Insure Think

The industry may want to build its own large language model.

Embedding insurance policies within other products allows for more automation of the sales process than ever before.

Metrics can help determine what employees need to make the most of in-office time.

Rebuilding artificial intelligence algorithms to explicitly integrate transparency and overcome black box limitations.

Releasing an ESG report prepares you to address potential risks hidden in operations.

At too many accounting firms, no one knows what their technology teams are accomplishing.

The chief financial officer must play a crucial role in determining the strategy and tactics to automate and standardize key processes throughout the organization.

Companies can collect and analyze customer data to provide tailored offerings and targeted promotions based on customer behavior, preferences, and risk profiles.

Digital insurance companies could pay more to use banking services that have previously been virtually free as banks tighten regulations and increase prices.

It is important to leverage human-in-the-loop processes, rather than automating them away, and to surface relevant information for agents to help contextualize interactions with policyholders.

Mike Sha, CEO of SigFig writes that agents will need to go beyond insurance to offer more advice on every phase of the financial journey.

The president of Embrace Pet Insurance writes that the costs associated with providing high-quality care to pets have risen considerably. At Embrace, there has been a steady increase in average claim amounts year over year, with a 13% rise in 2023 compared to the previous year.

By digitizing the payout process, insurers empower claimants to choose how money is received.

Synthetic fraud — which combines real and false identifying information — has been a niche variety of identity theft for some time. But recent advancements in artificial intelligence and people's access to it might bring it into the mainstream in a big way.

Proposed legislation would give states, purchasers and researchers the data to paint a comprehensive picture of the state of U.S. healthcare.

Given advances in technology reviewing unstructured documents to identify and extract key terms and medical data can result in an expedited process.

Half the insurance workforce will retire over the next 15 years and the key to surviving the shift will be capturing, sharing and scaling the institutional knowledge of their most experienced producers.

When combined with machine learning, the data extrapolated from aerial imagery acts as a powerful tool in an insurer's toolkit.

Predictive models are a tool to address a business problem, not a solution.

The confluence of the right tech, models, and curated property data empowers the underwriter – and insurers at scale – to better write and manage wildfire risk.

Gender diversity at the C-suite level is still lacking.

Automating the intake of unstructured data results in big improvements in efficiency.

The car is transforming rapidly and the opportunities to work with the vehicle ecosystem have never been more straightforward.

Issues behind insurers developing their own software or deciding to purchase an external solution and the pitfalls of both paths.

The best carriers provide agents with the tools that allow prospective customers the option to shop via chat, text and even in-app communications channels.

For insurance companies, the impacts of biodiversity loss could translate into growing underwriting risks, notably for insurance lines such as flood, crop, liability, life and health.

Embracing remote work and providing access to online training resources and professional development opportunities can attract high-caliber individuals.

The emerging area of connected insurance has the potential to help insurers prevent, mitigate, or lower potential risks relating to severe weather events.

Alison Borenstein, director of data science, Assurance IQ, shares three valuable lessons after years of building machine learning technology for agents.

If the U.S. and Canada don't develop a coherent framework for regulating the industry, North America risks broader losses to other growing industries, like fintech and artificial intelligence.

The MGA market in the P&C insurance industry is experiencing significant changes, driven by trends such as growth in the excess and surplus space, prioritizing speed to response over speed to market, and the emergence of parametric insurance.

Hi Marley reveals commonly asked questions after analyzing a sample of auto and property claims from its database.

The technologies safeguard insurers' ability to understand historical data and remotely apply those insights to risk modeling and underwriting.

New technologies have the capability to provide an analysis of potential exposures.

There are other less obvious ways underwriters can use the technology, but one area is field underwriting.

Growth alone is not enough to sustain a business in the long term.

And how to insure these assets.

3 viable options for under-65 clients trying to bridge the gap between quitting work and Medicare.

When embedded insurance is done right, it should educate and empower customers.

It's no surprise that neither traditional nor digital insurers want to miss out on the opportunity ESG provides.

Consider developing a concierge FNOL team to handle increased demand.

Simon-Kucher expects customer churn and switching behaviors in auto-insurance to increase sharply in 2023.

LLMs have certain obvious drawbacks and difficulties but there is room for the technology to be used in the insurance sector.

The right insurtech partner can fuel an insurer's strategies, tactics, products, services, and results

By moving beyond legacy territorial ratings, every property can be rated fairly according to its actual exposure to loss.

Personalization isn't so much a trend as an expectation.

Generative AI could further enhance automation of previously manual or even legacy technology processes.

Learning from a group of experienced benefit advisers and agency owners took my business to an entirely new level.

Accenture sees the metaverse as a continuum of converging technologies, such as AI, AR/VR, blockchain, digital twins, IoT, cloud, digital currencies, NFTs, social platforms, e-commerce and digital marketplaces.

A new research report from SMA examines core systems deals completed in 2022 from 18 of the top solution providers in the market today.

For example, ethics training can help organizations define unfair bias in the context of AI models.

As a result of the banking collapse, we can see more clearly the vulnerable areas where tech companies could sharpen risk management.