CONVENIENT, FAST AND HYPER-RELEVANT: PERSONALIZING THE INSURANCE CUSTOMER EXPERIENCE

Todays insurance customers desire personalized, convenient and quick service. Accentures 2019 Global Financial Services Consumer Study made it more apparent than ever that serving customers in demographic segments is not as effective as serving them as individuals. But how can insurers manage hyper-relevance to millions of customers?The study surveyed 47,000 banking and insurance customers across 28 markets in Asia, Europe and North America. Its aim was to uncover what consumers want most from their providers, as well as major trends in how technological advancements affect consumer expectations.

Spotlight

ICA, LP Insurance Claims Adjusters

ICA offers comprehensive claims management solutions to process any claim type for personal or commercial losses. Throughout the United States, whether it’s complex day-to-day claims or catastrophic events, ICA offers customizable options as well as third-party administration (TPA) services, based on our client’s specific requirements.

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Core Insurance, Risk Management

Insurance with AI – What the Future Unfolds

Article | September 22, 2022

When building a practical framework, AI holds tremendous potential for insurers. Insurance companies can use AI to make better business decisions and provide differentiated customer experiences. To take advantage of AI, insurers need to know and clear the air about what is possible to do with AI. Insurance with AI: Understand, Learn & Respond Here are the ways insurers must use AI in their workforce and build a workable model. Language: Insurers can use natural language processing using AI to extract legacy unstructured data and convert it into structured data. As a result, organizations can extract information and automatically classify it into different sections. In addition, AI can even learn and guide users to make decisions using machine learning and curtail errors. Management: AI has emerged as a game-changer in managing the workforce, risks, and insurance functionalities and augmenting flawless products and services. While we talk about workforce management, AI puts tasks in one place, organizes them, and stores them under a data-proof model. So, no more scattered documents and pilling of files! AI is here, and it will transform and respond to businesses more efficiently with solution-driven aspects. Efficiency: Businesses need to be proactive by having a smart workforce that adds efficiency. Before, the insurance sector had a sloppy work platform. But now, with the passing of time, they need to overcome and be more efficient at work. Using AI in your business will save a lot of time, energy and money. It will lead to faster processes that are error-free, accurate, and predictive, encourage crystal clear communication, and have fewer chances of fraud. Insights on AI’s Role in Insurance Existing and start-up insurance businesses will be fortified with the help of AI use cases. Let’s get some insights into AI's potential for businesses. The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027. The inclusion of AI in insurance records a growth of 56% until 2021. AI has the potential to save insurance companies up to $390 billion by 2023. In 2021, more than 40% of insurance businesses increased their expenditure on AI use cases and projects. Source: PWC These statistics show that AI in insurance is only going to get bigger. Investments in AI are high on the priority lists of decision-makers. The Futuristic Hold The insurance industry is under enormous pressure in terms of digital transformation. The rate of transformation is consistently accelerating. This paints the future of the insurance industry with AI to be more progressive with improved products and services, which will eventually host numerous opportunities for exponential expansion and reach globally.

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Insurance Technology

Insurance Chatbots: Optimizing Customer Experiences

Article | July 20, 2022

Artificial intelligence (AI) has changed the insurance industry – and customer service is no exception. One of the most common forms of AI are the use of chatbots, which Forbes defines as “software functionality that is designed to receive conversational input through text of voice and then generate a response that is also in natural language.” In other words, instead of interacting with a human, you’re “chatting” with a bot that’s programmed to understand your questions and direct you to the right place.

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Insurance Technology

8 POS Software Trends for 2022: New Forecasts and What's Next

Article | July 15, 2022

Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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10 Most Impactful AI-based Insurance Innovations of 2019

Article | April 13, 2020

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Spotlight

ICA, LP Insurance Claims Adjusters

ICA offers comprehensive claims management solutions to process any claim type for personal or commercial losses. Throughout the United States, whether it’s complex day-to-day claims or catastrophic events, ICA offers customizable options as well as third-party administration (TPA) services, based on our client’s specific requirements.

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ICA to host insurance consultations as Townsville recovery continues

insurancebusinessmag | July 08, 2019

The Insurance Council of Australia (ICA) will host one-on-one consultations as well as an insurance forum for policyholders impacted by the February monsoonal deluge that severely affected many parts of Townsville.

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Insurtech growth in Canada opens up opportunities for insurers and brokers

insurancebusinessmag | July 08, 2019

Insurtech hackathons arent all fun and games. On the contrary, insurers in Canada are seeing a ton of value in taking part in these events and getting insight into ideas that participants are bringing to the table, which have the potential to bring benefits to the insurance industry.

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Lloyd’s demands insurance policies be explicit about cyber coverage

insurancebusinessmag | July 05, 2019

It looks like silent cyber has become deafening for Lloyds of London, which is now requiring clarity of coverage for cyber exposures in all insurance policies.In a new market bulletin, Lloyds said it believes it is in the best interests of customers, brokers, and syndicates alike for all policies to be clear on whether losses caused by a cyber event are covered.

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ICA to host insurance consultations as Townsville recovery continues

insurancebusinessmag | July 08, 2019

The Insurance Council of Australia (ICA) will host one-on-one consultations as well as an insurance forum for policyholders impacted by the February monsoonal deluge that severely affected many parts of Townsville.

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Insurtech growth in Canada opens up opportunities for insurers and brokers

insurancebusinessmag | July 08, 2019

Insurtech hackathons arent all fun and games. On the contrary, insurers in Canada are seeing a ton of value in taking part in these events and getting insight into ideas that participants are bringing to the table, which have the potential to bring benefits to the insurance industry.

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Lloyd’s demands insurance policies be explicit about cyber coverage

insurancebusinessmag | July 05, 2019

It looks like silent cyber has become deafening for Lloyds of London, which is now requiring clarity of coverage for cyber exposures in all insurance policies.In a new market bulletin, Lloyds said it believes it is in the best interests of customers, brokers, and syndicates alike for all policies to be clear on whether losses caused by a cyber event are covered.

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