Digitization and disruption. The changes in the insurance industry today are unprecedented. New technology is completely shifting how the market works. How is your insurance business keeping up with these changes? Find out at SAPPHIRENOW and learn about the hottest trends that are impacting the market today…the ones you need to be aware of when planning your business’ future.

Top Trends as the Insurance Industry Digitizes

The Cloud

Right now, the cloud is hot. More businesses are going mobile every day in an effort to keep up with the competition and provide real-world solutions for their clients. But how does that apply to the insurance industry? SAP’s cloud platform industry applications allow you to get more out of your business’ performance through greater flexibility and data analytics. If you want to learn more about the cloud platform and how it can transform your business, there’s a great session “Lead in the Cloud”. It’s offered Tuesday, May 16, at 11:00 AM and focuses on achieving quick adoption, accelerated success, and tailored innovation for your cloud solutions.

Machine Learning

Today’s consumer is impatient. They want answers now, whether it’s approvals, quotes or policy changes. How do you make them happy when they’re trying to find answers at 3:00 AM when everyone’s out of the office? Artificial intelligence and machine learning is the answer. A Wall Street Journal article discusses Massachusetts Mutual’s new online program and its ability to turn out term life insurance policy approvals in 20 minutes or less for policies up to $1 million. Learn how to harness the power of machine learning to create a more responsive digital system in our session “Grow Your Business and Innovate with Machine Learning” on Wednesday, May 17. at 2:30 PM.

Internet of Things

When tomorrow’s autonomous car rolls off the assembly line, who is responsible if there is an accident? Google, Mercedes Benz and Volvo are taking responsibility for any accidents caused by an autonomous car. Where does that leave your insurance business? Instead of compensating for financial loss, these auto manufacturers are focused on reducing risk. The use of sensors and networked communication in the Internet of Things is creating disruption in the industry. This requires your business to become flexible and agile to ensure a promising future. You can take advantage of data available in the IoT to reduce risk based on analytics to create the best solution between risk and loss. Hear about IoT connectivity during the “Support Connected Products with Business Data” session on Wednesday, May 17, at 12:00 PM

Blockchain

Not that long ago, direct insurers were virtually unheard of. Then, modern-day giants Geico and Esurance entered the market, bypassing the traditional agent-based system to appeal directly to their customers. These companies took better advantage of market conditions by leveraging disruption and using technology to their advantage. How can you take similar measures to grow your business through disruption? We’ve got an excellent session dedicated to addressing that question on Thursday, May 18, from 11:00 to 11:20 AM. It’s titled “Harness the Power of Disruption with Blockchain“.

Virtual Reality

What if your customers could simply put on a headset and work through how best to react to incidents, whether on the road or at the work place? Virtual reality is becoming more popular as an option to provide training. With employees, it mitigates risk and trains workers with a realistic training situation. This happens without having to schedule a specific set of resources to make that training happen. On Tuesday, May 16, at 2:30 PM take a look at our virtual reality presentation “Support Smart Driving with AI and a Scalable Ecommerce Platform“. Then consider how that type of application can be put into use at your insurance company.

By being aware of these trends you can learn how to respond to them. You’re ensuring that your business will have a bright and successful future. But how do you educate yourself about these issues? SAP’s SAPPHIRENOW conference helps you stay on top of the insurance changes and digitization trends.

Learn more about SAPPHIRENOW and secure your spot today!

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