Changes occur faster than ever, and, even if you are doubting whether you really need to innovate or waiting a bit longer, you should consider that younger generations are digital nomads. In other words, they were born among new technologies, and they get used to them in the blink of an eye. So, it is a good idea to double think and plan to incorporate new technologies soon.  

Now more than ever, it is easier to access to information that is available online. Open Data, IoT, AI… All these technologies help us to gather large amounts of information focused on make our daily lives easier. We can make profit out of them by analyzing the data for predicting risks, update information in record times, etc.  

Try to think about your next holidays. How are you going to book them? Probably online. And that is what it is already happening with insurance services as well. Consumers analyze data such as prices, extra services, and compare different options by their own. And then they contract the one that adapts better to their necessities.   

Internet of Things can also be used to study the behavior of our clients for personalizing the products that we offer and then, creating policies according to their habits. For example, pay-per-use products, contact through app notifications, contact through social media channels, etc.  

It is important that each insurance company finds its own processes. For this reason, you can start by creating new networks inside the innovation ecosystem, cooperate with technological enterprises such as InsurTechs, learn from each other, take decisions…