How Big Data Is Transforming Insurance

DataFloq

Big data is greatly affecting the operations of many businesses, including those in the insurance sector. Insurance data can be particularly challenging to use because it comes from many sources such as adjusters’ notes, fraud lists and claims databases.

How Artificial Intelligence Is Revolutionizing Insurance

DataFloq

The insurance sector can benefit significantly from these advancements of cognitive technology too. This is made possible with the heaps of data collected by insurance companies and not used to their full potential. In the insurance business vertical, AI can have a positive impact at every level, from automating call center request processing to helping make accurate assessments and executive-level decisions. Applications of AI for Insurance.

How Data Analytics Is Changing The Insurance Industry

Smart Data Collective

The insurance industry is based on the idea of managing risk. The journal Risk Management and Insurance Review mentions that historically, in the latter half of the twentieth century, the analysis of trends was the primary driver in determining risk in the insurance business.

5 ways Data Analytics is a Game Changer for the Insurance Industry

DataFloq

While touching various industrial verticals with its advantages, Data Analytics is playing its part in the Insurance industry too. Hence, a complete Insurance data Analysis will ensure that you have all the greater risks covered to your best capabilities. .

How Big Data is Changing the Insurance Industry

DataFloq

The insurance industry has always been quite conservative; however, the adoption of new technologies is not just a modern trend but a necessity to maintain a competitive pace. Learn more about the benefits of Big Data for insurance from our material. Processed by artificial intelligence, it becomes a valuable source of information vital for most business models, including insurance. Big Data and Insurance: Implications for Innovation and Competition.

7 Ways Big Data Is Essential For Life Insurance Settlements

Smart Data Collective

The life insurance industry will soon undergo a dramatic transformation in response to advances in big data. A number of insurance executives have been reluctant to embrace the changes of big data. One study found that 74% of respondents felt that the insurance industry had done an inadequate job addressing the need for big data. However, a growing number of insurers are starting to appreciate the need. Big data is the key to helping with life insurance settlements.

Innovating the Insurance Customer Experience

Decision Management Solutions

There is a common high-level customer journey for insurance customers. Here at Decision Management Solutions we’ve helped insurance carriers in the US and Asia develop innovative approaches to developing and delivering NBO/NBA initiatives. One of the biggest challenges for insurance carriers is that unlike for example, a financial services company, most of a carrier’s customer interactions are limited to an initial policy purchase, handling a claim, and policy renewal.

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities.

Why Data Analytics In The Insurance Industry Is A Major Game Changer

Smart Data Collective

Technology has had a profound impact on the insurance industry. Insurers are relying heavily on big data as the number of insurance policyholders also grow. Big data analytics can help solve a lot of data issues that insurance companies face, but the process is a bit daunting. It can be challenging for insurance companies who have not adjusted to this just yet. What is one of the reasons why some insurance companies get more customers as compared to others?

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space. Most significant challenges diversified insurance, life insurance, and property and casualty insurance companies face and how they are solving them.

Finding the Right Reporting Narrative in Banking and Insurance

Jet Global

when it comes to the banking and insurance industry, things get a little different. All that to say: Financial reporting is challenging enough as it is, and financial reporting in the banking and insurance industry is even more challenging.

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. The answers to these big questions lie in the strategic initiatives that insurance companies must embrace to move their business forward. To learn about them, download our new guide: 2018 State of the Insurance Industry. That is, how can they generate more revenue and increase profitability? How can they get a bigger piece of the pie in a market that offers customers so many options?

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic.

Enabling Key Stakeholders in the Insurance Industry

Perficient Data & Analytics

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

— To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Technology investment is an essential component of most strategic growth and operational efficiency initiatives. Technology comes in two parts. There’s the front-end technology that customers experience. There’s also the back-end technology that other stakeholders (i.e.,

Using Technology to Reduce Operating Costs in Insurance

Decision Management Solutions

In February, we published a blog post on “Using Technology to Add Value in Insurance”. That post, referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question? , in which he states that there are only three levers of value in insurance: 1. One clear way to reduce operating costs in insurance is to add automation to complex decision-making processes, such as underwriting and claims handling.

