How the digital revolution is shaking up the insurance industry

The traditional role of the insurer is being transformed as digitalisation takes hold. New technologies and processes like data analytics and machine learning represent major opportunities for insurers, but also pose a competitive threat to those that are late to the party.

Data and analytics are becoming increasingly crucial to survival in the industry. The amount of data that insurers hold in their systems has expanded exponentially, thanks to the growth of the Internet of Things, social media and their growing ecosystems of partners and suppliers.

Innovations in analytics and machine learning are vastly enhancing the speed and accuracy with which huge rafts of complex data can be processed. This enables accelerated decision making, faster adaptation to the constant change of market situations and requirements, and deeper insights into an insurer’s customers, business and ecosystem.

A great example of this in practice is Meteo Protect. The insurance and reinsurance broker is focused on weather risk management and created Vivaldi, an app that enables customers to select their policy specifications including geo-location, coverage period, and weather parameters. Using this information, the app was then capable of aggregating weather-related data, analysing risks and price and underwriting the policy – all in real time, and at least 12 times faster than previously possible – to vastly enhance risk estimations and bring weather-related insurance cover to customers.

Digital change increases the pressure to innovate

This digital shift is changing the way that consumers interact with insurers. The pressure is therefore on for traditional insurance organisations to keep up with the pace of digital change and understand the rapidly evolving sphere of innovation.

From implementing AI and machine learning to ‘bigging up’ your data through combining information from connected devices, the possibilities and opportunities for digital and analytical concepts are endless.

To help you understand the opportunities available through analytics we have organised the SAP / Deloitte Insurance Analytics event on 26th September. The one-day event, at Deloitte Digital in Clerkenwell Green, London, will advise on how to take advantage of the latest trends and digital innovations using examples of Insurance case studies and a showcase of real-time analytics through SAP’s Digital Boardroom.

The day will be interspersed with interactive discussions, such as an update on the Deloitte EMEA Insurance Study, a virtual reality showcase. You can also see drones in action and get hands-on experience of SAP analytics in the funky coffee shop.

To book your place at SAP / Deloitte Insurance Analytics please contact Amber Kite on amber.kite@sap.com.