The industry’s pace of technology adoption has accelerated in the last quarter, with incumbents partnering with insurtech and embedding AI in their own operations. But, as insurers leverage consumer data to improve the customer experience, they must also contend with new privacy legislation.
Meanwhile, local and global industry standards continue to evolve, with APRA putting teeth in its draft Information Security standard and the continued count down to financial performance transparency courtesy of IFRS17.
Find out what you need to know to stay ahead of the curve.
Applying IFRS 17: A closer look at the new Insurance Contracts Standard
The new IFRS 17 standard for insurance contracts will make your financial position and performance more transparent, enabling stakeholders to compare your financial statements with those of other insurers and other industries. What will it mean for your company? Click here to listen to our Podcast series.
Insurtech: Enabler or disruptor?
Is insurtech going to eat your lunch or become a vital enabler of your digital operations? Does Australia have what it takes to be a leading insurtech market? Australia’s first ever report on our local insurtech ecosystem has the answers.
When AI transforms insurance, will you be ahead of the curve?
AI is being widely deployed across the industry, supporting sales, underwriting, claims assessment and customer management, with varying levels of success. The key is to stop AI in tiny pockets. Those driving significant returns are approaching AI as a capability – not a tool. Find out how.
Implications of draft prudential standard CPS 234 Information Security
APRA’s not messing around with its draft CPS 234 Information Security standard. This is no longer about following guidance, but actively demonstrating compliance, including maintaining cyber defence capabilities that keep pace with evolving threats. What are the other key requirements?
In the hospitality industry, market participants have enabled data analytics to provide both predictive and diagnostic insights to make informed decisions. To date, the industry has adopted some advanced applications for analytics, focused predominantly around predictive insights, such as revenue management, guest behavior and marketing spend. For instance:
Major hospitality players have incorporated analytics technology as a means of increasing guest loyalty. One hospitality brand empowered its front desk agents with analytical dashboards that tracked prior guest behavior, such as room service orders or amenity requests, to better predict the needs of repeat guests.
One international hotel company reported an impressive increase in the return on its advertising spend of approximately 2,100% by deploying a new online advertising platform that combined data analytics with artificial intelligence technologies.
Global Insurance Trend Analysis 2018
2017 was the largest insured loss year ever, with insurers also challenged by technology-led disruption and continued regulatory pressure. On the upside, average global commercial insurance pricing increased, and PE came to the M&A party. Find out what’s coming next.