The latest technology trends and how they impact the insurance industry
The lone inventor hunched over a bench, toiling over a thousand failed experiments before achieving success (Eureka!), is the notional image of innovation we’ve carried for generations. But innovation rarely happens in isolation, especially in the insurance industry. Digitalization makes it possible for insurers to serve customers in many new ways, stretching the demand curve […]
For years, women have been under-represented in science, technology, engineering and mathematics (STEM) courses and occupations. Although more women are starting to work in STEM fields, the gender gap remains high. Only about a quarter of STEM workers are women, and female representation on boards is lower than in other industries. Some businesses and industries […]
The use of artificial intelligence (AI) technologies has spread across the insurance value chain. In product development, it enables insurers to create more profitable and effective products based on insights from past claims and product uptake in the market. In underwriting, it creates a better understanding of risk for new and underserved markets. It’s improving […]
A high wind just brought a tree down on a customer’s house. Meanwhile, another customer watches helplessly as his basement fills with water. For both of these insureds, the world has just spun out of control. And now, in the midst of this upheaval, each of them must also file an insurance claim. For many […]
The digital era is enabling new opportunities as well as challenges for underwriters. Today, there’s a requirement for massive quantities of information from different sources to evaluate risks, leaving underwriters with a significant amount of data to sift through so they can effectively rate the risks for a new customer and determine the coverages that […]
Most insurers are aligned around a common vision of the future, so strategy is about charting the course from here to there. Whether the focus is new business, claims, or filling the white space in between, the journey starts with an outside-in view of the personas being targeted (e.g., customer, agent, adjuster); the capabilities and […]
Cognitive computing and artificial intelligence (AI) present a new set of possibilities throughout insurance organizations, and can provide clear benefits within contact centers. Cognitive computing and AI capabilities are breathing new life into existing applications, creating new applications to provide deep insights and enabling insurers to drive transformation and innovation while achieving better business results. […]
Digital transformation is driving improvements within insurance companies, boosting productivity, improving the customer experience, creating efficiencies throughout organizations, and enabling actionable insights using analytics and big data. But as an industry, we’ve been focusing on the technologies, rather than on digital transformation’s effect on each company’s work culture. The digital transformation journey has an impact […]
It’s no secret that digital technologies have the potential to lead to significant changes and real benefits for insurance organizations. Carriers are using digital technologies to reduce manual intervention, improve quality, speed processing — and redeploy their workforce to handle more complex tasks, ultimately improving customer service and satisfaction. Insurers that started their digital transformations […]
The insurance industry consists of more than 7,000 companies that collect more than $1 trillion in premiums annually, providing fraudsters with huge opportunities to commit fraud using a growing number of schemes. Fraudsters are successful too often. According to FBI statistics, the total cost of non-health insurance fraud is estimated at more than $40 billion […]
