McKinsey recently reported that “Most carriers are struggling to meet their cost of capital, and productivity has barely moved over the past decade” and that “The insurance industry is facing a serious structural challenge … the majority of carriers are not making their cost of capital.” Growing productivity by improving operations is an essential ingredient in insurance carriers’ business strategy. Digital technologies in insurance have been focused on digitizing data and processes. They have made little impact on productivity because insurance is a decision-centric industry. Without digital decisions, productivity will remain flat.
Hear insurance industry expert Craig Bedell and Decision Management expert James Taylor discuss the importance of digital decisioning to improving insurance productivity. Learn digital decisioning integrates your existing technology investments with machine learning and AI to drive increased productivity in everything from underwriting to claims handling, and pricing to next best offer.