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The Influence of AI on Insurance

The Influence of Artificial intelligence On Insurance
As AI becomes more deeply integrated into the industry, carriers must position themselves to respond to the changing business landscape. Insurance executives are expected to understand the factors driving this shift and how AI in insurance will impact claims, distribution, underwriting, and pricing. They can start to learn the skills and talent they need, embrace new technology in the insurance industry, and build the culture and perspective they need to be successful in the future insurance market with this grip.

While there are four types of levers that might help with productivity efforts—functional excellence, structural simplification, business transformation, and enterprise agility—insurers typically focus on the first two. Those levers are the foundation of efficient and effective operations, it isn't easy to leapfrog them. Traditional industry barriers are dissolving while technology advances and customer expectations vary dramatically. Ecosystems, which are groups of services that work together in a single integrated experience, are becoming more common across industries. Platforms that connect offerings from different industries are also becoming more common.

In an interview with Media 7, Darcy Shapiro, COO of Americas at Cover Genius, talked about the changing expectations of consumers in the insurance industry.

“Consumers expect brands to provide the same high-quality day-to-day experiences directly within the digital platforms they use most. Insurance should be no different.”

Darcy Shapiro, COO of Americas at Cover Genius


The Increasing Acceptance of Parametric Insurance

In contrast to traditional policies, which are paid based on actual loss incurrence, metric insurance has been around for a while, providing payouts when a specific event exceeds an agreed-upon threshold. Previously being used specifically for natural disaster coverage and supplied to countries and large corporations, parametric insurance is making a comeback today. Advancements in sensor technology, data analytics, and Artificial Intelligence (AI in insurance) create broader information indexes on various levels, which opens up parametric risk applications in novel ways.

A reinsurance company recently introduced a parametric water-level insurance product to shield businesses from the financial consequences of high or low river water levels. The program considers measured water levels at specific river gauges and agrees to pay a fixed amount for each day that the index remains below a predetermined threshold value. Other new-generation parametric solutions include terrorism protection for cities and airports, protection for retailers when transit strikes cut down on pedestrian traffic, and help for hotels when there are outbreaks.

The advantages of parametric insurance include faster delivery and avoiding lengthy claims investigations. Furthermore, since parametric products have less uncertainty than traditional insurance, premiums can be significantly lower. In terms of technology, parametric insurance is best suited to blockchain technology, with smart contracts that pay out automatically when certain parameters are met.

A Flood of Data from Connected Devices

Fitness bands, home assistants, smartwatches, and other smart devices are rapidly becoming a part of our daily lives. In addition, smart clothing and medical devices will soon join the fray.

Sensor-equipped equipment has long been common in industrial settings, but the number of connected consumer products is expected to skyrocket in the coming years. Existing gadgets (such as automobiles, fitness trackers, home assistants, smartphones, and smartwatches) will continue to grow. In contrast, new and expanding categories (such as clothing, eyewear, home appliances, medical devices, and shoes) will join them. According to analysts, interconnected devices will reach one trillion by 2025.

The data generated by these devices will result in a flood of new data that carriers can use to understand their customers better, resulting in new product categories, more customized pricing, and an increase in real-time service delivery.

The insurance industry can mine the data generated by these smart devices to better understand their customers’ preferences. This information can also assist insurers in developing new and more personalized product categories.

The Rise of the Insurance Ecosystem 

According to McKinsey, insurance ecosystems will generate 30% of global revenue by 2025.

With an expanding array of data sources and a data-driven culture, many insurers will soon be able to plug into and exploit data from complementing firms. These agreements are evolving to involve traditional insurers as well as technology companies. For example, an insurance firm in Europe teamed up with a smart-home technology vendor to improve its home insurance. The latter's technology can detect smoke and carbon monoxide, preventing losses. In addition, a global initiative of a major reinsurance company is developing an ecosystem for InsurTech start-ups and digital distributors. Recent McKinsey research also shows that the insurance business has been having a hard time making efficiency gains for a long time.

Moreover, the operating expense disparity between the best and worst performers in P & C and life has widened over the last decade. Functional excellence, structural simplicity, business transformation, and enterprise agility are four productivity levers that insurers often focus on. Those levers are essential to efficient and productive operations. Ecosystems, which are groups of services that work together, are formed across industries and platforms that connect offerings from different sectors.

Insurers may use ecosystems to integrate their products into seamless client experiences. Ecosystems are essential in today's interconnected world, whether you want to build direct relationships with customers or work with companies that act as the customer interface.

Advancements in Cognitive Technology

Cognition is a critical component of AI in insurance. AI cognitive technologies mimic how the human brain functions. In addition, new technology may make it easier to process huge amounts of data, especially from active insurance products that are linked to specific people. 

Carriers can constantly learn and adapt to the world thanks to cognitive technologies. As a result, it can enable insurance companies to introduce new product categories and engagement techniques and respond in real-time to changing underlying risks. In addition, convolutional neural networks and other deep learning technologies, which are currently used primarily for image, audio, and unstructured text processing, will be used in various applications in the future of insurance industry.

Spotlight

RELIGARE HEALTH INSURANCE (RHI)

Religare Health Insurance (RHI), the health insurance arm of Religare Enterprises Limited (REL), is a specialized Health Insurer offering health insurance services to employees of corporates, individual customers and for financial inclusion as well. With RHI’s operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation and value-for-money services.

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Amid COVID-19, banks began offering mortgage deferrals and slashing credit card interest rates in half for cardholders who need relief. Home and auto insurance companies COVID-19 plans are now being released. How will this impact your insurance right now? How can you save on insurance during COVID-19, while making sure to stay protected?

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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.

Read More

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Amid COVID-19, banks began offering mortgage deferrals and slashing credit card interest rates in half for cardholders who need relief. Home and auto insurance companies COVID-19 plans are now being released. How will this impact your insurance right now? How can you save on insurance during COVID-19, while making sure to stay protected?

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Inszone Insurance Services Continues Expansion in Colorado with the Acquisition of High Desert Insurance

Business Wire | January 29, 2024

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its recent acquisition of High Desert Insurance, out of Pueblo, Colorado. High Desert Insurance, born in 2011, has been a trusted insurance go-to for over ten years. Starting with three employees, they've grown into a team of seven, always coming through with top-notch insurance solutions for individuals and businesses. The values of High Desert Insurance mesh perfectly with what Inszone Insurance is all about, making this acquisition a great fit as Inszone looks to grow its services in Colorado. "We are delighted to welcome High Desert Insurance to the Inszone family," expressed Chris Walters, CEO of Inszone Insurance Services. "With a decade-long track record of delivering outstanding outcomes for its clients, High Desert Insurance has built a commendable legacy. Our commitment extends to preserving and enhancing this legacy by offering comprehensive back-office support and access to additional markets to the High Desert team." The newly acquired High Desert Insurance will operate under the Inszone Insurance brand and maintain its existing Pueblo, Colorado, location, ensuring a seamless transition and consistency in service for its valued clients. Inszone Insurance is dedicated to retaining the experienced team from High Desert Insurance to ensure the continuation of the high-quality service that clients have come to expect. As Inszone Insurance continues its strategic growth, the acquisition of High Desert Insurance represents not only a significant expansion but also a blending of values, reinforcing the commitment to excellence in service within the dynamic landscape of Colorado. Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 54 locations across California, Arizona, Colorado, Idaho, Illinois, Kansas, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, Utah, and Washington, the company is looking to expand further throughout the United States.

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