Reinvent Insurance with Cognitive Computing to Reap Attractive Margins

October 25, 2017

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

Spotlight

Encompass Insurance

About 2,400 carefully selected independent agencies sell and service Encompass's highly differentiated policy combining home and auto insurance as well as excess liability and many other coverage options into a single annual household policy. Part of the Allstate group of companies, we excel at meeting the needs of discerning consumers who have much to protect. Encompass is one of the largest insurers to provide protection exclusively through independent agents.

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Important Considerations for Independent Agents Today

whitePaper | December 21, 2021

It would be imprudent, however, to suggest that change isn’t coming. If nothing else, the pandemic has brought about a whole new set of unexpected financial challenges – which means consumers are looking for more choice than ever before. This pandemic has also demonstrated the overarching value proposition of insurance. In turn, this means we’re seeing savvy agents broaden their targets, so they’re not only focused on the more affluent middle classes but instead finding creative and impactful ways to reach those largely underserved segments.

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Insurtechs Demand A Platform Designed For Their Unique Needs

whitePaper | June 6, 2023

Claims aren’t the first consideration for most insurtechs. The focus is rightfully on back-end development, product development, and creating all the systems and workflows to bind a policy and service customers.

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Motor insurance: Acquiring and retaining the right customers in a post COVID-19 world

whitePaper | April 6, 2022

The impact of the COVID-19 outbreak has been devastating for the global economy, and with many countries in extended lockdown, there has been a seismic shift in customer behaviour and business operations.

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Power of the collective: The rise of insurance associations

whitePaper | March 7, 2023

No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

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Reinsurance management: The biggest risk in insurance?

whitePaper | June 14, 2023

Reinsurance is a vital function, empowering insurers to offer more coverage to more customers at a more competitive price. But at a time when every insight, innovation and advantage is needed to help insurers take ownership of their reinsurance program, their antiquated reinsurance management systems and methods may be the biggest factor limiting their reinsurance program success and business performance.

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Accelerate speed to market for general insurance products

whitePaper | September 22, 2022

How can insurance technology leaders respond rapidly to changes in business strategy and the need for portfolio remediation? This guide focuses on how insurers can deliver products at scale, across all lines of business by establishing a new cloud-based operating model.

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Spotlight

Encompass Insurance

About 2,400 carefully selected independent agencies sell and service Encompass's highly differentiated policy combining home and auto insurance as well as excess liability and many other coverage options into a single annual household policy. Part of the Allstate group of companies, we excel at meeting the needs of discerning consumers who have much to protect. Encompass is one of the largest insurers to provide protection exclusively through independent agents.

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