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Business models

Appreciating the strategic opportunities and threats of a new regulatory era

Our colleagues at BRINK are running stories on the implications of the General Data Protection Regulation (GDPR), and we thought this piece from our Oliver Wyman colleague Kaijia Gu especially relevant for our insurtech audience. Having crossed the long-awaited threshold of the General Data Protection Regulation (GDPR), the door to the new regulatory era is finally open.

Moving beyond doing more with less to doing more . . . better

Faced with tightening economics and increased competitive uncertainty, many large insurance enterprises have used operational excellence programs to closely monitor and improve all areas of performance. But efficiency – doing more with less – is not enough anymore. The goal now is operational excellence.

The journey should start now.

Financial services executives view artificial intelligence (AI) with a powerful mix of excitement and concern. With new proofs of concept, innovation labs and investments in technology appearing every day, financial institutions – including insurers – are eagerly exploring AI to improve business decisions, customer experiences and risk management outcomes.

How will underwriters and underwriting change in the age of big data?

Oliver Wyman CEO Scott McDonald recently sat down for a wide-ranging discussion on the future of the insurance industry with AIG CEO Brian Duperreault. In this excerpt, Brian talks about how data science and technology will change the face of an industry that is characteristically risk averse and wedded to the “tried and true.”

On the P&C front line with Tractable's Alex Dalyac

Imagine a world in which machines can “see” and process claims – quickly and accurately – in nearly real time, using computer vision powered by the vast trove of resident data and experience in today’s P&C insurers. That world, according to Tractable CEO Alex Dalyac, is not around the corner, but very much here and now.

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