Spurring Growth Initiatives Through Tax Reform in Insurance

Perficient Data & Analytics

has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Recent months have seen many discussions and questions about tax reform and its impact on the industry as a whole. The introduction of lower corporate tax rates in the U.S.

Attracting and Cultivating Customers in the Insurance Industry

Perficient Data & Analytics

In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

A New Era for Global Risk

Corinium

Disasters drive innovation in the insurance industry. Business Intelligence

Risk 195

Tips for Successful Data Science Implementation in Insurance

Decision Management Solutions

Nancy Casbarro and Deb Zawisa of Novarico recently published a new paper on Data Science in Insurance: Expansion and Key Issues subscription required) that was summarized in this nice little article on Dig-in 3 challenges facing insurers in data science implementation. These three challenges – getting business buy in, attracting talent, and strategic alignment are exactly what we see in our work with insurers.

Benefits of Metadata Management Automation in the Insurance Industry

Octopai

Perhaps nowhere is this truer than in the insurance industry, though. Consider: – In life insurance, actuaries rely on data from many sources to discover and define ever more granular health and lifestyle attributes to determine the overall risk level of each applicant.

Increasing Productivity in Insurance Operations with Digital Decisioning

Decision Management Solutions

McKinsey recently reported that “Most carriers are struggling to meet their cost of capital, and productivity has barely moved over the past decade” and that “The insurance industry is facing a serious structural challenge … the majority of carriers are not making their cost of capital.” ” Growing productivity by improving operations is an essential ingredient in insurance carriers’ business strategy. AI Decision Management Insurance

Using Technology to Better Manage Risk in Insurance

Decision Management Solutions

In February, we published a blog post on “Using Technology to Add Value in Insurance”. In that post, I referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question? , in which he states there are only three levers of value in insurance: Sell More, Manage Risk Better (aka underwriting and adjusting), and Cost Less to Operate. Insurers can also manage risk more effectively through continuous improvement.

Using Technology to Add Value in Insurance

Decision Management Solutions

Matt Josefowticz wrote a great piece recently – Technology May be the Answer for Insurers, but What Was the Question? In this he argues that there are only three levers of value in insurance: 1. This resonated with me as we have been doing a lot of work recently developing digital decisioning solutions using our DecisionsFirst approach for insurance carriers and have seen all three drivers in play.

AXA, State Auto and Hippo on how to fuse innovative tech to your company

KDnuggets

Join this live webinar: Fast, Agile, Service-Driven Insurance: Fuse Innovative Tech to Your Company DNA - AI, Chatbots, Automation and More, Dec 11 at 10:00am EST, to get actionable insight to develop your strategy. 2019 Nov Webcasts & Webinars AXA Chatbots Insurance Insurance Nexus

GeoInsurance USA - Speaker Interview - Jim Schweitzer

Corinium

Ahead of GeoInsurance USA , taking place in the W Hoboken, NJ on June 11-12 we caught up with Jim Schweitzer to find out what motivates him to do what he does and how he found himself working for the National Insurance Crime Bureau. Insights Geo Insurance USA

Using Technology to Grow Relationship Value in Insurance?

Decision Management Solutions

In February, we published a blog post on “Using Technology to Add Value in Insurance.” In that post, I referenced Matt Josefowticz’s recent article – Technology May be the Answer for Insurers, but What Was the Question? , in which he argues that there are only three levers of value in insurance: 1. Selling more can be a real challenge for insurance carriers. The post Using Technology to Grow Relationship Value in Insurance?

