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 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.

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.

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.

How Autonomous Vehicles Will Change The Insurance Landscape

DataFloq

As a booming market full of endless possibilities, the autonomous vehicles segment has also raised questions on the requirement of insurance for vehicles in an accident-free future. Autonomous Vehicles and the Insurance Industry. Autonomy in vehicles is bound to come with its share of disruption in the insurance industry.

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?

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.

[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.

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.

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?

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.

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.

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.

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.

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 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?

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.

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 - 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

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

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

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.

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

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

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.

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

Case Study & White Paper: Sirius Builds a Cloud-Based IoT Platform for Driver Scoring

Sirius Computer Solutions

Blog AWS Cloud insurance driver data IoT platform predictive analytics telematicsA tech startup needed help building a scalable data platform that leverages driver data and predictive analytics.

IoT 56

Case Study & White Paper: Sirius Builds a Cloud-Based IoT Platform for Driver Scoring

Sirius Computer Solutions

Blog AWS Cloud insurance driver data IoT platform predictive analytics telematicsA tech startup needed help building a scalable data platform that leverages driver data and predictive analytics.

IoT 56

What customer centric corporate culture really means and why it is so important

Cloudera

The implications and challenges for Insurance carriers lies with the successful streamlining and integration of data (no more silos) and the expansion of digital capabilities within their customer centric culture. Consumers want to interact with their insurer through the channel of their choice via quick and simple transactions at any place, any time and on any device. Insurers who effectively achieve this will truly distinguish themselves in the marketplace.

5 Ways How Artificial Intelligence Is Impacting the Automotive Industry

DataFloq

Auto Insurance. AI in auto insurance has been a significant boon for companies and drivers. By using AI in risk assessment, insurance companies won't have to rely on past incidents to set premiums.

Rolling out an enterprise-wide data management program

Corinium

The Top 20 Influencers in GeoInsurance 2019 | Americas

Corinium

Corinium is pleased to announce the launch of The Top 20 Influencers in GeoInsurance | Americas Effective use of Geospatial Data and Technology within the Insurance and Reinsurance Industry allows for comprehensive insight and competitive pricing.

Interview with: Sankar Narayanan, Chief Practice Officer at Fractal Analytics

Corinium

I am the Chief Practice Officer for Insurance, Healthcare, and Hi-Tech verticals at Fractal. The Insurance practice is currently engaged with several top 10 P&C insurers in the US, across the Insurance value chain through AI, Engineering, Design & Behavioural Sciences programs.

Should Marketeers ditch the concept of Millennials as everyone wants to be treated this way, right?

Cloudera

Millennials first impulse is to pull out their smart phones anytime they want something new and immediately order it online while Gen Z prefers at times to shop in the store to see and feel the products to insure value for them versus the amount of money they are about to spend. Customer Analytics Insurance Operational Database