Digital Transformation - May 13 2020
Jeffrey Sharer (JD, Elizabeth Haub School of Law at Pace University) is Principal of Sharer Consulting LLC. He is a proven Financial Services and Insurance leader with over 20 years of experience in managing multi-million-dollar operations, including profit-building, market penetration, new venture launches, risk management, services streamlining, and expense control. Before founding Sharer Consulting in 2019, Jeff was a senior manager at EY, where he consulted on digital transformation, customer engagement, claims, risk management, alliances and partnerships, and underwriting, including utilization of new technologies, such as blockchain. We sat down with Jeff to ask a few questions about digital transformation in the insurance industry, InsurTech partnerships, and the key trends impacting risk management today including AI and behavioral analytics.
Jeffrey, we recently curated a crowdsourced eBook Underwriting Priorities 2020: The Digital Evolution of Commercial Insurance Underwriting. What’s your take on which technologies and digital transformation initiatives carriers and brokers should focus on to make their underwriting processes more efficient, profitable, and responsive to customers?
Even when it is mandated by law or contract, insurance does not often make the priority list of most consumers or businesses. Yes, insurers have turned to digital connectivity and advanced analytics to narrow the application-to-closing process and launch digital initiatives introducing customer portals, digitizing individual services, and enhancing analytics capabilities. But, as many insurers have discovered, their new technology-driven services are just meeting general customer expectations to interact – not the priority list. To move onto the priority list, the insurer and the insurance broker must provide the customer with a personalized experience tailored to the customer’s needs and products that give the customer greater control. To effectuate this move, insurers will need products and services built from a new paradigm that combines predictive analytics (e.g., analysis of historical data as well as existing external data to find patterns and behaviors) with artificial intelligence (e.g., data processed by algorithms without a predetermined set of rules and regulations).