Technological advancements in artificial intelligence, connected devices, and nanotechnology are also introducing potential consequences that require a redefinition of traditional loss models

Telematics and smart home ecosystems can enhance customer experience via more frequent and meaningful engagements.

Insurers are now adopting APIs to enhance digital capabilities and provide a better customer experience. Rapid technology advancements and the spike in the number of connected devices are spurring API adoption even further.

Data analysis equips payers to stage preventive care interventions to improve members’ quality of life.

Strong ecosystem positioning will be critical for insurers to thrive in evolving macroeconomic, regulatory, and operating environment.

Let’s consider the possibilities if the capabilities of drones and blockchain were combined and the extended ecosystem engaged collaboratively to deliver claims service excellence.