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The adoption of digital innovation in private insurance has been largely widespread, but many commercial insurers still need to catch up. Our insurance experts, John Rodgers, and Kim Muhota, shared their insights for a recent article in Carrier Management about strategies insurance carriers can enact to accelerate digital evolution. They look at reasons behind the discrepancy in innovation between the two sectors, “One key difference in the speed of innovation is that personal carriers have increasing access to new data sets (e.g. Telematics for auto insurers) that they have had to utilize to better assess risk and enhance loss prevention strategies.”
The pair also looks at the innovation journey of the banking industry as a benchmark for what trends insurers can expect to see in consumer behavior, “No longer do consumers think of one financial institution as “their bank” where they conduct all their financial business.”
Read the full article here.
John Rodgers is Managing Partner and Chief Operating Officer
Kim Muhota is Vice President and Head of Financial Services, North America