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Insurers' Biggest Risk Is Losing Touch With the Customer

Insurers are leveraging technology and analytics for the attention of their customers

New discoveries from the International Insurance Society’s (IIS) Global Insurance Forum

from the June 21, 2019 — OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, attendees to the International Insurance Society’s (IIS) Global Insurance Forum in Singapore said insurers are leveraging technology and analytics, but are competing with a wider range of service providers for the attention and trust of customers.

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Insurance industry executives spoke about the importance of the event, particularly amid ongoing industry transformations. “This forum has really brought global insurance together in all its aspects,” said Bernhard Kotanko, senior partner, McKinsey & Company (Hong Kong). “Attending this forum are very big and small companies from their respective markets. Whereas normally you would not have the chance to meet people from these various groups, here you do. That makes it really a global reunion of the industry,”

The Internet Of Things

“The industry has transformed significantly based around technologies,” said Peter Miller, president and chief executive officer, The Institutes. “The Internet of Things provides a lot of digitized data, much more than has been available in the past. Organizations are able to look at that and handle risk proactively, even before a loss occurs.”

James Vickers, chairman, Willis Re International, highlighted the challenges that the industry now faces.

It is a major challenge for the insurance industry to maintain that customer-centricity at a time when the distribution dynamics are changing. The insurance industry runs the risk of losing touch with their customers. Even the biggest brands in the insurance industry have no appeal compared with some of the other digital global brands.”

Other people that appear in this episode:

Jayne Plunkett, chief executive officer, reinsurance and regional president, Asia, Swiss Re; and
Karen Clark, co-founder and chief executive officer, Karen Clark & Company.

For full video coverage of the IIS conference, including exclusive executive interviews, visit here.

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