The insurance industry has always been one of the most data-intensive industries. With customer data, claims data, and other information, insurers have adopted artificial intelligence (AI) to streamline their processes and provide better customer experiences. AI/ML-powered technologies have enabled insurers to automate claims processing, fraud detection, and underwriting, among other things. Here [...]
Digital technologies fundamentally shift how businesses across all industries operate and serve their customers; insurance is no exception. Many insurers today offer innovative digital technologies to meet the needs of their consumers. So, whether looking for health, life, auto, or home insurance, a handful of insurance companies can help [...]
According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, [...]
The metaverse is steering the next wave of digital transformation, which will provide insurers with powerful technology tools for differentiation as well as challenges to navigate. In the years ahead, the rise of the metaverse will begin to influence every facade of insurance, from the workforce experience to distribution, [...]
Technology has revolutionized the insurance sector, streamlining processes and enhancing customer experiences. Insurtech startups leverage artificial intelligence and blockchain to create innovative risk assessment and claims processing solutions. Mobile apps and online platforms provide convenient access to policies and allow for seamless communication between insurers and policyholders. Additionally, data analytics [...]
Whether a company is small or large, digital transformation is essential. Every lecture, panel discussion, article, and study about how firms can stay competitive and relevant as the world gets more digital makes that point loud and clear. Many corporate leaders are unsure of what “digital transformation” entails. Is it [...]
Traditional businesses are projected to be disrupted and revolutionized at an unprecedented rate as the Internet of Things (IoT) emerges. These new technologies have the potential to benefit the insurance business, which has been hesitant to adapt in the past. Before understanding how the Internet of Things will affect insurance, [...]
In every sector of the economy, Intelligent Automation (IA), known as hyperautomation or Robotic Cognitive Automation (RCA), transmutes how business is done. IA systems can detect and produce large volumes of data, automate entire processes or workflows, and learn and adapt. It is already assisting businesses in overcoming traditional performance trade-offs [...]
It has been close to a year since the WHO declared Covid-19 as the global pandemic. Like most of the businesses, the travel industry was one among the worst hit. However, it did not thwart the growth of the travel insurance sector. A recent report published by ‘Valuates Reports’ says [...]
The global pandemic not only was a health scare – it also led to a lot of economic distress. While Insurance companies in such times play a critical role in providing a cushion and help organizations manage the risks, they too have been under tremendous pressure. Not only are [...]