How Data Science Experience improves accuracy for the insurance industry

IBM Big Data Hub

In this Q&A, IBM financial services solution architect Irina Saburova discusses an insurance use case with IBM Data Science Marketing Lead Rosie Pongracz. In this scenario common to the insurance industry, an organization needs to adjust its operations based on upcoming weather event and multiple weather indicators can improve forecast accuracy

Core Principles for Decision Management Success in Insurance Claims Handling

Decision Management Solutions

To keep processing costs low, many insurance carriers have a goal to increase the percentage of their claims that can be processed and decisioned with no human decision-making involved. Perhaps surprisingly, there remains a fair amount of human intervention involved in processing insurance claims. Start with automating and improving a single decision (such as insurance claims handling or next best offer) to demonstrate the power of Decision Management.

GeoInsurance USA - Speaker Interview - Yosha DeLong

Corinium

I want to understand and know more about every aspect of the cyber peril to help my company be the best and help our customers feel they are serviced by the best company and people in the insurance industry. Insights Geo Insurance USA

Here’s How Blockchain Can Change Bancassurance

Smart Data Collective

move within the insurance and banking chain through documents and forms. Currently, there is no linking system between these the two parties involved (banks and insurance companies) that allows for quick and smooth information exchange. The use of blockchain technology in insurance will increase the speed in which insurance policies can be carried out and pave the way for a more secure and transparent system.

Win with AI: Insurance company Guidewell looks to get data for AI

IBM Big Data Hub

James Wade, Director of Application Hosting at Guidewell and IBM Analytics Hemanth Manda spoke with Dave Vellante in New York City on the eve of the 13 September taping of the Win with AI digital broadcast about the challenge of getting data ready for AI and how IBM Cloud Private for Data can help

Workers’ Compensation Platform Uses Big Data For Better Outcomes

Smart Data Collective

The insurance industry is one of the companies investing the most in big data technology. Exactly one year ago today, SNS Telecom & IT published a report highlighting the demand for big data in the insurance industry. The report showed that insurers spent $2.4

80% of insurance carriers aren’t delivering high impact analytics. Here’s how you can do better.

Decision Management Solutions

80% of data and analytics leaders with global life insurance and property & casualty carriers surveyed by McKinsey reported that their analytics investments are not delivering high impact. Here at Decision Management Solutions, we’ve worked with many life insurance and property & casualty carriers around the world and seen this problem first hand. Insurance companies, like other companies, want their analytics investments to be strategic – to have a strategic impact.

How Automated Machine Learning is Revolutionizing the Insurance Industry

DataRobot

Insurance organizations around the world are heavily investing in AI.

Information Builders Helps Canadian Insurers Drive Results With Pervasive, Interactive Analytics

Information Builders

Information Builders, a leader in business intelligence ( BI ) and analytics, information integrity, and integration solutions, announced during the Analytics for Insurance Conference and Expo in Toronto this week that its insurance solutions help facilitate claims, actuarial, financial, risk, marketing processes, and more for insurance providers across the Canadian insurance property and casualty (P&C) market

Information Builders Announces Next-Generation Data Management for Health Insurers

Information Builders

Designed for health insurers, Omni-Payer is a complete member information management solution that equips payers with a 360-degree view of every member covered Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, today announced the availability of its Omni-Payer solution, the latest addition to its data integrity and integration arsenal.

Four Use Cases Proving the Benefits of Metadata-Driven Automation

erwin

The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Metadata-Driven Automation in the Insurance Industry.

Keeping Up with New Data Protection Regulations

erwin

Due to these pre-existing regulations, organizations operating within these sectors, as well as insurance, had some of the GDPR compliance bases covered in advance.

Silvervine and Information Builders Partner to Deliver a Complete Business Solution and Intelligence for P&C Insurance Software Core Systems

Information Builders

Information Builders, a leader in business intelligence ( BI ) and analytics, information integrity, and integration solutions, announced today that it is partnering with Silvervine, a leading provider of real-time insurance policy administration software. Together the companies will provide users with the ability to downstream data and business intelligence for their insurance clients