AI Poised to Disrupt the Insurance Industry

Corinium

AI is coming to the disrupt the insurance industry. From Ping An in China to Lemonade in the US, companies across the globe are harnessing AI technologies to drag the sector into the 21st century. Artificial Intelligence & Machine Learning

DCO Insurance Benchmarks the Industry’s Digital Transformation Progress

Corinium

After a slow start, the insurance industry is embracing digital transformation – and this digital event highlighted how the sector’s data and analytics executives are leading the charge.

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Insurance Data Analytics for Competitive Growth Standards

DataFloq

The insurance industry is data-driven. It also provides valuable customer behavior ideas for the insurers to benefit in strategic decision making.Insurance data analytics builds the guidelines for directing better decisions by accurate insights procured from the data analysis. But at the same time, the unpredictable nature of the insurance ecosystem is dependent on the uncertain risk situations and how accurate is the forecasting for the insurance policies and customer outcomes.

Insurance Data Analytics for Better Decision Making

DataFloq

Data is a gold mine in the hands of insurers and using it the right way is what significantly changes the game of competition in the insurance industry. Some researchers predict that the power of Big Data in the insurance spectrum is yet to unleash itself in all its energy. The internet has widened the scope of data like never before and the unstructured data available even on social media could be of great importance to insurers.

Solving the Insurance Industry’s Data Quality Problem

Corinium

Unfortunately for the insurance industry’s data leaders, many data sources are riddled with inaccuracies. Data is the lifeblood of the insurance industry. Using data to inform business decisions only works when the data is correct.

Technology Driven Insurance Data Analytics

DataFloq

The nature of the Insurance industry being data-centric, insurers abide by the policy of keeping data as a treasure for their respective growth.

Insurers Under Pressure to Improve Customer Experiences

Corinium

With customers increasingly demanding fast, convenient insurance quotes, the industry’s data leaders are feeling the pressure to develop products, services and experiences fit for the modern age. AI-driven insurance app Lemonade is the latest in a long line of financial services innovations designed to put customer experiences first.

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. The large number of claims that insurance companies receive means that adjusters often fail to review all the available information, which can result in a poor decision.

Efficient Ways to Process Insurance Data Analytics through InsurTech

DataFloq

As an industry that works on the principles of data analysis, the insurance field is a game of big data. Since the stakes are high on the importance of insurance data analytics today to decide the leaders of the competition, one needs to be sure of their strategies.Insurance technology is the trusted step forward for insurers to drive data-based decisions with utmost precision.

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.

Improving Data Quality for the Insurance Industry – Why and How

DataFloq

How does an insurance company determine who is and who isn’t eligible for a policy? we all know, insurance is a customer centric industry and highly dependent on data. Just as how a house built on a weak foundation will collapse, an insurance company that uses poor quality data cannot be expected to be successful. Let’s find out how data quality can make or break your insurance business. 4 Ways poor data quality affect the insurance industry?Well,

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. Advanced Analytical Processes in Insurance. Information Age notes that AI is already being used in the insurance industry to improve customer experiences.

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 Insurance Companies Use Data To Measure Risk And Choose Rates

Smart Data Collective

The auto insurance industry has always relied on data analysis to inform their policies and determine individual rates. The good news is that this new data can help lower your insurance rate. Here is the type of data insurance companies use to measure a client’s potential risk and determine rates. This gender discrepancy has led to seven states in the United States banning the use of gender as a factor in auto insurance rates.

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.

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. Insurance data analysis is the way to effectively gauge your financial situation to get an idea of how much risk, if any, you are able to undertake as a business and how much of it should be transferred to an insurance company.

[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.

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.

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?

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?

What is the Role of AI in the Insurance Industry?

bridgei2i

While the concentration has been on manufacturing, marketing, customer service, and logistics, AI is also being preferred by the insurance sector. More than three years ago, a well-known firm said that using AI tools would bring new life and energy into 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.

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.

Evolving Trends in Insurance in a post-COVID-19 world

bridgei2i

Insurance firm Swiss Re faced a $250m (approximately £215m) loss if the event was canceled instead of being delayed. This is just a tip of the iceberg of the massive losses the Insurance sector is staring at due to COVID-19’s onset.

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.,

Outcome-Based Claims Assignment: The “New Grail” of Insurance

DataRobot

If you’re a commercial insurer, how do you evaluate your claims personnel? How do those evaluations impact your decisions on how to deploy individual adjusters? AI Across Industries

BRIDGEi2i Featured as Major Contender in Everest Group Insurance Analytics and Insights PEAK Matrix™ 2020

bridgei2i

Everest Group, a leading research and consulting firm, has named BRIDGEi2i, a trusted partner that enables AI for Digital Enterprises, as a Major Contender in the Insurance Analytics and Insights (A&I) PEAK Matrix® 2020. BANGALORE/FREEMONT, SEPTEMBER 16, 2020.

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.

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.

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.

Max Jaiswal on managing data for the world’s largest life insurer

IBM Big Data Hub

Max Jaiswal is the enterprise data team lead at AIA Australia , a pan-Asian life insurance company with presence in 18 markets across the Asia-Pacific region. The 100-year-old firm is the largest life insurer in the world, and the largest company on the Hong Kong stock exchange , with assets of USD $230 billion. The company’s brand promise is simple: to help people live healthier, longer, better lives

28 Best Insurance KPIs and Metrics Examples for 2020 Reporting

Jet Global

What Is an Insurance KPI? An insurance Key Performance Indicator (KPI) or metric is a measure that an insurance company uses to monitor its performance and efficiency. Insurance metrics can help a company identify areas of operational success, and areas that require more attention to make them successful. These KPIs are often used to compare companies in the insurance industry against each other to see which would be a better investment.

KPI 43

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.

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

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.

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?

PODCAST: COVID19 | Redefining Digital Enterprises – Episode 4: COVID-19 | Implications and Impact on Insurance Industry

bridgei2i

Episode 4: COVID-19 | Implications and Impact on Insurance Industry. COVID-19 | Implications and Impact on Insurance Industry. In this episode, Anirban Chaudhury talks about how insurers the world over are grappling with new and unprecedented challenges to balance high financial losses, increasing new premiums, and rising claims. Today I’m going to be chatting with Anirban Chaudhury, VP & Practice Head of Insurance vertical at BRIDGEi2i.

Surviving and Adapting to COVID-19, Part 1: Healthcare and Insurance

DataRobot

Other industries like grocery, healthcare, insurance, and manufacturing of essential goods are seeing skyrocketing demand. The COVID-19 outbreak is causing complex repercussions as it spreads at unprecedented speed, overwhelming healthcare systems globally and affecting all other industries. The global health emergency coupled with an oil price war has triggered an economic downturn.

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.

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