Unlocking the business value of Artificial Intelligence In the insurance industry

January 25, 2017

With its eerily accurate predictions about advanced technology becoming an integral part of everyday life, the book's revived popularity only hints at the massive surge of excitement surrounding one specific subject Artificial Intelligence (AI). The numbers tell the same story: deals to Al startups enabling computers to mimic human intelligence and decision behavior increased 4.6x, from 150 in 2012 to 698 in 2016'. With a combined funding of USD 4.8B in 2016' and a projected overall spend of USD 47B by 2020', a world in which Al is prevalent is no longer mere fiction.

Spotlight

CoPower

CoPower was founded in 1995 for the purpose of providing employers with assistance for their administrative benefits needs. CoPower is a Third-Party Administrator for Delta Dental, VSP, MetLife, Anthem, Unitedhealthcare, Unum, and Landmark. The company was created primarily as a specialized purchasing pool for small (2–49 lives) and large (50–99 lives) group employers to band together to provide large group benefits for their employees, and to assist small employers with the administrative aspects of overseeing their benefits. Since their inception in 1995, CoPower has grown to work with more than 6,000 employer groups and more than 250,000 of their employees and family members.

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Elevating the insurance customer experience

whitePaper | October 4, 2022

Maturing markets, tight capital, increasing risk, and technologically sophisticated customers are just some of the pressures the insurance industry faces today. As a result, insurers have to work faster, more efficiently, and above all smarter. Those that do can thrive while others fail. Insurers need to be more nimble, innovative, and connected with their customers. The IBM Global Insurance team has reinvented itself, providing solutions to help clients meet the demands of today’s insurance business. From enhanced customer service to greater efficiency in the back office and improved risk management, there’s a smarter solution for you. For more information about IBM Insurance solutions, visit www.ibm.com/insurance.

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Tamping down wildfire threats

whitePaper | December 6, 2022

Wildfire risk is complicated – and not just in terms of predicting, preparing for, and mitigating damage. Wildfires play a complex role in overall climate risk that insurers need to understand and to develop new strategies to address as the impacts of climate change continue to evolve.

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Environmental, Social and Governance (ESG) Considerations for Directors and Officers

whitePaper | May 14, 2023

Increased scrutiny from investors on companies’ Environmental, Social, and Governance (ESG) credentials, such as board diversity and environmental impacts, presents greater potential Directors’ and Officers’ (D&O) liability exposure. Investors, employees and consumers increasingly expect companies to be actively addressing ESG considerations in their structures and operations. Those failing to address these issues may open themselves up to ESG-related litigation.

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The evolution of fraud in the insurance industry

whitePaper | November 20, 2019

In fact, the Coalition Against Insurance Fraud indicates $80 billion of insurance fraud occurs in the U.S. every year.1 But given the often-intangible nature of insurance fraud, this is hardly a firm figure and doesn’t precisely identify operational costs incurred. With many forms of insurance fraud going unchecked, the actual amount of fraud loss insurers is dealing with — both in the U.S. and abroad — is often an educated guess at best.

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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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The insurance agency workforce: Evolving into the next normal

whitePaper | April 13, 2022

This report marks a milestone with Vertafore’s fifth annual survey and analysis of the state of the insurance workforce. In keeping with the top-of-mind employment issues in our industry, our earlier reports looked at the needs of our multigenerational workforce and how our industry was working to find new talent. These topics are still highly relevant in the insurance industry. However, the historic events of the past two years have caused once-in-a-generation shifts in the employment landscape. Our 2020 report dove into how insurance professionals were navigating the business impacts of the pandemic and remote work while still meeting the needs of their clients. Our most recent survey conducted in November and December 2021 provides insights into how insurance professionals at all levels are grappling with the Great Resignation, as well as how they feel about their work, career prospects, and their technology

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Spotlight

CoPower

CoPower was founded in 1995 for the purpose of providing employers with assistance for their administrative benefits needs. CoPower is a Third-Party Administrator for Delta Dental, VSP, MetLife, Anthem, Unitedhealthcare, Unum, and Landmark. The company was created primarily as a specialized purchasing pool for small (2–49 lives) and large (50–99 lives) group employers to band together to provide large group benefits for their employees, and to assist small employers with the administrative aspects of overseeing their benefits. Since their inception in 1995, CoPower has grown to work with more than 6,000 employer groups and more than 250,000 of their employees and family members.

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