Social media intelligence for insurance?

April 21, 2020 | 589 views

In the financial services industry, reliance on big data has been increasing at a global level. The usage is not limited to marketing purposes alone but extends to fraud and risk prevention. Customer demand for personalised products is responsible for this shift. The future of insurance is also being shaped differently due to this. The current lengthy questionnaires won’t be needed at all. Just the data collected will help to accurately predict risk and create policies customised to the person’s needs.

Spotlight

Aditya Birla Sun Life Insurance

Established in 2000, Aditya Birla Sun Life Insurance Company Limited (formerly Birla Sun Life Insurance Company Limited) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers future.

OTHER ARTICLES
CORE INSURANCE, RISK MANAGEMENT

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | September 22, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | July 14, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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CORE INSURANCE, RISK MANAGEMENT

5 Deep Learning Use Cases for the Insurance Industry

Article | August 4, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

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DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

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.

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Spotlight

Aditya Birla Sun Life Insurance

Established in 2000, Aditya Birla Sun Life Insurance Company Limited (formerly Birla Sun Life Insurance Company Limited) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers future.

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RISK MANAGEMENT, INSURANCE TECHNOLOGY

Socotra Connected Core, the First Insurance Policy Core Platform Available in AWS Marketplace

Businesswire | May 19, 2023

Socotra, Inc. announced availability of their insurance policy core platform Connected Core in AWS Marketplace. This move will make it easier for insurers to adopt the platform, resulting in faster implementation times and improved efficiencies. AWS Marketplace is a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on Amazon Web Services (AWS). Socotra's availability in AWS Marketplace is an important step forward in the company's mission to serve the insurance industry through better innovation and technology. It further solidifies Socotra's position as a leading provider of modern enterprise insurance platforms, offering insurers the ability to quickly launch new products, reduce operational costs, and improve customer experiences. Socotra's Connected Core is built on a modern cloud-native architecture, providing insurers with greater flexibility and agility to adapt to evolving market conditions. The platform is highly configurable, enabling insurers to rapidly launch new products and services, and automate underwriting, billing, and claims processes. “For years, Socotra has valued and enjoyed our enduring relationship with AWS. As we introduce this new facet to our relationship, we believe AWS Marketplace opens the door for insurer customers to leverage Socotra’s Connected Core to modernize and speed their product and service offerings to market,” said Mike Benayoun, Director of Partnerships at Socotra. “AWS Marketplace provides our customers a trusted, convenient, and standardized means of purchasing our software, while confidently deploying on AWS.” This news comes on the heels of the recent launch of Socotra CorePlus, a line of complete insurance IT solutions designed for Homeowners and Auto, composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization. Through the new availability in AWS Marketplace, insurers can shorten procurement times, implement the controls needed to operate with confidence, and enable their organizations to unlock innovation. About Socotra Socotra brings unparalleled speed, flexibility, and choice that gives insurers more control over their businesses. With Socotra’s complete insurance solutions, insurers and MGAs of all sizes can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.

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CORE INSURANCE, INSURANCE TECHNOLOGY

Bamboo Insurance Policy to Now Cover Arizona Homeowners!

Bamboo Insurance | February 07, 2023

Recently, Bamboo Insurance, a diversified insurer committed to providing a customer-driven experience, announced homeowner's insurance availability in Arizona. The insurance coverage will now provide Arizonans with improved underwriting structures, user-friendly technology, and unparalleled service, in addition to rational and inexpensive home coverage options. Soon, Arizona homeowners and agents will be able to use the new way Bamboo does insurance, which emphasizes ease of use, open communication, and support for policyholders. In contrast to other businesses, Bamboo does not reduce customer support spending in order to increase profits; this is due to the company's focus on satisfying its clientele. Customers in Arizona can now take advantage of Bamboo's excellent services, such as its knowledgeable team of insurance advocates and reliable 24/7 claims assistance. John Chu, Bamboo Founder and CEO, stated, "The launch of our Arizona product represents an exciting milestone in our expansion outside of California." "By leveraging our proprietary underwriting models and easy to use technology platform, we're able to offer customizable coverage, for the right price, to the Arizona market," John Chu added. (Source – Cision PR Newswire) For 2018 and beyond, the company has carved out a special place for itself in the market by meeting the needs of disrupted industries by providing homeowners insurance at reasonable rates. It's getting harder to acquire reliable insurance in states like Arizona that are vulnerable to harsh weather. It is proud to provide Arizonans with a novel, low-cost insurance choice by utilizing cutting-edge data science and in-house underwriting tools. Jonathan Vitale, Bamboo Co-Founder and Vice President of Sales stated, "When we started Bamboo, the vision was to push the insurance industry forward by providing quality products and coverage to our insureds." "We paired that with a big emphasis on leveraging technology to deliver to our agents an industry-leading quoting platform that is focused on speed, ease of use, and simplicity. We're thrilled to be able to bring that experience to Arizona," he concluded. (Source – Cision PR Newswire) About Bamboo Insurance An insurance company focused on expansion, Bamboo Insurance's objective is to simplify and modernize the client's insurance experience while maintaining a relentless commitment to customer advocacy. The company is streamlining the insurance process with the help of data and technology to improve transparency for its business partners and policyholders.

