Companies are challenged to find opportunities for growth in a competitive landscape. According to BMS Re U.S. CEO Steve Korducki, the differentiator lies in technology and customer service.

Mr. Korducki sees growth for insurers in cyber coverage and insurtech, particularly when organizations utilize tech-focused risk mitigation technology. Changing consumer demographics and market shifts, combined with technology advancements, mean a change in how insurers reach and interact with customers.

The reinsurance market is also poised to innovate. When there’s a catastrophe, companies turn to reinsurers for catastrophe modeling and claims settlement. Using insurtech, reinsurers can more quickly and accurately identify impacted policyholders and settle losses.

For insurers, customer service is the differentiator. Mr. Korducki believes insurers should use new technologies to make every customer touchpoint outstanding, particularly in the personal lines market. While innovations like Artificial Intelligence (AI) will improve companies’ internal processes and cost efficiencies, it’s the personal consumer interactions that build customer loyalty and retention.

Mr. Korducki sees BMS Re’s focus on collaboration and outstanding service as cornerstones of the organization’s strategy, helping both insureds and carriers recover after catastrophic loss.

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