Key Management Group, Inc.’s Post

🚗📊 Celebrating the power of strategic claims segmentation! 🚀 By moving beyond traditional methods, insurers can now manage claims with a detailed, data-driven approach. This means considering individual claim merits, not just monetary value or cause of loss. The benefits? Reduced operational costs, improved customer satisfaction, and better loss management. Carriers leveraging this approach can see a 1-3 point improvement in their loss ratio. 🌟 Implementing strategic segmentation involves data discovery, modeling, tech integration, and cross-functional collaboration. Overcoming roadblocks like data quality and resistance to change is key. Embrace this shift for a smarter, more efficient future in insurance! 🌐💡 https://lnkd.in/ecg5ZNbE #InsuranceInnovation #ClaimsManagement #DataDriven #OperationalEfficiency #CustomerSatisfaction #AIinInsurance #FutureOfInsurance

My colleagues recently looked at technology investments by insurers as a source of competitive advantage. Unsurprising, technology leadership in insurance can lead to better performance on premium growth, expense ratio, and customer loyalty. Yet one key insight is that only 5% to 10% of carriers actually capture value from their data and technology investments. #insurance #reapingthebenefits #techanddata https://dy.si/uqaHmC

Feeling overwhelmed by data but unsure how to use it? 🤔 GENIISYS has a robust Business Intelligence (BI) platform that empowers you to: ➡️Unify your data: Consolidate information from all sources for a complete view of your operations. ➡️Gain actionable insights: Turn raw data into clear, visual reports that identify trends and opportunities. ➡️Make smarter decisions: Confidently navigate the insurance landscape with data-backed strategies. The result? You'll get faster underwriting processes, reduced risk exposure and improved customer satisfaction!  Learn more about GENIISYS today and see how our software empowers your insurance business: https://lnkd.in/gtVqDjBt #softwaresolutions #GENIISYS #insurancesolution #insurance #insurancesoftware

It was a pleasure for ACCESS Events APAC to host a Sydney BFSI leaders lunch today on behalf of Newgen Software discussing….. “Digital Transformation In Financial Services – Going Beyond ‘Meeting The Expectations’ And Delivering The Teal Value.” With the age of AI and Gen-AI, the potential of digital transformation in insurance has multiplied and while most are just playing the catch-up game, the real potential of delivering the best-in-class customer experience with digital transformation remains untapped. This roundtable focuses on the scope of digital transformation, how deep or wide it has to be, and what level of people, process, and technology change is required across the back-end operations and customer-facing business applications. During lunch, we shall discuss: Navigating the mission-critical and customer-centric insurance journeys and plotting them to automate and transform intelligently. Identifying intelligent automation opportunities across customer onboarding, underwriting, claims management, deposits and loans, KYC, lending and customer service. Balancing between customer experience, risk, and compliance. Choosing the right technology stack that brings build-vs-buy advantages with the power of AI. #cio #cto #itleaders #bfsi #lunchandlearn #roundtable #access Tom Bailey Helena Mikhailova

Achieving technology leadership in insurance can lead to better performance on the dimensions of premium growth, expense ratio, and customer loyalty. Yet, only 5% to 10% of carriers consistently capture value from their data and technology investments. Discover how targeted investments in tech can create a virtuous cycle of increased value and market share growth. #Insurance #Technology https://bit.ly/3Yflpdb

#Automation in #underwriting streamlines complex tasks by reducing manual errors and enabling faster #policy approvals. By integrating data and delivering precise #risk assessments, insurers can offer customized coverage and improve customer satisfaction. The process ensures regulatory compliance and simplifies decision-making, especially in handling intricate cases. NLB Insurtech provides cutting-edge solutions to help #insurers stay ahead of today's dynamic underwriting needs.

I recently had a great conversation with the COO of a large motor insurer who is in the midst of a major transformation project. They mentioned, "The change and transformation in the industry is going to be a game changer for CX and customer retention." With new digital capabilities emerging from large-scale transformation projects, the industry is poised for significant advancements. Enhanced customer interactions, data and analytical improvements, and bespoke product offerings that can shift the focus from price competition to providing true value. What are your thoughts on the future of the industry and the impact of digital transformation? #insurance #insurtech #specialistrecruitment

#Insurtech companies are revolutionising the #insurance landscape by leveraging technological innovations to enhance #customer experience, providing insured individuals with efficient, personalised, and transparent services. As industry leaders emphasise the importance of accessibility, responsiveness, and hyper-personalisation, these digital solutions not only meet evolving customer expectations but also foster trust and satisfaction in an increasingly competitive #market. Learn more: https://lnkd.in/eA_jgUMP

Amid market shifts, technological advancements, and evolving consumer needs, the insurance industry saw its fastest growth since 2006. Yet, this impressive growth is also a story of transformation, influenced by high inflation and the necessity to adapt swiftly to a changing world.    Allianz Research’s new global insurance report explores how the insurance industry performed in 2023 and what the future holds. To stay relevant, insurers must broaden their value propositions, focusing on comprehensive solutions for risk reduction and avoidance. Embracing AI and other new technologies will be crucial in enhancing efficiency and customer satisfaction.   Discover more insights from the report here: https://lnkd.in/eQn_VQBc   #Insurance #Technology #AllianzResearch #Allianz

The Use of Insurance Analytics to Drive Value The calculation of risks and rates by insurers has traditionally been based on historical data. With the advent of digitization, insurers can now collect data at every stage of the customer journey, enabling them to make better customer decisions. Read More: https://lnkd.in/gwaq5YX2 #riskmanagement #insuranceindustry #predictiveanalytics #datainsights #businessintelligence #insurtech