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AI and Transformation in Insurance: Key Benefits and Challenges
TREVOR LLOYD-JONES | August 13, 2019
Hannover Re, with gross premium of around EUR 17.8 billion, is the fourth-largest reinsurer in the world.
Article | March 4, 2020
What is the insurtech difference when it comes to claims? Jonathan Swift mulls on how the Next Generation is starting to figure this out “The claims experience is really critical to our brand and making sure that customers are saying Digital Risks is who I am insured with. Whilst others struggle with that, we want to be a case that if you have a claim it is Digital Risks who you are dealing with.” This sentiment is interesting because there has perhaps been an – incorrect – assumption that insurtechs are really only focused on acquiring customers by making it as simple as possible.
Article | February 19, 2020
Big data has helped the financial services industry, including with the insurance industry, evolve like never before. Maximum count of traditional insurers and insurance corporations are preferring big data analytics to boost client expertise. Moreover, insurers are utilizing massive big data to its fullest capability or are there scope to try and do more? The insurance regulator has already allowed a sandbox, a mechanism to promote and facilitate innovation, and currently, the Federal Reserve Bank of Asian country has planned a sandbox for fintechs. Disha Sanghvi asks specialists if this may cause higher utilization of massive information and a lot of innovation within the insurance space.
Article | March 3, 2020
Job automation has shaped cultures and economies since before the agricultural revolution, throughout industrial revolutions and into the current digital age. The insurance industry is not immune, with automation and innovation continuing to drive the scope for significant change. Traditional automation has been transformative in automating simple, repeatable tasks in back-end processes. Robotic process automation (RPA) combined with artificial intelligence and machine learning capabilities can be, and are being, used to automate high volume and high frequency tasks that have traditionally required human intervention.
Article | March 20, 2020
Unsurprisingly, that has had a knock on effect on financial service providers across the board and those in the insurance industry are no exception. In some cases insurers have started taking action to protect their businesses which, while sensible, left many consumers in the lurch as airlines failed to cancel flights and governments issued conflicting advice as to whether people should travel or not. Others in the insurance industry meanwhile are being forced into action to customers’ benefit by governments’ emergency responses to the virus.
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