A.M. BestTV: Insurers Struggle to Match Technology to Consumer Expectations, Says A.M. Best Associate Director

OLDWICK, N.J.--()--In this A.M.BestTV episode, Jason Hopper, associate director, research and criteria, A.M. Best, said insurers are staking their future on better use of technology and data, with mixed early results. Click on http://www.ambest.com/v.asp?v=techcurve318 to view the entire program.

Hopper highlighted the gap between what insurers are providing in the way of technology and what consumers expect.

“A.M. Best believes there is a gap to an extent, because consumers want quick access to insurers, whether it is through web, mobile or text,” said Hopper. “Ultimately, all technological advancements boil down to some sort of customer engagement and satisfaction, whether it is through underwriting systems, administrative and claims management, data and mining capabilities or predictive analytics. All those things will contribute to the enhancement of the customer and insurer experience and engagement.”

Hopper also highlighted how the need for more technology can lead to more opportunities for cyberattacks.

“Obviously, data quality and housing are things that are extremely important to insurers. Safeguarding data is imperative. If consumers trust your organization and your ability to maintain and keep private your data this will ultimately reflect better on your brand awareness, which would ultimately improve your customer retention and satisfaction.”

To access a copy of this special report, titled, “Insurers – Behind the Technology Curve, and They Know It,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=270804.

Recent episodes of A.M.BestTV include:

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    http://www.ambest.com/v.asp?v=sprackling318.

  • Captives Changing With Market Conditions and Risk Needs: Attendees at the Captive Insurance Companies Association's International Conference in Scottsdale, AZ, said the flexibility of captive insurance organizations helps them respond faster than traditional insurers in accommodating new risks and market dynamics: http://www.ambest.com/v.asp?v=cica1318.
  • Long-Term Care Insurers Look to Pricing and Regulators, Say A.M. Best Analysts: A.M. Best Senior Industry Research Analyst George Hansen and Financial Analyst Bruno Caron discuss a new report that examines the long-term care insurance sector, which has seen a multitude of carriers leave the market or change their approaches in the hopes of achieving profitability: http://www.ambest.com/v.asp?v=ltc318.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com