Valen Analytics Calls for Mindset Shift with Release of 2017 Outlook Report
Staff Writer | January 13, 2017
Valen Analytics released its “2017 Outlook Report,” which highlights the critical path for insurance companies during a time of economic instability. In the fourth iteration of the annual report, the company identifies the disparate forces that insurers face, such as the repercussions of a low-interest investment environment and a massive influx of insurtech capital.
Valen incorporates both industry studies and proprietary research to identify trends, opportunities, and shortfalls in current insurer approaches, while suggesting that the only path to true innovation is an industry-wide mindset shift that changes the way insurers consider their businesses.
The report identifies:
- The complex and inefficient buying cycle that is inherent to P&C insurance, along with the ways insurers can effectively shift their approach.
- The methods in which successful technology companies have disrupted industries through a relentless focus on customer experience, and suggestions on how insurers can replicate this approach before falling victim to it.
- The foundational role of data analytics in fueling innovation and improving customer acquisition and retention, with case studies that support these claims.
“A year ago, funding for insurance innovation was pouring into the space, but it was unclear how insurers would react and whether they would embrace the new technologies at their disposal,” says Dax Craig CEO and president of Valen Analytics. “Today, many of these technologies have been embraced, but in order to fully deliver on their promise, the industry as a whole must reconsider its approach to understanding and serving customers.”
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
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