Novarica Insurance Technology Webinar: AI and Emerging Tech

The most disruptive changes in the insurance industry will be led by the advances in and utilization of key technologies. Primarily, it will include the adaptation of AI to create desirable products, harness insights from new data sources, optimize processes and costs, and improve customer experiences. According to a recent Accenture report:Digital transformation grants insurance companies exceptional capabilities. But it also creates enormous expectations.Amid these rising expectations, insurers are investing in digital technologies, raising the question of how leaders will set themselves apart.Insurers looking to differentiate themselves must be aware of technology trends that will characterize the post-digital future.

Ephesoft Smart Capture® can positively impact claim processing for the insurance industry, particularly in conjunction with an automation platform like an RPA system. According to the National Association for Insurance Commissioners, last year written insurance premiums in the US came to $1.15 trillion dollars. With nearly every person in America purchasing at least one insurance policy, competition for business is incredibly intense.

Underwriting is at the heart of the insurance business. From evaluating individual risks and the exposures to an entire portfolio to assessing the risk, risk appetite, and ultimately profitability is increasingly crucial with rapidly changing risk factors from weather, climate, societal, technology, and more. The underwriting discipline is making major moves not just to automate the workflow but to change the way underwriting is done by providing access to more data sources to gain new risk analysis insights while creating significantly enhanced agent/broker and customer experiences.

In the InsurTech era, digital transformation has largely been understood as the refinement of front-office, point-of-sale capabilities. However, as insurers are finally catching up with how other industries do electronic commerce, the coming battlefield for insurance industry definition will be about data. Insurance is fundamentally a data-driven product, and the insurer that has the better data—and knows what to do with it—will be able to identify trends, design innovative products more quickly, and price risk better than the competition.