Sphere’s Post

Zywave chief technology officer Doug Marquis writes about the risks and benefits of new digital technology in insurance. “AI enables insurers to look at a wider set of data than that traditionally provided by cedents, which is not always reliable. More data gives the underwriter a more detailed picture of the risk involved and allows for a more customized approach,” Marquis writes. “Using AI, then, makes eminent sense. But sound data hygiene is essential to prevent risk.” https://bit.ly/43BE5EH #AI #IoT #insurtech

Streamlining insurance data entry with a hybrid approach of automation and human oversight. 👉 Learn how to increase efficiency and accuracy in our latest blog post: https://lnkd.in/g9hTf7AB #InsuranceTechnology #DataAutomation #HybridWorkflow #insurancedataentry #dataentryservices

Data Monetization: The Next Frontier for Insurance Firms Was fun writing this piece with: Ajay Mangilal Jain and Pankaj Gupta. The insurance carrier and brokers are under existential threat from re-insurers and outside players. At the same time, new data sources like behavioral analytics, IoT, and non-traditional external datasets create opportunities and threats for traditional carriers, brokers, and re-insurers alike. There is no doubt that the insurance data ecosystem is changing rapidly. Carriers need a new market perspective and a plan to leverage emerging data strategies to monetize their data. With firm data strategy foundations with GenAI scalability in mind, players in this space are doing some clever things to unlock new revenue lines working with us... See this space through our lens. #insurance #dataandanalytics #artificialntelligence #data for #genai #datamonetization Sriram Narasimhan, Raju Gopalan, Ajay Upadhyay, Ashish Sharma, Pushpa Ramachandran, Balasubramani Harikrishnan, Sukhvinder Phalora, Soumya Chowdhury, Harini Bharadwaj, Prakash K., Jayakumar Rajaretnam, Hema Jagadeeshan, Hema Hariharan, Kaushik Sanyal, Soudarsanan Ramaswami.

Insurers that continue to evolve their risk modeling gain a competitive edge in underwriting and risk management. Check out a new article, by Guidewire's Tammy Nichols Schwartz, that explores the future of risk modeling, and learn how AI, machine learning, and real-time IoT data will drive more accurate and resilient decision-making. 💡📊 https://lnkd.in/g5_7Ch3c #Guidewire #HazardHub #insurance #riskmodels #catastrophemodels #WildfireRisk #AI #innovation

🔖 Imagine a world where your insurance knows you as well as you know yourself. 📜 In 2024, this isn’t just a dream; it's becoming a reality. The trends we’re seeing are not just incremental changes—they're game-changers. 🚨 Let's explore the trends that are reshaping the P&C insurance landscape in year 2024. 🏅1. Smart Underwriting : Predictive analytics and IoT devices are enabling precise risk assessment and pricing, speeding up customer onboarding and cutting costs. 🏅2. Generative AI : AI is automating tasks, improving risk assessments, and personalizing customer interactions, strengthening relationships and reducing costs. 🏅3. Cloud Technology : Cloud adoption is enhancing efficiency, scalability, and security, ensuring seamless customer service and robust operations. 🏅4. Sustainability & Inclusivity : Insurers are prioritizing ESG initiatives and reaching underinsured communities, boosting profits while benefiting society and the environment. 🏅5. Mobility Insurance : Partnerships in mobility insurance are enhancing customer experiences and reducing claims through better solutions. 🏅6. Low-Code/No-Code Platforms : These platforms are speeding up digital transformation, integrating old and new systems for faster innovation and improved customer experiences. 🏅7. Digital Twins : Virtual replicas of physical assets, or digital twins are enhancing risk management and pricing accuracy. 🏅8. Quantum Computing : Quantum computing, though early in its development is promising to revolutionize risk modeling and claims processing. 🏅9. Improved Risk Assessment : Advanced tech and data strategies are refining underwriting techniques, enhancing risk assessment and efficiency. 🏅10. Embedded Insurance : Embedded insurance models are focusing on providing timely, relevant protection, ensuring long-term customer loyalty. On the basis of these developments we can safely predict that P&C insurance industry is on the brink of a transformative era and these new trends would drive innovation and resilience in 2024 and beyond. Check out the complete report by Capgemini for an in-depth look at these trends and their impact. 🔽 #Insurance2024 #DigitalTransformation #AIinInsurance #Sustainability #CloudTechnology #PredictiveAnalytics #InsuranceInnovation #QuantumComputing #EmbeddedInsurance #MobilityInsurance #LinkedIn