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LIFE INSURANCE, INSURANCE TECHNOLOGY

NEXT Insurance Launches Employment Practices Liability Insurance for Restaurants, Expands General Liability Coverage Protection

NEXT Insurance | December 16, 2022

NEXT Insurance, a leading digital insurtech transforming small business insurance, announced its renewed commitment to small business restaurant owners with the expansion of Employment Practices Liability Insurance which is now available with general liability in 28 states plus Washington, DC. Continuing with its mission to help entrepreneurs thrive by innovating and enhancing its product offerings, NEXT's EPLI coverage provides additional protection for business owners against lawsuits involving discrimination, sexual harassment, wrongful termination and more. One of small businesses' largest concerns and pain points is having the right financial protection set up if they're held responsible for common workplace accidents or staring down employment practice lawsuits. Small businesses, including restaurants, can be more susceptible to employment practice claims because they often lack human resource departments, employee handbooks or legal staff, making them prime targets for customer and employment lawsuits related to rights violations, wrongful discipline, benefits mismanagement among many others. Additionally, EPLI coverage can also help pay for legal expenses associated with Americans with Disabilities Act (ADA) compliance complaints, for example, if a claim is filed that alleges improper wheelchair access to your restaurant. "Employment practice lawsuits can be costly to resolve and emotionally draining, which is especially important now for those who have been hit hardest by the pandemic like restaurant owners. EPLI is a distinct type of insurance coverage that helps pay for legal fees for discrimination claims, that may not be covered by other policies like workers' compensation. This expansion of NEXT's offerings provides our customers with additional protection so that they can focus on growing a successful business rather than stressing over financial concerns in the wake of investigation costs, judgments or settlements." Richard Yeung, Vice President of Insurance at NEXT Data from NEXT's survey of restaurant-goers earlier this spring found that enthusiasm for dining out is still high on many consumers' to-do lists, despite the continuing pandemic risks involved. Pairing high restaurant turnout with a restaurant labor shortage, small business owners are operating in a high-risk environment, making EPLI coverage even more critical to protecting their livelihood. With the launch of EPLI Insurance for restaurants, NEXT is offering $25,000 in EPLI coverage as part of its Pro package and $50,000 in EPLI coverage as part of its Pro + package to new and existing customers. To learn more about EPLI visit NEXT's website, get an instant quote or become an appointed agent with NEXT. About NEXT Insurance NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 420K business owners, NEXT offers policies that are easy to buy for over 1,300 unique types of businesses and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers.

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RISK MANAGEMENT, INSURANCE TECHNOLOGY

Socotra Connected Core, the First Insurance Policy Core Platform Available in AWS Marketplace

Businesswire | May 19, 2023

Socotra, Inc. announced availability of their insurance policy core platform Connected Core in AWS Marketplace. This move will make it easier for insurers to adopt the platform, resulting in faster implementation times and improved efficiencies. AWS Marketplace is a digital catalog with thousands of software listings from independent software vendors that make it easy to find, test, buy, and deploy software that runs on Amazon Web Services (AWS). Socotra's availability in AWS Marketplace is an important step forward in the company's mission to serve the insurance industry through better innovation and technology. It further solidifies Socotra's position as a leading provider of modern enterprise insurance platforms, offering insurers the ability to quickly launch new products, reduce operational costs, and improve customer experiences. Socotra's Connected Core is built on a modern cloud-native architecture, providing insurers with greater flexibility and agility to adapt to evolving market conditions. The platform is highly configurable, enabling insurers to rapidly launch new products and services, and automate underwriting, billing, and claims processes. “For years, Socotra has valued and enjoyed our enduring relationship with AWS. As we introduce this new facet to our relationship, we believe AWS Marketplace opens the door for insurer customers to leverage Socotra’s Connected Core to modernize and speed their product and service offerings to market,” said Mike Benayoun, Director of Partnerships at Socotra. “AWS Marketplace provides our customers a trusted, convenient, and standardized means of purchasing our software, while confidently deploying on AWS.” This news comes on the heels of the recent launch of Socotra CorePlus, a line of complete insurance IT solutions designed for Homeowners and Auto, composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace with industry-leading software and data providers. Socotra CorePlus is designed to decrease risk and costs, while increasing speed-to-market and standardization. Through the new availability in AWS Marketplace, insurers can shorten procurement times, implement the controls needed to operate with confidence, and enable their organizations to unlock innovation. About Socotra Socotra brings unparalleled speed, flexibility, and choice that gives insurers more control over their businesses. With Socotra’s complete insurance solutions, insurers and MGAs of all sizes can accelerate product development, reduce costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.

