Digital Transformation in Mutual Insurance

Get an overview of the newest capabilities for Insurers and MGAs introduced in the latest release of IVANS Exchange. IVANS Exchange provides Insurers and MGAs with a single location to manage your agency download services, measure download adoption against industry average benchmarks and increase data-driven insights on agency partner download opportunities.

For decades, the creation and evolution of insurance markets, products, channels, technology, and customers unfolded at a slow and steady pace. It took months if not years to launch a new product. Core business technology was replaced only every 20-30 years and the projects took many years and multi-millions to implement. Customers were the Baby Boomers and Gen Xers who followed similar life stages and had similar needs and expectations. Companies managed and lived with slow transformation because everyone was in a similar position.

Malpractice insurance is a major expense for most law firms, and being a savvy buyer is crucial to managing that expense intelligently. The ability to do so, however, depends on the decisions made in evaluating and purchasing insurance, and managing the relationship. With a multitude of carriers, coverage options, and pricing models, the landscape can be a confusing morass of apples to oranges comparisons offering little guidance to the inexperienced. This on-demand webinar helps decision makers effectively evaluate options, maximize benefits, minimize risk, and ultimately reduce malpractice insurance costs.

Artificial Intelligence can transform any industry, as it yields numerous benefits apart from time and cost reduction. Application of AI in the insurance industry is changing the way companies do business. Each of AIs multi-facets, i.e., Robotic Process Automation(RPA), chatbots, Machine Learning have an impact in the insurance field. Industry leaders believe AI will transform the insurance landscape from customer behaviour and satisfaction to reinventing products and services.