→ How can insurance agencies remain significant in the digital era? → What tools can they use to update their services? → How can they fulfill the demands of the contemporary customer? These are good questions... But they're not the focal points #insuranceagencies should be zeroing in on. The actual question is: How can they create a flawless digital experience that enhances the customers' journey? The insurance sector has been operating in the same manner for decades. However, with the digital revolution, it's adapt or be left behind. The contemporary customer craves efficiency, simplicity, and customization. They want to handle their insurance online, receive quick quotes, and have their requirements met with tailored offerings. So, how do insurance agencies fulfill these demands? By adopting digital tools like CRM, chatbots, reporting software, and more. It's not about incorporating every tool available—it's about selecting those that genuinely enhance your customers' experience. And yes, there'll be challenges. Introducing new tools can appear intimidating. With clear communication, good training, and regular feedback, these challenges can be managed. The future of insurtech is upon us. AI, APIs, IoT, embedded insurance, and customer-centric design aren't just trends. They're the new standard. And agencies that adopt these technologies early will gain a competitive advantage. So, start your digital transformation today. And if you need a quick win, try Canopy Connect. We're a game-changer for verifying and collecting insurance information.  Remember, it's not about acquiring more customers. It's about creating a superior experience for the ones you have. Because when you add value, customers will follow. #digitaltransformation #insurtech #customerexperience #AI #canopyconnect #insuranceindustry #insuranceinsights #insurancenews

In the dynamic world of insurance, technological innovations are reshaping the industry's landscape. From leveraging big data for personalized policies to employing AI for streamlined claims processing, technology is revolutionizing the way insurance services are delivered and experienced. This digital transformation is not just enhancing efficiency but is also making insurance more accessible and user-friendly. ▪️ 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐁𝐢𝐠 𝐃𝐚𝐭𝐚: Big Data analytics enables insurance companies to tailor policies to individual needs, offering more accurate and cost-effective coverage. By analyzing vast amounts of data, insurers can better understand risk profiles and customize their offerings, making insurance more relevant and affordable for consumers. ▪️ 𝐀𝐈 𝐚𝐧𝐝 𝐌𝐚𝐜𝐡𝐢𝐧𝐞 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠: Artificial Intelligence and Machine Learning are at the forefront of automating and expediting claims processing, fraud detection, and customer service. These technologies are transforming the traditionally time-consuming insurance processes into fast, transparent, and reliable experiences, increasing customer satisfaction and trust. ▪️ 𝐈𝐧𝐭𝐞𝐫𝐧𝐞𝐭 𝐨𝐟 𝐓𝐡𝐢𝐧𝐠𝐬 (𝐈𝐨𝐓) 𝐢𝐧 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭: IoT devices are increasingly being used to gather real-time data, which is instrumental in risk assessment and prevention. From telematics in auto insurance to health trackers in life insurance, IoT is enabling insurers to assess risks more accurately and encourage proactive risk management among policyholders. As we continue to embrace these technological advancements, the future of insurance looks more personalized, efficient, and secure. #businessdevelopment #softwaredevelopment #consulting #techcompany #fintech #BFSI

🌟 Insights shared by Henrik Allert from Insurtech Insights 2024! 🚀 From AI's transformative potential to environmental risks and the evolving role of insurance, here's what's shaping the future: 🤖 AI: Generative AI is revolutionizing productivity and customer interactions. 🌍 Global risk: Urgent attention needed on extreme weather events and biodiversity loss. 🔄 Insurance evolution: IoT and Telematics are reshaping risk assessment. 🔮 Future focus: Quantum computing and mixed reality tech are game-changers. #Insurtech #AI #EnvironmentalRisk #Innovation#CCM

Today's customers demand a claims experience that's lightning-fast, transparent, and tailored to their needs. Can you deliver? https://lnkd.in/eVzuB5nD Join our FREE webinar, Claims Reimagined: Meeting & Exceeding Customer Expectations in the Digital Age, July 30th at 11am EST to discover how to transform your claims from a pain point to a profit driver. Here's what you'll learn: The latest trends shaping customer expectations Cutting-edge strategies for a seamless digital claims experience How to leverage technology to boost efficiency and reduce costs Who should attend? Anyone involved in insurance claims who wants to stay ahead of the curve and deliver exceptional customer service. Our all-star panel includes: - Jon Thornton, VP Claims Strategy & Transformation, Westfield - Ryann Foelker, Strategy Design Director, American Family (AFICS) - Greg Hamlin, SVP, Chief Claims Officer, Berkley Industrial Comp - Kathryn Turgeon, Head of Life & Annuity Claims, MassMutual - Eileen Potter, VP Marketing for Insurance, Smart Communications Don't miss this opportunity to learn from the best and revolutionize your claims process. Register now: https://lnkd.in/eVzuB5nD #insurance #claimstransformation #customerexperience #insurtech #webinar

Staying ahead of the technology curve is no longer a luxury; it's a necessity. Navigate this dynamic field with our new report: Top Insurance Technology Investment Trends for 2024, featuring data-led insights and infographics taken directly from our survey of 500+ insurance carriers. Download the report here 👉 https://lnkd.in/eq3m4-pD Key findings from the survey include: 📈 Customer satisfaction, operational efficiencies and opportunities for growth are the three most prominent drivers for investments among insurance organizations today. 🤖 Analytics, automation, and digital portals are the top three technologies that insurance providers are planning to invest in over the next two years. ☁️ There is falling investment sentiment for cloud storage technologies, whilst Artificial Intelligence (AI) is on the rise.