BriteCore CEO and Founder Phil Reynolds provides insights into the risks, challenges and opportunities affecting the changing insurance market due in large part to data. He says many insurers simply so not understand what their data means. The data collected on policies, claims, losses and consumer behaviors is a gold mine, and most don’t even know it. He notes that data security is a huge risk. With use of the cloud and fragmented IT systems, it is important to understand where data is going to adhere to SOC and PCI audit requirements.

The insurance market is changing significantly as the world is changing. There are also many new opportunities to insure new types of risk. For example, there is a movement in urban areas to move from auto ownership to use of ride-share services like Uber. He suggests that insurers benefit from stepping back to assess the new and emerging risk associated with the changing environment in the world.

“Every business in the world survives if they are providing great customer service.” Mr. Reynolds asks insurance executives if they understand the service they provide and why consumers come to them. He believes carriers need to understand that value and plan for how that value will be delivered into the future.

Mr. Reynold also explains how BriteCore delivers shared value to insurers through development of new and responsive technologies to support carrier as a conduit for new ideas.

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