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Processes in Insurance 4.0

In: Insurance 4.0

Author

Listed:
  • Bernardo Nicoletti

    (Temple University)

Abstract

Insurance 4.0 is not only a digital transformation. The business model canvasModelsbusiness model canvas has several components. All of them are essential in digital transformation. Process transformation is one of its key performance activities. Processes are at the very base of insurance 4.0. They are robustly impacted by it. Its re-engineering is a critical success factor. This chapter provides guidelines on processes to support insurance 4.0. It underlines a clear line capable of linking insurance companies with their objectives. This chapter considers some of the more critical processes, such as underwriting. The chapter also analyzes the risk management process. It shows how resilience is the real way to manage risks in the processes. One of the significant benefits, included with the adoption of these digital technologies, is the possibility for companies to better forecast risks and customer demand, transforming companies’ value proposition from “reactive claims payer to preventive risk advisors” (Price Waterhouse CoopersConsultants and AdvisoryPrice Waterhouse Coopers (PWC). [2017]. A marketplace without boundaries? Responding to disruption goo.gl/p8Hs9b. Accessed 30 May 2020), lowering prices and shaping their targets.

Suggested Citation

  • Bernardo Nicoletti, 2021. "Processes in Insurance 4.0," Palgrave Studies in Financial Services Technology, in: Insurance 4.0, chapter 0, pages 261-307, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-030-58426-9_9
    DOI: 10.1007/978-3-030-58426-9_9
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