Due to decreasing demand and advances in technology, certain industries might soon face extinction. Luckily for us, the insurance industry is not one of them. The demand is there, although carriers and agents alike do face a healthy level of technological uncertainty. How will we use "big data" and other platforms to better serve our growing online and digital markets?
According to a recent article published on the Harvard Business Review, which took information from a 2013 COMPUSTAT study, the insurance industry faces technological uncertainty from how analytics investments will drive revenue, "whereas demand is based on highly predictable demographics."
What does the insurance industry have to do to improve their technological competitiveness? "Develop a broader technology palette," says HBR, citing such tactics as having a broad list of solutions, hiring key experts in those new digital markets and identifying what is "technologically feasible."
