Insure Think

Digitizing flood insurance has the ability to automate claims, add consistency to regulatory compliance and assist with fraud control.

Here’s a look at two use-cases for AI in health insurance that are starting to make headway.

Insurance is not immune to the fundamental changes in the way we live, work, and communicate.

It’s critical to help ensure that business strategy and objectives are aligned with the downstream modernization initiative and that both business and IT stakeholders are involved early in the process.

Many insurers are reconsidering outdated product-driven business models and turning their focus to improving the customer experience.

Data quality and customer-centricity are crucial to getting value from initiatives.

Instead of overloading customers up front with a fog of terminology, we are trying to provide just the right information at the right time.

As digitalization accelerates and encompasses an ever-wider share of the insurance value chain, an improvement on the front end alone is not enough.

There’s a scramble going on to match business operations to new and emerging cultural and social expectations. For insurers, meeting these new expectations is about nothing less than the future of the insurance industry.

The traditional way of reaching pools of people – Super Bowl, Oscars, and other TV ads - is out now, and digital is taking over.

Sometimes, in an attempt to gather data or introduce simplicity using a technology solution, businesses and brokers can inadvertently expose themselves to elevated levels of cyber risk.

The global value of insurance premiums underwritten by AI have reached an estimated $1.3 billion this year.

Recognizing and knowing where to find the most common pain points in advance allows the organization to allocate the additional time or resources needed to prevent the whole project from stalling.

A well-defined strategy that focuses on organizational accountability and communication is essential to realizing goals.

In the past, speed was not critical for an insurer’s success. Today, the speed and agility of insurtechs are pushing traditional insurers to move swiftly.

Listening incorrectly to your metrics can sabotage your team in the growth stage.

A year-long pilot in Sacramento will enable members to get free rides to medical appointments, lab and radiology visits and to pharmacies.

Insurtechs are working to help consumers access coverage as risk grows and the National Flood Insurance Program struggles.

Departments of Motor Vehicles across the United States have been selling personal information to thousands of companies, including insurance agencies, towing companies and even private investigators.

Even for those who see the ultimate goal of data integration to be creation of a single customer view, nearly 40% are unsure as to when they’ll achieve it.

The issue here isn’t the source of the data; it’s that somewhere along the way, users’ functional and emotional goals aren’t being met.

The best integration plans contain system level standards, practices and enhancements of continuous improvement, continuous delivery and non-CI /CD system software.

While U.S. tech spending this year is less than the growth in 2017 and 2018, it is still relatively strong. But there are more downside risks than upside potential ahead.

Like bedroom closets crammed full of outdated clothes and unused gifts, legacy core systems in some organizations have become vessels of useless clutter.

In order to be a great data scientist and to land the job you want, you have to think about what your employer is looking for.

More good news is that the development of connected cars is making it easier to find new products and services to offer policyholders.

IT and data leaders are constantly challenged to keep up with new trends in emerging and disruptive technologies, and to determine how each can best aid the organization.

Many customers who bundled indicate lower satisfaction related to the combined experience.

Insurers need to press forward with creating new products that cater to autonomous vehicle owners, including commercial fleets.

Technology infrastructure and carrier cultures need to be adapted to fully realize digital's promise.

Old fears like channel conflict don't have to apply because the audiences for digital and traditional outreach differ.

As digital business grows across all industries, and data privacy continues to pose a significant risk to enterprises, the growing need for security includes a reliance on trust in digital identities.

It’s no accident that we’re seeing cities become targets. These organizations are traditionally viewed as being slower than the herd.

Geospatial data makes it possible to use point-to-point mapping apps to reach unfamiliar destinations, track incoming flights before heading to the airport or even check weather forecasts.

Ensuring the quality of data becomes increasingly important so that organizations don’t wind up making bigger mistakes.

Jordan Bazinsky of Cotiviti says the need to inherently trust information is essential to gain trustworthy insights.

Seven in 10 insurer has begun exploring the cloud, but each carrier has business goals, staffing, applications, and processes that uniquely define their deployments.

The improvements insurers are seeking in terms of data-driven decision making can’t be denied.

While the first wave of disruption was about thumbing noses at big institutions, the second wave has been about complementing the offers of carriers and other fintechs.

Carriers need to reimagine the entire customer experience, creating a living feedback system for customers so that they can know where they are meeting expectations.

According to recent SMA research, half of P&C insurers state that their company is in “transformation mode.”

NCCI research points to automation, robotics, and continued advances in safety as contributing factors to a decrease in claims frequency. However, severity is up -- and wearables could help.

Digital execution plans will often feature speed, agility, and minimal viable products -- or experience.

This dynamic and fast-paced environment presents numerous challenges to loss-control efforts, both from a technical as well as a behavioral standpoint.

The key challenge is to accelerate the process without sacrificing the value traditional underwriting adds, writes CIO of Prudential's individual life and annuities unit.

In measuring the volume of data, we have blown past exabytes and are now calculating volumes in zettabytes -- an explosion that's upending traditional processes.

Chief data officers are being appointed to oversee governance efforts, articulating a data vision, defining a data strategy and driving execution.

It need not (in fact it should not) be an overly complex burden that adds controls and obstacles to getting things done, but a practical thing, designed to proactively manage the data that is important to your organization.

An insurance company that can offer its policyholders a low-stress solution involving as much automation as possible—thereby circumventing as many subjective human factors as possible—will have a significant competitive advantage over others.

By redefining customer engagement through proactive risk mitigation, the home insurance insurtech’s leadership believes the industry is ready for a change.

Industry 4.0 was already underway before AI, 5G and the IoT became household buzzwords. But now that they're here, they're accelerating the rate of transformation like never before.