Tech Trends for Insurance Relationship Managers

Recording with Citi's Treasury and Trade Solutions / Insurance team this week opened my eyes to a big shift happening in financial services. Traditional insurance is getting squeezed by two forces: 1. New tech-enabled entrants (insurtechs, big tech players)   2. Customer expectations shaped by Amazon-level experiences Kamiel Bouw from Citi shared this insight: "Treasury really is a horizontal function — they need to engage with enterprise-wide digital transformation." What's fascinating: Insurance treasury functions are evolving from back-office settlement roles to innovation leaders across their organizations. The shift in payments: - Premium collections moving from checks to QR codes - Claims payments going from manual processes to instant digital transfers - Entire reconciliation workflows getting automated through virtual accounts Real example: Large UK P&C insurer streamlined processes across direct channels, agent channels, and broker channels using virtual account structures. Result: automated reconciliation, reduced risk, enhanced customer experience. The pattern I'm seeing: Industries we think of as "traditional" are often the most aggressive adopters of new payment technologies. Sometimes the biggest innovations happen in the least expected places. #insurance #payments #treasury #innovation #fintech

AI’s Game-Changing Role in Insurance & Finance by 2030: What Leaders Need to Know Welcome to this week’s Leadership x AI Series by Farshad Asl, where I dive into how artificial intelligence is redefining leadership and industries. Today, I’m sharing my take on AI’s seismic impact on insurance and financial services. These aren’t just trends—they’re signals for how we must lead with vision, balance, and humanity as we head toward 2030. AI is reshaping insurance and finance faster than ever, unlocking efficiency and personalization while posing real challenges. Here are four transformative shifts every leader should understand—plus how to navigate them responsibly. 1. Hyper-Personalized #Products, High-Stakes Privacy AI’s ability to tap wearables, health records, and lifestyle data is creating tailored insurance policies and banking services. By 2030, most insurers will offer dynamic premiums tied to your daily habits—think lower rates for healthy choices. It’s a win for customers and margins, but mishandling data could spark privacy scandals. Lead Smart: Prioritize ironclad data security and transparent consent. Build trust, not just tech. 2. #Proactive Risk Management Saves Lives and Costs Forget reactive—AI and IoT are flipping the script to predict health and financial risks early. From spotting heart issues to warning of market dips, these tools cut claims and boost outcomes. Insurers and banks that master this will lead the pack. Lead Smart: Invest in predictive systems now, but keep human advisors in the loop for empathy and accuracy. 3. Streamlined #Operations, Human Oversight Required AI-driven claims processing and robo-advisors are slashing wait times. Picture chatbots settling routine claims or algorithms managing your portfolio in real-time. Yet, complex cases and big decisions still need a human touch to avoid errors and preserve trust. Lead Smart: Automate wisely—use AI for speed, but rely on people for judgment. 4. Smarter Fraud Detection, Tougher #Ethical Calls AI’s pattern-spotting prowess is a fraud-fighting superpower, projected to save billions by 2030. It’s catching scams in insurance claims and banking faster than ever. But as AI digs deeper into behavior, ethical risks—like bias in underwriting—loom large. Lead Smart: Deploy explainable AI to meet regulations and ensure fairness. Stay vigilant, not complacent. AI is revolutionizing insurance and finance with unmatched personalization and efficiency, but it’s not a free pass. Leaders must blend innovation with accountability—protecting data, prioritizing ethics, and keeping humans at the heart of it all. By 2030, the winners won’t just adopt AI; they’ll master its balance. “AI gives us tools, but leadership gives them purpose—human values make the difference.” — Farshad Asl What’s your take on AI in your industry? Drop your thoughts—I’m all ears. #LeadershipxAI #AIinFinance #InsuranceFuture #EthicalAI #LeadForward #FutureReady #iLeaders

Peering into the crystal ball of the insurance CRM landscape for the next 10 years. In the labyrinth of the digital age, the dynamic nature of customer relationship management (CRM) tools is about to begin a remarkable journey. Especially in the insurance sector. 10 years down the line, imagine an insurance CRM that caters to each client individually, using data-driven insights to predict their needs, preferences, and even their future claims. Picture a CRM system that can bolster customer loyalty through impeccable service delivery, personalized communication, and real-time response to queries or issues. Think of how artificial intelligence and machine learning will weave their way into the very fabric of CRM, automating tasks, refining predictive analysis, and enhancing decision-making capabilities. For example, an AI-powered CRM could potentially predict a customer's risk profile based on their lifestyle habits, health records, and social media usage. This could revolutionize underwriting, customer segmentation, and personalized policy offerings. But it doesn't end there. Cutting-edge CRM systems could become the gateway to a more transparent, customer-centric insurance industry, shattering the traditional norms. As exciting as these prospects are, they also pose an array of technological challenges and ethical questions that need addressing. Now, let's turn the discussion over to you: What do you envision for the future of Insurance CRM systems? What exciting advancements do you foresee, and what challenges do you think we need to overcome?