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Insurance Industry Trends

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Questions and Answers

What should carriers be focusing on when developing a strategic plan based on AI insights?

Venture-capital arms

Insurtech companies

Operations, talent, and technology (correct)

Technology only

In addition to AI explorations, what is a key factor that carriers must consider in their long-term strategic plan?

Touching operations, talent, and technology (correct)

Acquiring promising insurtech companies

Building in-house strategic capabilities

Forging partnerships with leading academic institutions

What innovative approaches are some carriers already taking according to the text?

Starting venture-capital arms (correct)

Outsourcing strategic capabilities

Building in-house capabilities only

Developing a perspective on investments

When developing a strategic plan, why is it crucial for insurers to identify areas they want to invest in?

To beat the market Signup and view all the answers

What dimensions should a strategic plan for large-scale, analytics-based initiatives address?

Everything from data to people to culture Signup and view all the answers

What should the road map of AI-based pilots and POCs detail?

Which parts of the organization will require skill building or focused change management investments Signup and view all the answers

Why do some carriers begin taking innovative approaches like starting venture-capital arms or acquiring insurtech companies?

To stay ahead of or match the market competition Signup and view all the answers

What is a critical factor that insurance companies should consider when deciding on the strategic approach best suited for their organization according to the text?

Areas they want to invest in Signup and view all the answers

What should carriers focus on regarding people when planning for large-scale analytics-based initiatives?

Investing in skill building and change management for employees Signup and view all the answers

Why should insurers outline a road map of AI-based pilots and POCs according to the text?

To detail which parts of the organization will require such investments Signup and view all the answers