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Insurance

Insurance Workflow Automation: 5 Rules of the Road

With record-high inflation, climate change, and an economic downturn on the horizon, the insurance industry is in a pressure cooker of unpredictable change. Sometimes this change happens over time. Sometimes it seems to happen all at once. To come out on top, insurance companies need new workflow and operations strategies that leverage process automation to streamline processes, reduce errors, and improve the customer experience.

6 Top Use Cases of AI for Insurance

The insurance industry has always been one of the most data-intensive industries. With a large amount of customer data, claims data, and other information, insurers have been adopting artificial intelligence (AI) to streamline their processes and provide better customer experiences. AI-powered technologies have enabled insurers to automate claims processing, fraud detection, and underwriting, among other things. Here are six top use cases of AI for insurance.

Insurance Trends for 2023 and What You Can Do About Them

With skyrocketing inflation and growing severity of weather-related losses, 2022 was a tough year for insurers. We were spot-on with our 2022 predictions—such as the need to improve the customer experience, increased adoption of connected underwriting, and the growing importance of ESG. While many of last year’s trends will continue into 2023, we have identified several emerging trends for this year.

Top 6 Business Benefits of Digital Insurance

Digital technologies are fundamentally shifting how businesses across all industries operate and serve their customers, and insurance is no exception. Many insurers today offer innovative digital technologies to meet the needs of their consumers. So, whether you are looking for health, life, auto, or home insurance, there are a handful of insurance companies that can help you register easily through an app or website.

3 Things to Look for in an Automated Underwriting System

The underwriting process is notoriously inefficient. Today, underwriters typically spend 40% of their time on non-core activities such as gathering and entering data for submissions and renewals, issuing policies, and administrative tasks. The result of such manual underwriting is lost productivity and higher costs, with an expected price tag for insurers of $85–$160 billion in lost business over the next five years. In the current economic climate, efficiency is more important than ever.

Easy by Design: A Digital-First Approach to Insurance Distribution Management

When a leading office supply chain coined the phrase “That was easy!” in an iconic 10-year-long ad campaign, that simple idea resonated with people everywhere. And that’s no coincidence. None of us wants our daily tasks to be labor-intensive, time-consuming, or complicated. The same is true in the world of insurance. To drive growth, insurers need to make it easy for agents and brokers.

Top 5 Ways Data Insights Can Transform the Insurance Industry

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, and 9 times more likely to surpass them in customer loyalty.

5 Opportunities that the Metaverse Brings to the Insurance Value Chain

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, marketing, products, revenue pools, and operations.

Fraud Detection in Insurance Claim Process by Using Artificial Intelligence

One of the biggest preventable losses that hurts insurers worldwide is fraudulent insurance claims. The P&C segment accounts for the most fraudulent insurance claims, with auto insurance and workers’ compensation making up the biggest percentage of fraudulent claims that have an annual impact on the insurance business.