“For the insurance industry, the greatest natural resource is information.” That was one of the core messages of Smarter Insurance: Surviving and Thriving in Uncertain Times, the keynote presentation this morning by Jaime Bisker of IBM Global Business Services, Institute for Business Value.
Jamie’s major focus is on developing thought leadership for the global insurance industry. Specifically, Jamie’s focus is on researching and describing the future state of the business climate for insurance and how carriers around the world can adapt to technological innovation that can significantly improve their performance.
“Transactions in the insurance industry run much deeper,” noted Bisker, “deeper than other sectors of the financial services industry such as banking”. Tapping into that data though presents a challenge. Providing synchronization between channels is just one of the many challenges insurances face as they look toward a smarter future. But achieving that level of multi-channel blending requires the development corporate standards and a merging of IT and business strategies. The IBM Insurance Application Architecture (IAA) is one framework for achieving this.
As Bisker notes, “The world really is getting flatter, smaller, and yes, smarter.” How we in the insurance industry respond is the key challenge, and opportunity.