WHY AI? HOW LANGUAGE & AI SERVICES GO HAND-IN-HAND

whitePaper | May 4, 2022

In order to thrive and compete in the digital age, insurers cannot afford to overlook the opportunities that emerge where industry and technology trends meet. If digital had already fundamentally altered the way businesses operate over the past few years, the global pandemic certainly compounded those changes. Where and how we work, the products and services people choose to consume and how, what constitutes a positive customer experience from the significant to the subtle, no element of business is untouched by significant shifts. In many respects the insurance industry has done an excellent job of responding to these challenges—in the short term at least. But merely keeping up is not enough in the long term. In order to thrive and compete in the digital age, insurers cannot afford to overlook the opportunities that emerge where industry and technology trends meet. Seizing these opportunities may mean reprioritizing the transformation agenda, but the rewards will more than justify the means.

whitePaper | August 1, 2022

After enjoying healthy margins for several years, insurance organisations aren’t as profitable as they once were. McKinsey’s 2022 global insurance report finds that, after decades of stable returns, more than half of insurers now earn less than their cost of equity. Worldwide, around half of all listed insurance organisations have traded below book value over the past five years.

whitePaper | April 5, 2022

As a heavily regulated, intensively bureaucratic sector – a business founded on caution – insurance has always been slow to adapt. But a confluence of historic challenges is forcing the industry to undergo arguably the most radical change in its history.

whitePaper | August 20, 2021

COVID-19 brought sweeping implications for all industries, but nowhere more so than in the health insurance industry. And now, firms continue to face challenges on multiple fronts as they work to meet the expectations of both members and employees. At the peak of disruption, the focus was on ensuring business continuity. These days efficiency initiatives are cropping up as insurers adapt to the new normal.

whitePaper | September 21, 2022

This paper sets out the views and concerns of risk managers regarding the approach taken so far by the private insurance market to underwriting the transition. As the representative body for the risk profession at European level, FERMA takes an active interest in the various implications of the transition to a carbon-neutral economy.

whitePaper | June 7, 2022

Can traditional L&A carriers—the old faithful faces of the insurance industry— really take on new market entrants and nimble InsurTechs to re-shape the face of group and worksite benefits? With the right tools and mindset, the answer is yes. Hailed as “the Great Resignation,” the workplace attrition crisis during the COVID-19 pandemic saw millions of workers across the globe re-imagine their working lives and leave their employers in search of something new. It would be natural to think of this trend as a negative, triggering a universal business-critical challenge. But dig deeper, and a significant opportunity emerges for employers to reassess the way they attract, retain and value their workforce—and for providers to reimagine the products, such as life and group insurance, that enable this. With no obvious end in sight for a trend hallmarked by frequent job changes and the enduring nature of the gig economy, group carriers would do well to think about how they will now adapt to the evolving employee benefits market. – for both active employees and those that are leaving or have left traditional employment.