Kyobo Life Insurance rolls out AI-based underwriting system

Insurance Business America | October 31, 2019

Kyobo Life Insurance announced on October 30 that its AI-based underwriting system, known as Best Analysis and Rapid Outcome (BARO), is now fully operational. The system, according to a Korea Times report, provides real-time services to the insurer’s sales consultants and customers. Combined with its underwriting manual, BARO facilitates the online underwriting process, through instant communication with sales consultants. Meanwhile, the insurer’s underwriters will focus more on assessing higher-risk, higher-stakes insurance contracts.

Spotlight

Robots are invading the insurance industry. And CEOs are welcoming them in. But as insurers become more sophisticated in their use of robotics and hand over ever-more control to robots, deeper concerns are emerging.

Spotlight

Robots are invading the insurance industry. And CEOs are welcoming them in. But as insurers become more sophisticated in their use of robotics and hand over ever-more control to robots, deeper concerns are emerging.

Related News

CORE INSURANCE

Allianz Global Corporate & Specialty to target multinational insurance with new set-up and dedicated investments

Allianz Global Corporate & Specialty | July 15, 2022

Allianz is aiming to substantially expand its business from customers in the global insurance program sector to serve the increasing demand from large and medium-size companies needing cross-border coverage. Its international corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is strengthening its capabilities, including a new market-facing team as well as dedicated investments in data and technology, and will expand its customer services. To support its Multinational customers, AGCS has moved the Management Board responsibility to the ‘Regions and Markets’ area led by Henning Haagen, who oversees market-facing activities including distribution. The new AGCS Multinational set-up also includes a strengthened global leadership team and enhanced regional responsibilities. Guy Money, currently Global Head of Product at AGCS, has been appointed Global Head of Multinational Business. The well-established AGCS Captive Solutions team, led by Brian McNamara, will be integrated into the Multinational business to serve customers with a broad range of services from traditional, multi-line global programs to captive fronting and reinsurance as well as hybrid combinations of traditional and alternative risk transfer. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. New AGCS Multinational team Further key leadership appointments in the new AGCS Multinational team include Jayesh Patel who is leading the Multinational Market Practice Team. He and his regional representatives will work closely together with AGCS’ global and regional distribution teams to drive business development in target markets. Karol Dobias remains in charge of the Business Excellence unit responsible for global standards, performance tracking and steering. The Network Management Team is overseen by Melanie Windirsch, who is responsible to deliver local services across all network countries. Nigel Leppitt will oversee the Multinational transformation program. About Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs. Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience. Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

Read More

INSURANCE TECHNOLOGY

Oakbridge Insurance Partners with Brock Insurance Agency

Oakbridge | June 15, 2022

Oakbridge Insurance Agency announced a new partnership with Brock Insurance Agency. Brock Agency is an independent agency with corporate offices in Rossville, Georgia, Chattanooga, Tennessee, and Savannah. This partnership establishes Oakbridge’s first presence in Tennessee and also promotes the agency’s continued Southeastern expansion. We are very excited to join Oakbridge and have been working with Oakbridge's founding firms for over a decade, and this partnership is evidence of the trust and bond we have built and will continue to nurture." Brock's President Mark Brock. For the past three years, Brock has been recognized by Independent Insurance Agents & Brokers of America as a Best Practices Agency and a top performer in their revenue category in 2021. As a result of the agreement, Brock gains access to extra resources and initiatives and a network of like-minded professionals dedicated to offering innovative solutions for their clients. The alliance doubles Oakbridge's employee benefits presence in the region and complements the firm's focus on construction, real estate, manufacturing, charities, and energy. About Oakbridge Insurance Agency Oakbridge Insurance Agency LLC is a fast-developing partnership model for organizations seeking expedited growth, access to finance, and an expanded array of capabilities to service clients. Oakbridge is one of the region's largest privately-owned insurance, risk management, and employee benefits businesses, having been named a "Top 100" insurance brokerage by Business Insurance and Insurance Journal magazines. Agriculture, bond/surety, construction, financial, health care, manufacturing, municipalities, non-profit, senior living, and transportation are among the areas where the agency has specific experience. Visit oakbridgeinsurance.com for more information.

Read More

INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

P&C | May 30, 2022

Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year. Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.” Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power. The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project. Key findings of the 2022 studies are as follows: Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction. Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools. The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527. Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.

Read More