Read More

CORE INSURANCE, INSURANCE TECHNOLOGY

Bamboo Insurance Policy to Now Cover Arizona Homeowners!

Bamboo Insurance | February 07, 2023

Recently, Bamboo Insurance, a diversified insurer committed to providing a customer-driven experience, announced homeowner's insurance availability in Arizona. The insurance coverage will now provide Arizonans with improved underwriting structures, user-friendly technology, and unparalleled service, in addition to rational and inexpensive home coverage options. Soon, Arizona homeowners and agents will be able to use the new way Bamboo does insurance, which emphasizes ease of use, open communication, and support for policyholders. In contrast to other businesses, Bamboo does not reduce customer support spending in order to increase profits; this is due to the company's focus on satisfying its clientele. Customers in Arizona can now take advantage of Bamboo's excellent services, such as its knowledgeable team of insurance advocates and reliable 24/7 claims assistance. John Chu, Bamboo Founder and CEO, stated, "The launch of our Arizona product represents an exciting milestone in our expansion outside of California." "By leveraging our proprietary underwriting models and easy to use technology platform, we're able to offer customizable coverage, for the right price, to the Arizona market," John Chu added. (Source – Cision PR Newswire) For 2018 and beyond, the company has carved out a special place for itself in the market by meeting the needs of disrupted industries by providing homeowners insurance at reasonable rates. It's getting harder to acquire reliable insurance in states like Arizona that are vulnerable to harsh weather. It is proud to provide Arizonans with a novel, low-cost insurance choice by utilizing cutting-edge data science and in-house underwriting tools. Jonathan Vitale, Bamboo Co-Founder and Vice President of Sales stated, "When we started Bamboo, the vision was to push the insurance industry forward by providing quality products and coverage to our insureds." "We paired that with a big emphasis on leveraging technology to deliver to our agents an industry-leading quoting platform that is focused on speed, ease of use, and simplicity. We're thrilled to be able to bring that experience to Arizona," he concluded. (Source – Cision PR Newswire) About Bamboo Insurance An insurance company focused on expansion, Bamboo Insurance's objective is to simplify and modernize the client's insurance experience while maintaining a relentless commitment to customer advocacy. The company is streamlining the insurance process with the help of data and technology to improve transparency for its business partners and policyholders.

Read More

LIFE INSURANCE, INSURANCE TECHNOLOGY

NEXT Insurance Launches Employment Practices Liability Insurance for Restaurants, Expands General Liability Coverage Protection

NEXT Insurance | December 16, 2022

NEXT Insurance, a leading digital insurtech transforming small business insurance, announced its renewed commitment to small business restaurant owners with the expansion of Employment Practices Liability Insurance which is now available with general liability in 28 states plus Washington, DC. Continuing with its mission to help entrepreneurs thrive by innovating and enhancing its product offerings, NEXT's EPLI coverage provides additional protection for business owners against lawsuits involving discrimination, sexual harassment, wrongful termination and more. One of small businesses' largest concerns and pain points is having the right financial protection set up if they're held responsible for common workplace accidents or staring down employment practice lawsuits. Small businesses, including restaurants, can be more susceptible to employment practice claims because they often lack human resource departments, employee handbooks or legal staff, making them prime targets for customer and employment lawsuits related to rights violations, wrongful discipline, benefits mismanagement among many others. Additionally, EPLI coverage can also help pay for legal expenses associated with Americans with Disabilities Act (ADA) compliance complaints, for example, if a claim is filed that alleges improper wheelchair access to your restaurant. "Employment practice lawsuits can be costly to resolve and emotionally draining, which is especially important now for those who have been hit hardest by the pandemic like restaurant owners. EPLI is a distinct type of insurance coverage that helps pay for legal fees for discrimination claims, that may not be covered by other policies like workers' compensation. This expansion of NEXT's offerings provides our customers with additional protection so that they can focus on growing a successful business rather than stressing over financial concerns in the wake of investigation costs, judgments or settlements." Richard Yeung, Vice President of Insurance at NEXT Data from NEXT's survey of restaurant-goers earlier this spring found that enthusiasm for dining out is still high on many consumers' to-do lists, despite the continuing pandemic risks involved. Pairing high restaurant turnout with a restaurant labor shortage, small business owners are operating in a high-risk environment, making EPLI coverage even more critical to protecting their livelihood. With the launch of EPLI Insurance for restaurants, NEXT is offering $25,000 in EPLI coverage as part of its Pro package and $50,000 in EPLI coverage as part of its Pro + package to new and existing customers. To learn more about EPLI visit NEXT's website, get an instant quote or become an appointed agent with NEXT. About NEXT Insurance NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 420K business owners, NEXT offers policies that are easy to buy for over 1,300 unique types of businesses and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers.

Read More

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