Insure Think

Moves from Allstate units Answer Financial and Arity, as well as MassMutual, illustrate increasing value of analytics expertise outside core insurance products.

Carriers need to combine traditional initiatives, such as business intelligence and core modernization, with investments in insurtechs.

Developers can now really push the limits of their artificial intelligence platforms, giving them not just more human-like and life-like speech patterns, but also more accurate responses.

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

Biometric and mobile technology offer carriers opportunities to engage customers more often and with more value.

CDPs enable reliable and standardized data to inform consistent, data-driven customer engagements, which is where data becomes information.

Insurers can expect to receive a lot of update requests during the claims process, and should turn to AI to process them efficiently.

The industry is not just building for prime, low-risk, high-end customers: The more sustainable value comes from a little bit of revenue from a lot of customers.

Innovation teams understand that the connected world is evolving rapidly, and that competition is coming from industry newcomers as well as incumbents.

We have seen solutions with a specific focus are easier to utilize in practice than general solutions that look to leverage an emerging technology for multiple use cases.

Skill shortages, funding issues and other structural problems hamper efforts to modernize systems and processes for insurance companies.

Incumbent insurers are becoming more active than ever in the insurtech sector, defining its path.

True benefits of RPA are only possible with a logical implementation plan backed by a thorough governance framework and strategy.

Carriers will need someone who owns data at an enterprise level to ensure effective governance.

When RPA platforms are integrated with chatbots, they open the possibility for chatbots and voice bots to handle more complicated, less routine driven tasks in real time.

No matter how much data is available, there needs to be a cadre of professionals who make sure AI and analytics systems are on target.

Insurers are leveraging connected devices to solve a wide range of customer issues.

Without a clearly articulated set of business value metrics for IT, it can be a challenge for leaders to create compelling business cases for new investment opportunities.

The adoption of machine learning and the need for access to data beyond just data science team is changing how many firms approach information warehousing.

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.

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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.