Insure Think

Questions like processes to know the customer, appropriate security, and reliable counterparties must still be answered.

Many insurers are hesitant to invest in AI without proof that these theoretically smart systems will yield real-world returns.

Finding critical data in a sea of company data can feel daunting. Start by creating a data inventory to help identify potential 'data hotspots,' recommends Matthew Nelson.

Carriers must also digitize processes to meet agent expectations such as ease of doing business and servicing.

Because the GDPR requires an opt-in system, insurers must request, receive, and capture customer consent in a secure, referrable way.

Culture matters in making a shift to digital, says Dr. Balaji Krishnamurthy, who was cited by TIME magazine as one of 25 key Global Business Influencers.

We observe that many people never answer voicemail, virtually ignore emails, and throw away mail without even looking at it. But how do insurers communicate with policyholders and agents?

At EY, we are engaged in research about the technological and societal “revolution” that will succeed our current Digital Age, which is being called the Neuro Society era.

Shared-mobility platforms will pus to think dynamically, such as pricing each mile for how it’s actually used.

Insurers see smart home tech as an opportunity to deepen their relationships with customers, while improving coverage options and underwriting.

While AI already impacts many areas of our lives, the majority of businesses are only beginning to understand the potential of AI for their industries.

Newly available data, together with machine learning, can help us better refine our risk prediction.

AI is slated to provide a large source of value and a key driver of competitive advantage going forward.

In insurance, the need to preserve existing technology investments must be balanced with shifting consumer expectations.

Food and animals provide fertile ground for founders, but are those the best choices for new companies?

2017's active hurricane season provided insurers with a wealth of information to help transform claims. The 2018 season's first big storm will show how far the industry has come and provide a path forward.

The consumerization of healthcare establishes an environment where shopping for insurance should be similar to an online retail experience.

Every policyholder wants to talk to someone at a time of great stress, and tech can enable and improve those interactions rather than replacing them.

There are more than a few IT execs leading their firms’ move to speed and innovation in customer experience. VGZ Cooperative is one such firm where this is happening in spades.

Data, or even technology, for its own sake without a clear line of sight to a social or business outcome could be a terrible waste.

Savvy IT execs earn their reputation by talking more about business value and business change than servers and infrastructure.

In late June, California passed A.B. 375, the California Consumer Privacy Act of 2018, a sweeping piece of legislation that, on its face, grants California residents data privacy rights that have never before been granted in the United States.

AI bias may come from incomplete datasets or incorrect values. Bias may also emerge through interactions overtime, skewing the machine’s learning. Moreover, a sudden business change, such as a new law or business rule, or ineffective training algorithms can also cause bias.

Demand for data scientists is at an all-time high and will continue to be at record levels in the coming years while these professionals become more scarce.

Creating a sense of having a stake in the outcome of the organization is one of the roots for innovative thinking.

The number of installed connected devices attributable to commercial insurance is rising quickly, but more traditional mobility items are also part of the strategy.

Initiatives such as telematics, AI-driven fraud detection, mobile estimates, and RPA require a cohesive enterprise.

The term 'information management' might sound interchangeable with 'data management,' but it's not — information is one step closer to being usable. Information is 'organized data,' which means it's eminently more valuable to your company or organization than raw data from any analytics dashboard.

While it is possible to pair robotic-process automation technology with machine learning technology, it’s important to consider them separately.

insurers are investing significant efforts into understanding how AI, computer vision, IoT and more apply to their businesses

Traditional approaches are way too time consuming and they miss the big picture.

New, visual development platforms are accelerating app delivery to support digital business transformation.

Software reviews should take performance metrics into account, but unless you're monitoring real user behaviors and outcomes, you're not going to get a passing grade.

To succeed with its initiatives, the insurer empowered its employees.

Like all other insurers, health payers can reap the rewards of digital transformation and emerging technologies.

CIOs must also reshape the technology team to nurture and grow the application of digital as a strategic asset of the business.

Effectively securing this valuable data requires a high level of diligence on behalf of carriers and their partners.

Many carriers apply data analytics and artificial intelligence to stay on top of workforce requirements.

When advancing digital capabilities in a tactical fashion, flexibility must be a core project goal.

The technology is a great case study in how the modern industry is leveraging technology.

Since CEOs are now at least asking about digital transformation, and every technology vendor now claims expertise in digital transformation, it’s time to burst a few of the myths surrounding digital transformation.

Carriers are ahead of other industries in leveraging unmanned aerial vehicle technology for some very good reasons.

As insurance professionals, it’s our duty to think like we own the company, and explore and validate every potentially innovative idea

The technology provides a valuable tool to help the business line adapt to varying consumer expectations.

Insurers should be considering an enterprise location strategy as an important element of their overall business strategy.

U.S. universities offering IT courses that cover compliance issues must change their thinking just as U.S. businesses will have to do and must now adjust curriculum to a global outlook.

Many carriers face major roadblocks when it comes to finding the right skills and talents for digital adoption.

The distributed-ledger technology promises to streamline processes like claim management, pricing transparency and actuarial management.

To thrive, insurers need systems that embrace change and transform it to business value or face potentially dire consequences.

Almost half of companies surveyed by SMA assume that tech giants like Amazon will play a significant role in selling auto and homeowners insurance.

Deals of all sizes, including XL Catlin and AXA, are informed by a the need to transform operating models across the sector.

With the ability of artificial intelligence to arrive at its own conclusions, governance over the machines is critical for the sake of business executives and customers alike.