FEBRUARY 20206Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorPamela MorganSalesDave Barcodave@insuranceciooutlook.comContact Us:Phone:510-683-5022Fax:510-894-8405*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Dan StanleyJoshua ParkerCalvin JamesEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comDisruptive technologies are enforcing changes across all industries, and Insurance Agencies are no different. The digital revolution has taken over all significant enterprise functions, leading to the widespread usage of cloud-based services. Technologies such as Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT) enabled devices, Telematics, and Chatbots have become a part of the day to day functions in the insurance industry. All these technologies combined, help organizations cater to the various needs of a customer base that is now primarily comprised of Generation X and Millennials.When it comes to purchasing insurance, customers are always looking for something personalized. Using human labor to personalize products for each customer is not only time consuming, but also an expensive process. This is where insurance agencies can make use of AI to meet the unique demands of customers. AI can enable insurers to improve claims turnaround cycles and achieve greater efficiency through more accurate reports in shorter periods. Above all, AI can bring fundamental changes to the underwriting process, removing multiple discrepancies that customers may face during underwriting and claim processes.Just like today's connected cars, telematics can bring in an overwhelming amount of data that insurance agencies can make use of. By being able to measure various indicators like speed, location, accidents, and much more in real-time, insurers can take quicker and more accurate decisions. The monitored data can be processed with various analytics software to determine the best premium to offer. Customer interactions are an integral part of insurance agencies. Keeping the customer happy begins with providing excellent customer support services. An accident may befall the insured anytime, and they will look up to the insurers to provide them with immediate assistance. Instead of having employees work round the clock, insurers can implement chatbots that can offer prompt response to the clients and guide them on the most suitable path of action. Chatbots are available 24/7 and can answer basic questions in the simplest of ways.In this edition of Insurance CIO Outlook, we bring you the top Insurance Agency Management Solutions and Service providers, to help your company navigate through the rapidly transforming insurance sector.Do Let us know your thoughts!Entering the Digital Era of Insurance ManagementPamela MorganVisualizerChristina ThomasAlbert RozarioFebruary - 20- 2020, Vol 06 Issue 01 (ISSN 2644-2795) Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.com
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