Valuable insights here- first and foremost the priority to combine automation with human empathy and intuition.
"we need to remain focused on our fundamentals and not lose sight of the importance of the human touch with our customers, especially in time of need."
Chubb has a clear strategy
- Lead and thrive in the Digital Age
- Execute on those objectives i three areas:
- Doing simple things smarter
- Data analytics to improve claims and underwriting decision making
- Digitizing product, services and customer UX
Sean Ringstead must have suffered from vendors peddling solutions looking for a problem.
"It’s important to have clarity and a sense of business purpose. Innovation spawned in a vacuum will have a harder chance to succeed and provide true business impact. Not every bet will succeed and that it is about learning fast (not failing fast) and adapting quickly."
Insurtechs that seek to understand the problems and priorities of carriers like Chubb will be far more likely to be granted an audience with the claims team and C-Suite. Those that do not will not deserve the valuable time of insurers.
I believe we are all still working with the same core set of insurance business principles that have stood the test of time, namely disciplined underwriting and keeping our promise to pay claims. Technology is helping to make welcome changes in the customer experience, including the ability to buy and service their policies as well as assist insurers with their decision-making and operations. However, we need to remain focused on our fundamentals and not lose sight of the importance of the human touch with our customers, especially in time of need. I saw a greater recognition of the need for this balance between tech and the human touch at this year’s ITC .