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DISRUPT OR BE DISRUPTED: Clearing the Path to Digital Transformation
| January 24, 2020
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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.
Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.
The use of AI (Artificial Intelligence) is revolutionizing the working system of different industrial sectors and insurance is just one of them. Besides the insurtech companies that are vouching for AI tools, the traditional insurance companies too are now showing eagerness to shift their business processes to AI based technologies. As masters of digital technology and established website design company in Mumbai, we understand the reasons behind its rising popularity. AI technology has the potential to optimize efficiencies- enhance customer satisfaction, manage risks, detect frauds and improve the claim management system and more.
Hiring people with skills in machine learning is extremely difficult across industries due to a shortage of talent and skyrocketing demand. But the insurance industry is better positioned than most to overcome this challenge via upskilling. With tens (possibly hundreds) of statistics-minded actuaries already on staff, providing the right tools to nudge them into the world of data science is a small step. Upskilling business staff is also a great way to fill talent gaps, and in many ways, it’s necessary for insurance businesses that want to democratize data science.
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