With growing market competition, the insurance companies are finding it difficult to differentiate in the areas of product innovation and customer experience. It goes without saying that the road to success for an insurer is through risk management. Operating under the ever-changing and stringent regulatory environment, the insurance companies need to ace risk management to meet the evolving customer demands and compliance mandates. Risk management teams in different companies strive to streamline their approach toward underwriting, credit, market, operational, and liquidity. They need to implement effective programs built on a foundation of standardized risk assessments that allows them to prioritize risks based on their potential impact.
The ongoing technology disruption has opened a world of opportunities for the insurance industry. There are several ‘connected’ risk management information systems available in the market that allow an insurer to consolidate information and generate reports automatically, paving the way for enhanced process efficiency. The increasing digitalization of business processes as part of the transformation roadmap has led to the adoption of technologies such as robotics process automation, artificial intelligence (AI), machine learning, and blockchain in the industry. There is an increased importance on building data channels between industry participants to share the data for maximum transparency and improved workflow across the board. The focus also has been on the security side of information and IT systems to win the trust of the market and the customers.
In this edition of Insurance CIO Outlook, we are pleased to bring the story of eDriving, a driving risk management solutions provider that offers research-validated closed-loop risk management program for the safety of the driver, fleet, and the road. The stories of companies such as Green Light Verify, Origami Risk, Threat Sketch, and WeGoLook are equally engaging. We hope the value offered by these companies in the risk management side of the insurance perfectly aligns with your unique business needs.
We bring to you Insurance CIO Outlook’s “Top 10 Risk Management Solution Providers 2019.”
