Insure Think

Insurers must consider how to incorporate digital transformation, insurtech and emerging technologies into their business and technology strategies.

Insurers looking to leverage automated, AI-driven customer communications need to make sure they offer value.

Carriers have to innovate more aggressively to match up with challenges to their business from companies like Amazon.

Industry partnerships lower the cost of going digital for incumbents, while also providing an extra revenue source for startups.

As the number of connected devices increases, so will the vulnerabilities that they are laced with, not to mention the potential impact these could have if exploited.

Three titans announcing their entrance into the healthcare sector put a scare into the insurance industry. Here’s how carriers can mitigate the damage.

Organizations are producing larger amounts of information than ever before and there needs to be efficient ways to categorize and interpret it all. That’s where artificical intelligence comes in.

While the industry is concentrating on smaller plays right now, artificial intelligence has transformative implications for carriers and policyholders.

There will always be a need for informed agents to provide the human touch that distinguish insurance as a people-centric industry.

A increasingly digital – and ever-warmer – world is having an impact on how insurance companies identify and price risk.

Tech leaders note, however, that technology can't succeed without organizational incentives that focus on customer engagement.

Effective managers are analytical leaders who are adaptable and possess systematic and methodological ways to achieve results.

Many agents and brokers understand that a robust analytics strategy is crucial, and are responding.

Insurance companies have the opportunity to create new sources of revenue by rethinking their traditional roles and adopting an ecosystem mind-set.

Insurers and insurtechs have an opportunity to join forces in raising the profile of the industry as a digital destination.

The rise of serverless computing, a bigger balance between cloud and local systems, and renewable energy adoption are among the priorities for a growing number of organizations.

A review of the list of startups included in two insurance technology winter accelerator programs shows that almost half are headquartered outside of the U.S.

This year will unleash a major disruption for the analytics and information management space. It will upend decades worth of accepted practices and introduce new winners and losers.

Carriers can take their digital cues for the year from the dominant topics at the gathering of technologists.

If you are an owner of insurance technology ecosystems, and are wondering what to do, the answer is patch.

If insurtech is to truly transform insurance, it must ultimately affect the key financial metrics of the industry.

There will be a shift from products that change consumer experience to core solutions that will bring greater efficiency to an industry, says XL Innovate expert.

The insurance industry faces a couple of big hurdles: risk aversion and a culture that is also very averse to change.

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

Enterprises realize that if they can refocus their resources on their core competency, they would be much more competitive in their respective markets,

Several ‘digitally native’ insurers have laid the groundwork for growth. The industry will be on the lookout for a transcendant entrant.

Among the many challenges facing the insurance industry, none might be more critical than finding and keeping strong tech talent.

While the concept may seem bewildering, it actually is based on a basic six-step process.

Car accidents are rising, and with them, insurance losses. Here's how carriers can adjust.

As more AI applications emerge, the corporate database will evolve to support them.

Although most insurers have a running start at digital transformation, most do not have the capacity to partner with the likes of an Amazon.

Even if the end goal is to have chatbots available across all modes of support and service, such strategic projects start best with tactical investments.

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.

Managing information in a digital world is as complex as the digital workflows supporting the efforts.

ISPs aren't likely to risk the poor publicity or liability concerns that would come from restricting traffic from home-protection or health devices.

The new focus will be on the information that business users and business-focused analysts can utilize in their everyday decision-making.

Insurers face the risk of investing too heavily in RPA if they treat it as a long-term solution rather than a temporary fix.

There is no question that understanding the technologies themselves are important, but it is about what the technologies mean for customers, risks, and operations.

And insurers are ready to feed that beast, as initiatives at MetLife and others show.

Many organizations are harnessing only a fraction of the potential value of analytics and thus missing out on the chance to turn insights into a competitive advantage.

Major business intelligence providers are building tools designed to introduce more employees to data analytics, with a focus on three key areas: accessibility, collaboration and consumability.

When moving away from familiar systems and deploying something new, a failure to plan properly could be disastrous.

Efforts to make AI more accessible also may alleviate the shortages of data and computer scientists.

Carriers need to be more on notice than ever that marketplace could change rapidly after Senate tax bill passes with repeal included.

Investing in a company via a fund is a different level of involvement from incubating a startup.

The industry's human element is an asset that can’t be abandoned, especially at a time when disruptors are attempting to come in from all directions.

A cybersecurity governance group with multiple stakeholders will help the organization understand security initiatives and align them with the business.

Advancements in natural language processing and machine learning algorithms are enabling machines to create human-like, digital conversations.

Both parties have good intentions, wanting to do what’s best for the organization, yet conflicting priorities and viewpoints make them frequently go head to head.

Many of these dangers stem from the increasing reliance of financial services companies on outside technology firms.

The range of technologies that are part of the AI family give carriers a lot of options in using it.

Because they gather and hold so much data, carriers enjoy a supreme advantage as data-driven models take over.