IVANS
Increase connectivity with insurers to access more markets and automate information exchange. With IVANS, you can connect directly with your insurers and provide feedback about growth strategies and download connection needs. Watch this on-demand webinar to learn how IVANS can enable you to maximize your insurer relationships.
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The inseparable duo of underwriting and pricing has just found its third partner - automation. In a Research and Market report, The automated machine learning (AutoML) industry was valued at $346.2 million in 2020. The industry is estimated to grow by 4283% to $15 billion in ten years. Yet, a 2020 Accenture report shows that 85% of customers are not satisfied with the speed of the underwriting process. The implementation and evolution of AutoML can speed up that process and significantly increase the customer experience and gain you customers. But where is this technology headed? What are the barriers? And how can we best ride the wave of an evolving automation landscape?
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Customer churn over lost loyalty and poor customer experiences can cost as much as $470 billion in premiums globally. Increasingly, the insurance customers' buying expectations have shifted, while the industry is rapidly figuring out how to meet the customers where they are. Technology advancements such as data analytics and AI are rapidly being adopted to boost client acquisition, cross-sell and up-sell. Insurers are finding new ways to offer dynamic and personalized recommendations, leverage more data to understand risks, pricing and customized experiences across all channels.
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