought about digital more for the customer journey rather than internal processes.
However, Mark said it best when he stated “You can’t be digital to the outside world unless you’re digital within the four walls of your company.” Insurers need to adopt a comprehensive strategy across the entire enterprise to make everything, data, interactions and processes, as digital as possible.
Four key trends propelling the InsurTech movement:
- Digital transformation: Now that we have a better understanding of being digital in all endeavors, we can jump into the digital transformation movement and how it’s been a catalyst for insurance innovation. To date, SMA has tracked more than 1,200 InsurTech start-ups. While not all of these organizations may stick around, they are reshaping the industry. Although not every start-up will have a solution that fits your needs, Mark advises insurers to embrace digital transformation in a strategic way – by looking into technology in the context of your business strategy, then aligning those technologies accordingly.
- Data management: Insurers are looking at the data they gather in a more granular way than ever before. They’re finding it’s important to manage and expose that data as part of their transformation processes. In our increasingly mobile and connected world, insurers are gathering both structured and unstructured data generated from clients, and looking for the best way to manage that information. To manage new types of data appropriately, start by thinking of the value that data holds, and what you need within your specific claims or underwriting processes. But don’t just focus on the data you gather today. Envision what new data will be available and the right way to make it accessible and usable within your business.
- Content services: Although content services is a newer term, many insurers are familiar with the underpinning functionality: capture, workflow and records management. As a more modern term for enterprise content management (ECM), content services help insurers access information and orchestrate the right processes utilizing that information. Many insurance organizations are moving away from selecting large monolithic technology systems and choosing more fine-grain solutions that are rapid to deploy and make a big impact. Content services platforms fit this trend and help better manage content, processes and cases in an efficient and effective way.
- Security: Security has become an overarching theme in many industries but especially within the insurance market, which sees more than 10,000 regulatory changes a year. Though it’s been a long pain point for insurance organizations, it’s at the forefront of executives’ minds because of the high-visibility around breaches. Mark guides insurers to look at the external regulations, as well as internal standards to properly manage information. Because there are heavy implications for managing personal information, insurers need to ensure the security around that information is properly protected.
It’s always a pleasure to connect with industry experts like Mark, to discuss trends affecting the industry and how technology is helping insurers overcome current challenges. While the InsurTech movement continues to boom, we expect to see some major changes continue to shift the industry – but themes like digital transformation, data management, content services and security will remain topical through the evolution.
- Insurtech Landscape 2019: Top 5 Takeaways
- Grinnell Mutual Tackles Massive Transformation -- in Stride
- A Candid Conversation with Paul Mang
- SageSure Insurance Managers Improved Competitiveness by Consolidating Payments to a Single Digital Platform
- Digital Does Matter in Insurance-- And Insurers are Missing the Mark
- The 22nd-Century Insurer: Taking a Cloud-First IT Approach
- The September/October 2019 issue of ITA PRO magazine is now available in digital format here:
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Synergy Between Insurers' IT and Analytics Teams Key to Operationalizing Insights, Says Novarica
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Chisel AI Named as an IDC Innovator for Insurance Sales Automation Solutions
- New Majesco Report Emphasizes the Burning Platform for Insurance Transformation and Market Leadership
- Veruna Named Insurance Technology Company of the Year
- Joint partnership between MedRisk and Raintree Systems to reduce administrative burden and expedite payment for physical therapy
- Hearsay Systems Joins Guidewire PartnerConnect Solution Alliance Program
- Effisoft's Reinsurance Software Named "2019 Software Innovation of the Year" by Reactions Magazine
- Virginia Farm Bureau Mutual Insurance Company Selects One Inc for Claims Processing
- OPTIS Study Finds Big Players Still Paying Top Dollar for P&C Agencies
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2020
ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Become a member today to receive updates – www.itapro.org/MR
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE