8 Trends Innovations for Secure Digital in 2016

The thousand-year-old generation is always a driving force of change. That born millennium, born 1980 to 2000, grew up with Amazon, Google and accessible social media about mobile devices and computers in their hands, wrists and in their bedroom, and have a completely new framework for the client interaction. All generations benefit from digital technologies very customer-oriented and oriented environment. Consumers now expect to buy what to buy, when and where to buy, with the ability to find the best price.

The second force in sure is that the ubiquitous introduction of digital technology means new opportunities for additional bonuses, improved customer experience, better risk-mitigation, damage prevention and promote the increasing domination. To compete, insurance companies must find a way to access and process data from devices and sensors transmit the data in real-time social media and external sources such as weather and monitor data expose wearables in the public and industrial area. Existing systems simply do not visualize the volume, speed, and range of this data.

Finally, the final force all insurance companies must tackle must find a better and faster way to meet the rising requirements of the regulatory environment. The impact of digital innovation will lead to a new regulation so that the additional pressure on insurance organizations to efficiently and effectively meet these regulatory requirements.

As a result of these factors, here are the business trends and technologies for the next wave of digital to ensure that we see in 2016 and beyond, Mark Palmer, Robert Tartaglia and Rob MacNeil.

1. Replace digital channels and increase the physical channels. 

A 2015 study by Bain of insurance companies predicts that digital channels to continue to replace the physical channels in the next 3 to 5 years significantly. The survey found that 20 to 40% of the physical activities in the insurance are converted to digital. In particular, before buying, purchasing, service, renovations, management and claims management, payment traffic, and the feedback and dissolution of customers digital first, followed by other functions later. This transition requires incremental IT transformation and integration, the subject of 4 of the 8 trends below.

2. The Millennial effect on the modern design of the application. 

If the success of insurance companies depends on the millennium and thousands of years just want to interact digitally with the company, what does it mean for IT systems? Insurance companies have to turn the IT departments back from user experience. The legacy systems were designed for the workflow of human workers, took over the use of phones and email, and assumed that the customers were willing to wait for a response. These assumptions are no longer true, and the new insurance customer demand and service information on mobile devices and the Internet, which are completely different design philosophies for applications expert user experience

3. Encouraging embrace and legacy IT infrastructure securely. 

With this beautiful new technological world, can it afford insurance easy to download on their systems? Of course not! Techniques to embrace and the decades of technological innovation require debt itself. Technologies now exist to extend the life of legacy IT assets and increase the return on investment. You do not need to follow a path very high risk, expensive, distracting resources and several years to replace these systems to benefit from the digital transformation. For example, a hot technology is the use of in-memory data raster to move and cache data for new innovative digital office applications. Data networks reduce the burden on the existing systems and dozens of millions of dollars in some cases, while saving the need to buy additional memory.

4. The rise of digital management of customer relationships and digital integration.

The customer relationship is a purely human practice, but moving, relationship management needs to be digital. For example, call modern insurance centers a clear vision, in real-time 360 ​​degrees of participation in social media must have the interaction of mobile applications and geo-consciousness sensors IoT. This scenario-relationship management is difficult to achieve with legacy systems. Modernized infrastructure integration with current web APIs, cloud-based IoT connectivity services, and traditional infrastructure integration and data integration.

5. IoT increases the need for continuous flow analysis for innovation.

Insurance companies are capturing new data from the "Internet for all". For example, data from portable devices can provide insurer discounts for healthy behavior, based on the activity. However, products based on activities require data and activity-based and require the ability to process large amounts of information transmission equipment systems. There are new technical challenges. How to efficiently analyze data transmission? Which streams should be archived? How is privacy respected? How to handle insurance data transfer volumes of these devices? These technological challenges have not been there in recent times of secure and pose great challenges, such as analytical technology applied by streaming, historical analysis, security, and large data tissues.

6. Increased focus on risk assessment algorithm. 

Secure digital data quickly move like data transfer market into the capital market. In 2016, insurance companies are increasingly applying algorithmic real-time computing on Wall Street with the flood of data transmission from GPS, mobile and portable decisions to take on the conditions born for algorithmic participant facilities. But unlike Wall Street, insurance companies do not build automation with low latency. Instead, they use algorithmic analysis to continuously manage a continuous data transfer risk, continuously manage customer loyalty, and constantly seek sales opportunities.

7. Driverless cars make new forms of risk. 

As Elon Musk and Google continue to lead vehicles innovation driverless, the insurance industry must respond. The risk management will not be the same in the digital era, not only in terms of forecasting risk, but also in managing and mitigating risks in real-time. That is, if an automated function in your driver caused an accident, whose fault? Has Tesla software engineer who wrote the software errors? Has the "driver" who has not touched the wheel? The driver of the vehicle, which had been hit by the autonomous car, but it was also partly the fault? And, relative, what is the duty of all insurance companies to collect and analyze massive amounts of streaming data forensics and automated assured assured assurances? How can you reduce risks in real-time by tracking data transfer? The insurance company should invest in digital capture, these new forms of data and scientific data for the test of forensics, patterns and predictive actions to decide how to respond to regulatory requirements.

8. The new digital scientific data is also provided. 

Data Scientist uses with actuary in the insurance industry to be a synonym. But in the new era of digital safe, data science is applied to forensic medicine, history for predictive analytics and the awareness of the situation to minimize risk to IoT data. These are new forms of scientific data, which will rise at the head of the modern insurance company.

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