Insurers’ Red Queen Dilemma
hi everyone welcome to my channel don’t forget to like comment and subscribe the insurance Red Queen telema a Looking Glass word is the new reality for Insiders the state seemingly straightforward terrestrial past orderly Insurance marketplaces of to get this bus are indeed the cutest bus answers are finding themselves now operating in their own Looking Glass work continually recept by authority of independent customer industry and Technology forces including the first is customer sitting from a have to work from home during the pandemic to uh want to work from home after the pandemic this Sith amplifies the digital defined problem of some customers not having access to Wireless at all or some customers not having access to 4G or the emerging 5G URLs connection number
two the expansion of voice Technologies to fulfill authority of searching sharing streaming and shopping object objective across a widening number of Industries this accelerates Insurance customers expectation to use their own voice to conduct different aspects of insurance Commerce number three Insurance startups repeatedly crying to the heavens they are not more insurance companies but in fact that they are technology companies when they quote hard truth is that no technology transforms an insurance firm into any type of Technology firm we’ll ignore the inconvenient through that it is illegal for any person or company to to purchase insurance from a non-insurance company however this relentless between screeching my cause in common incidents to accelerative employment of new technologies before the incumbent firm would or to partner with or acute acquire one or more of the startup insurers number four Americans of new technologies such as the growing Institute of immersion Technologies for example ouchman reality virtual reality and most currently the metaphors but where are where or where we are at the Holograms of even karobi this stream of all applications including machine learning or facial or sound or visual recognition or uses of edge Computing for internet of things or including Thrones automatic vehicles or other robotics for insurance firms limited attention and more limited budget could stain incumbent insurers abilities to manage their current book of business or require existing personal or commercial Lines customer to conduct
Insurance Commerce in a manner they are not ready for R1 what exactly is the insular threat Queen dilemma the inserts Red Queen dilemma has come about because they are living in this Looking Glass World especially the air huge title is the answers are doing all the running they can to keep in the same place but the amount of running is insufficient to be successful in the new Marketplace resolving the insurance right Queen teloma my advice for instance to resolve the RQ dilemma taking their realities and heartless into account is make his but carefully and profitably especially insurance carriers can start to resolve the Red Queen dilemma by in part deploying technology application to support the current Marketplace and steam simulator simultaneously prepare for the future makeup Place always keeping in the mind that not every existing or Target client will want to contact Commerce using what whatever new signing technology toy pops up this will require Insurance firms to deploy applications the customers are familiar with but the simultaneously improve the effectiveness and efficiency of the insurance company’s operation okay that’s all for today thanks for watching see you for the next article see you bye