“..Adoption of new technologies such as big data, blockchain, robotics, artificial intelligence to optimize processes and enhance the business model..”
The adoption of emerging technologies offers opportunities to innovate and develop new insurance offerings with enhanced customer oriented focus, improved operational processes and assess risks arising from products and portfolios.
Reinsurers are partnering with technology firms to implement big data and analytic strategies. New business models are explored and often combined with partnerships and investments in InsurTech.
Increased involvement of robotics to perform potential tasks and processes regarding sales, underwriting, policy issuance and servicing, claims processing and risk management. We recognize that (re) insurance companies often set up specialized departments focusing on implementing robotics process automatization.
A blockchain enabled reinsurance platform can help reduce the losses on claim leakage and fraud, reduce time and cost of contract processing and facilitates automated processing of settlements between insurers, reinsurers and retrocessionaries.
We acknowledge that adopting new technologies requires change on all organizational levels and has effects on (current) staff who need to adapt and change mindsets.