Insure Think

Exploring why the life insurance industry must reimagine its relationship with policyholders as it faces disruption.

Carriers are making big investments in customer experience, but still have a number of holes to patch, Celent analyst finds.

The problem comes when hackers use authorized additions to the blockchain as cover to disguise and attach malware aimed at attacking the blockchain from within.

While most executives expect AI to have a transformative impact on economic growth and competitiveness, executives may need to temper near-term expectations.

For AI in insurance, the conversations have moved beyond the use cases and on to the pragmatic details.

Technologies such as autonomous vehicles, AI, wearables, the Internet of Things, and more have emerged as power players.

There are several pressing issues related to the IoT and data transparency practices. These problems concern both businesses and consumers using IoT devices.

The transition to cloud inevitably changes an organization’s daily business.

Insurers in the line of business are innovating in many areas including quoting, servicing, claims, and the overall customer experience.

A Women in Insurance Leadership nominee talks about building camaraderie.

A few recent examples illustrate the new interest in insurance from those both inside and outside of the insurance industry.

Companies transforming the sector provide stable returns and a transformative future based on data.

A quarter of commercial insurers are now leveraging AI, and other new entrants are picking up steam as well.

Many carriers are leveraging some type of artificial intelligence to solve widely variant business problems.

Questions like processes to know the customer, appropriate security, and reliable counterparties must still be answered.

Many insurers are hesitant to invest in AI without proof that these theoretically smart systems will yield real-world returns.

Finding critical data in a sea of company data can feel daunting. Start by creating a data inventory to help identify potential 'data hotspots,' recommends Matthew Nelson.

Carriers must also digitize processes to meet agent expectations such as ease of doing business and servicing.

Because the GDPR requires an opt-in system, insurers must request, receive, and capture customer consent in a secure, referrable way.

Culture matters in making a shift to digital, says Dr. Balaji Krishnamurthy, who was cited by TIME magazine as one of 25 key Global Business Influencers.

We observe that many people never answer voicemail, virtually ignore emails, and throw away mail without even looking at it. But how do insurers communicate with policyholders and agents?

At EY, we are engaged in research about the technological and societal “revolution” that will succeed our current Digital Age, which is being called the Neuro Society era.

Shared-mobility platforms will pus to think dynamically, such as pricing each mile for how it’s actually used.

Insurers see smart home tech as an opportunity to deepen their relationships with customers, while improving coverage options and underwriting.

While AI already impacts many areas of our lives, the majority of businesses are only beginning to understand the potential of AI for their industries.

Newly available data, together with machine learning, can help us better refine our risk prediction.

AI is slated to provide a large source of value and a key driver of competitive advantage going forward.

In insurance, the need to preserve existing technology investments must be balanced with shifting consumer expectations.

Food and animals provide fertile ground for founders, but are those the best choices for new companies?

2017's active hurricane season provided insurers with a wealth of information to help transform claims. The 2018 season's first big storm will show how far the industry has come and provide a path forward.

The consumerization of healthcare establishes an environment where shopping for insurance should be similar to an online retail experience.

Every policyholder wants to talk to someone at a time of great stress, and tech can enable and improve those interactions rather than replacing them.

There are more than a few IT execs leading their firms’ move to speed and innovation in customer experience. VGZ Cooperative is one such firm where this is happening in spades.

Data, or even technology, for its own sake without a clear line of sight to a social or business outcome could be a terrible waste.

Savvy IT execs earn their reputation by talking more about business value and business change than servers and infrastructure.

In late June, California passed A.B. 375, the California Consumer Privacy Act of 2018, a sweeping piece of legislation that, on its face, grants California residents data privacy rights that have never before been granted in the United States.

AI bias may come from incomplete datasets or incorrect values. Bias may also emerge through interactions overtime, skewing the machine’s learning. Moreover, a sudden business change, such as a new law or business rule, or ineffective training algorithms can also cause bias.

Demand for data scientists is at an all-time high and will continue to be at record levels in the coming years while these professionals become more scarce.

Creating a sense of having a stake in the outcome of the organization is one of the roots for innovative thinking.

The number of installed connected devices attributable to commercial insurance is rising quickly, but more traditional mobility items are also part of the strategy.

Initiatives such as telematics, AI-driven fraud detection, mobile estimates, and RPA require a cohesive enterprise.

The term 'information management' might sound interchangeable with 'data management,' but it's not — information is one step closer to being usable. Information is 'organized data,' which means it's eminently more valuable to your company or organization than raw data from any analytics dashboard.

While it is possible to pair robotic-process automation technology with machine learning technology, it’s important to consider them separately.

insurers are investing significant efforts into understanding how AI, computer vision, IoT and more apply to their businesses

Traditional approaches are way too time consuming and they miss the big picture.

New, visual development platforms are accelerating app delivery to support digital business transformation.

Software reviews should take performance metrics into account, but unless you're monitoring real user behaviors and outcomes, you're not going to get a passing grade.

To succeed with its initiatives, the insurer empowered its employees.

Like all other insurers, health payers can reap the rewards of digital transformation and emerging technologies.