The future of the CRO is NOW
Current developments in the insurance industry and their impact on risk leaders
Increasing adoption of new technologies like artificial intelligence and data mining allows insurers to be more agile and respond to customer needs faster. But, this change in value chain also leads to changes in risk exposure. This report from Deloitte Germany examines whether risk leaders are prepared to navigate this changing environment and shape the future.
Technology is having a profound impact on insurers’ operations. Additionally, InsurTechs are reinventing the insurance value chain with innovation and flexible business models. While automated and technology-driven processes reduce human error, they also make operations and customer interactions much faster and less transparent. These massive changes in the insurers’ value chain, including applications, underwriting, claims, and billing, also lead to changes in the types of risks that insurers encounter. Insurers then face new challenges in controlling the decision-making process and systems.
This report from Deloitte Germany, explains how technology and other disruptive forces in insurance are impacting the risk function, and outlines actions that risk leaders can take to address these challenges and prepare for the future. The report also answers the following questions.
- With increasing adoption of machine-learning algorithms, how are risk models evolving?
- How will the structure of a risk function change in the future?
- How should the role of a CRO change to achieve best results for customers as well as business?
Read this report to learn how CROs can leverage new technologies and collaborate with business to reshape the structure of their risk function.