Digital changes every facet of doing business – customers, products, risks, and operations. And every segment of P&C is undergoing this transformation, including personal, commercial, workers’ compensation, and specialty lines.
Technologies will play a major role in this transformation, especially AI and machine learning, drones, wearables, and the IoT. As insured vehicles, properties, and workers get more connected, new sources of real-time data will provide opportunities for increased customer interaction, improved risk management, and faster claims response. At the same time, shifting liability, increased cyber-exposure, and new products (on-demand/parametric) will all affect the claims environment and provide further impetus for transformation.
Read this whitepaper based on SMA’s ongoing research on digital platforms, content services, and claims.