| | July 2019 8OPINIONIN MYTHREE TECHNOLOGY TRENDS THAT DEFINE THEFUTURE OF INSURANCEBy Ed Largent, President, CEO & Board Chair, WestfieldAsk yourself, which cart do you use more frequently: An actual shopping cart or a virtual one? The shopping cart shift underscores how technology has changed customer shopping habits. It's now more personal, customized, transparent and immediate. Customers want tailored experiences, and to be involved in the process, not just selecting from a menu of products. Expectation thresholds have increased while patience and accommodation levels have decreased. Consumers have become accustomed to conducting business at an incredibly fast pace, and selecting insurance is no exception. Consumers have more control than ever and are driving a lot of change in the insurance industry. The goal must be to meet customers' expectations, which are being enriched by digital technology.The insurance industry hasn't experienced a major change since the explosion of digital technology. But now, disruptors and external factors are compelling insurance carriers to think and act differently, in more modern and innovative ways. The insurance product is a very mature product that is heavily regulated. That said, the service of that insurance product will continue to evolve and change as customer expectations change. More digital, mobile and simpler experiences will continue to be the theme as we go forward. Advances in artificial intelligence (AI) and the Internet of Things (IoT) are changing the way carriers view risk while at the same time, getting us closer to our customers. The big opportunity for carriers is to adapt and innovate and leverage technology to enhance and develop the products and services they offer. Forward-looking insurers are taking action and making investments that will help them become more customer-centric, improve their pricing and create operational efficiencies. It starts with fostering relationships with technology. Big data and analytics, the IoT and AI are the future of insurance.Big OpportunitiesBig data and analytics feed almost everything happening with technology in the insurance industry. Much of the opportunity lies in the amazing Ed Largent
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