Insure Think

It is a powerful positioning for insurance carriers to view themselves as data companies first, incorporating that information across all facets of the organization.

As businesses continue to embrace innovation, the following five trends should remain top of mind for organizations looking to continue to drive their digital transformation initiatives in 2019.

Can insurance companies achieve the same level of importance as Apple in their customer’s lives using digital techniques?

Technology must simply be one of the ways we create a seamless and positive customer experience.

Getting started with RPA may look different from business to business, but designing a proof-of-concept project is often the best way to jumpstart RPA efforts in your organization.

Carriers must think about the initial investment to build digitally, and the continuing commitment to development and innovation, says past WIL winner.

The insurance industry is a leader in having a shared digital vision to meet digital business aspirations, but there is much to be done, when it comes to rethinking the business model and institutionalizing digital capabilities.

The real challenge finding data scientists is not in finding the individual contributors, but instead in finding their managers.

As sci-fi author William Gibson said, the future is already here. It’s just not evenly distributed.

Upheaval in product development and new offerings made possible by connected devices mean insurance's 'moment of truth' is evolving rapidly.

Across the industry, carriers report that basic third-party data capabilities are common and that pilot activity is high.

Machine learning adoption has been growing at a rapid pace, and there is no end in sight. Recent forecasts say pilots and implementations, as well as investments, will increase 400 percent by 2021.

Despite the strong and inherently negative narrative around the impact on jobs, the bulk of the impact from the automation of work through AI will result in a 'displacement' of work not a 'replacement' of work.

insurers have an opportunity to use the same data integration techniques for data prefill to automatically integrate data into more complex lines of business.

A chatbot might very well be a slower interaction than a well-designed portal, but there is other value.

For the first time ever, emerging technology investment has superseded customer understanding as the No. 1 thing firms want to do to be more innovative.

Using APIs and microservices to modernize service offerings results in fewer layers of complexity.

Massive-scale catastrophes like hurricanes and fires benefit from an overhead look at the affected region.

The recent ISACA-CMMI Institute cybersecurity culture research illustrates the accomplishments and gaps that are seen in the cybersecurity culture of many organizations.

Exploring why the life insurance industry must reimagine its relationship with policyholders as it faces disruption.

Carriers are making big investments in customer experience, but still have a number of holes to patch, Celent analyst finds.

The problem comes when hackers use authorized additions to the blockchain as cover to disguise and attach malware aimed at attacking the blockchain from within.

While most executives expect AI to have a transformative impact on economic growth and competitiveness, executives may need to temper near-term expectations.

For AI in insurance, the conversations have moved beyond the use cases and on to the pragmatic details.

Technologies such as autonomous vehicles, AI, wearables, the Internet of Things, and more have emerged as power players.

There are several pressing issues related to the IoT and data transparency practices. These problems concern both businesses and consumers using IoT devices.

The transition to cloud inevitably changes an organization’s daily business.

Insurers in the line of business are innovating in many areas including quoting, servicing, claims, and the overall customer experience.

A Women in Insurance Leadership nominee talks about building camaraderie.

A few recent examples illustrate the new interest in insurance from those both inside and outside of the insurance industry.

Companies transforming the sector provide stable returns and a transformative future based on data.

A quarter of commercial insurers are now leveraging AI, and other new entrants are picking up steam as well.

Many carriers are leveraging some type of artificial intelligence to solve widely variant business problems.

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.