Companies have woken up to the power of data in their businesses, and increasingly want to conduct business digitally. When it comes to global programs, firms now expect much faster turnaround times than in the past.
In response, the world’s leading insurers, including Allianz through our digital portal, are turning to digitalization to improve how they operate global programs, speeding up systems and improving data collection and analytics, including 24/7 accessibility and real-time updates. API (application programming interface) technology is enabling a more streamlined, real-time exchange of data between stakeholders. Such improvements are enabling greater transparency over what is covered under a local policy and what is covered under a master. Any potential gaps can then be easily identified and addressed, making things easier for clients, brokers and insurers alike.
Ultimately, digitalization is helping to deliver a better and deeper understanding of risk. It is making it easier for risk managers to take an active role in risk management, offering increased access to data and greater levels of collaboration with insurers and brokers, both of whom, in turn, can then spend more time on client-focused activities.