The insurance industry is being reshaped by three major trends.
Better risk management by shifting from financial loss compensation to risk reduction activities.
Digital is the new norm, with technologies such as the IoT, machine learning, artificial intelligence, blockchain, cloud computing, and analytics impacting all end to end insurance processes, including underwriting, claims, pricing, and delivery.
Insurtech disruptors such as Trov Insurance Solutions LLC and Lemonade Insurance Company coming in as new industry entrants, current customers, and partners are chaning the playing field. Adopting the cloud is a massive enabler of the necessary standardization and automation.
SAP BRIM Use Cases
- Insurance, traditional or usage-based
Pay-as-you-Drive: Premium based on distance driven, discount or surcharge for driving behaviour, lower rate during autonomous mode
On-Demand Insurance Bundling insurance with new services - automotive example (billing driver for roadside assistance, extended warranty and maintenance, parking, car wash, electric vehicle charging)
connected platforms and apps where customer can order services (billing customer for services, revenue share and settlement with partners delivering the services, flexible billing and payment options)
Broker collections & commission calculation