Digital Playbooks for Insurers, Part 2: Scouting Small-to-Medium Business Indicators

DENISE GARTH | February 8, 2018

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Though the final numbers for Super Bowl LII aren’t in, last week’s game likely generated nearly $15 billion in additional retail sales. Compare this to insurance’s SMB market, with an estimated yearly value of an additional $80-$100 billion in premiums, split among far fewer companies. Digital playbooks could help insurers capture some of this revenue.

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Argo Group

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in areas of the property and casualty market. Through our operating subsidiaries, Argo Group offers a comprehensive line of products and services designed to meet the unique coverage and claims-handling needs of our clients.

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RPA in Insurance: 6 Tips for Success

Article | February 12, 2020

It’s not hard to understand the appeal of Robotic Process Automation, or RPA, in insurance: by automating mundane, repetitive tasks like data entry, it can reduce costs and cut cycle times while freeing employees to focus on providing better service to customers. Over the past few years, I’ve talked with, advised, and worked alongside insurance companies as they implemented RPA. All of them have benefited, but few have gained as much as they expected.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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AI and Virtual Assistant for Insurance Sector: 10 Ways to Maximise Performance

Article | February 17, 2020

Evolution in business concepts and implementation of the latest technology trends are driving the thriving growth of businesses. Among all, artificial intelligence is best known to transform a business by automating the processes and making the tasks seamless. And the inventions like virtual assistant and chatbots are practically implementing these concepts to showcase results that promise skyrocketing growth and boost in business.

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6 insurtech predictions for the 2020s

Article | February 21, 2020

The insurtech movement has been underway for the better part of a decade. Now that we have entered the 2020s, it might be worth exploring what could be on the horizon for insurtech over the next ten years. Insurtech has evolved from its origins in the early part of the last decade (as an offshoot of the FinTech movement) and quickly gained momentum over the last few years to experience a strong close in 2019.

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Spotlight

Argo Group

Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in areas of the property and casualty market. Through our operating subsidiaries, Argo Group offers a comprehensive line of products and services designed to meet the unique coverage and claims-handling needs of our clients.

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