Download Digital Insurance: Business Innovation in the Post-Crisis by Bernardo Nicoletti PDF
By Bernardo Nicoletti
This publication explores the ways that the adoption of recent paradigms, techniques, and applied sciences can result in higher profit, expense potency and keep watch over, in addition to stronger company agility within the assurance undefined.
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The appliance of information Mining (DM) applied sciences has proven an explosive development in progressively more assorted parts of commercial, govt and technology. of crucial enterprise parts are finance, specifically in banks and insurance firms, and e-business, comparable to internet portals, e-commerce and advert administration companies.
Every one new bankruptcy of the second one version covers a facet of the fastened source of revenue marketplace that has turn into proper to traders yet isn't really coated at a complicated point in present textbooks. this can be fabric that's pertinent to the funding judgements yet isn't freely on hand to these now not originating the goods.
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Certain functions such as ICT, risks, procurement, and compliance will become more and more relevant. Very likely, insurance companies will not be able to man these functions only with internal staff but will need to hire from other companies or outsource some functions (especially in ICT, in terms of software packages acquisition, application development, maintenance and testing, and, additionally, the running of the 28 Digital Insurance systems will be increasingly outsourced to third parties).
Another target for bancassurance is to sell property and casualty insurance products not only in connection with mortgages or credit products as they have mainly done until now. Consider another example: the automotive and insurance industries are colliding. How and where a car is driven is the best predictor of the incidence and severity of accidents. Cars are rapidly becoming computers on wheels for other reasons (such as security, simplification of use, and so on). It is interesting for motor insurers to acquire lowerrisk drivers as customers and keep them loyal.
This negative trend embraces all insurance sectors without distinction in this area: ranging from policies for insuring motors and house roofs to health or life insurance. The customers who are less happy are the so-called Generation Y or Millennials. This category refers to the customer segment with ages between 18 and 34 years. These digital natives operate mainly via the Web, social media, and online and mobile channels. This segment is important. This population represents a great challenge for all insurance companies in terms of the renewal of products, processes, platforms, and people.