Blockchain

Carriers are able to leverage delayed flight information to provide customers with various other options of travel, similar to the hospitality online marketplace.

Applications include the faster delivery of claims payments, identifying fraud and leverging connected IoT data for improved actuarial models.

The commercial insurance broker's pilot, in partnership with IBM and ACORD, is the second such initiative in the P&C sector.

Carriers are taking more serious looks at next-generation technologies like wearables, blockchain and artificial intelligence.

The technologies are top of mind for the carrier in its efforts to modernize underwriting and claims management, says Puneet Bhardwaj, SVP of digital analytics.

New business models based on blockchain and cognitive intelligence are coming, which will lead to the introduction of smart contracts for greater efficiency.

The pilot program will be used in a cross-industry initiative designed to improve and validate the information in provider directories.

Using this technology, traditional data flows would be transformed because data integrity could never be accidentally or maliciously altered.

There will be widespread adoption of AI and especially of robotic process automation, as organizations look to boost the value of data, says Christopher Mazzei.

Carriers who develop internal innovation capabilities can outrun disruptors thanks to industry knowledge and information resources.

Companies will invest in building out and owning datasets, learning things about their customers that no one else does, and delivering exactly what those customers want and need.

One in four firms now make regular use of artificial intelligence and many are interested in the potential of other emerging technologies, says CompTIA.

Core system vendors like Guidewire, and Majesco have announced new digital capabilities that could significantly change how insurance technology firms compete.

Tech execs have become less certain of their ability to satisfy end users.

Rather than facing a simpler tech environment where the investment choices are obvious, it appears the insurance industry is at a point of inflection where the old established world may have to give way to the new.

The auto insurer will be the first to integrate with a platform that will simplify real-time verification of coverage.

The consortium already has 20 members exploring distributed-ledger technology, says executive director Chris McDaniel.

Blockchain may well become foundational to the business world and pervasive in insurance, but it is likely to evolve gradually over the next decade.

Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.

Artificial intelligence, intelligent apps, immersive-experience devices among Gartner’s technologies to watch.