Insure Think

The extraordinary events of 2020 have placed new demands on claims that have played an important role in accelerating the digital transformation in this area.

The key goal should be to help close the loop between innovation and utility, which is sometimes overlooked in a time of rapid technology expansion.

The most likely outcome is that it will fuel a transformation in the roles and responsibilities assigned to actuaries.

Depending on how you count it, there are at least eight different models for distribution in P&C, and variations within each of those.

About $5 billion has been invested in insurtech this year, and top-tier insurers have taken part in more than 60 deals.

By taking a collaborative and analytical approach to while using consumer insights to target, insurance companies can build an efficient path to growth.

I see the insurance industry going through many of the same challenges that we faced early on in e-commerce.

And where can insurers deploy them for the most value?

The goal of every claims organization has been and will remain quickly adjusting a claim at a low cost with high levels of customer satisfaction.

In addition to working with the Aon Rapid Response team, FedEx has looked toward using advanced technology to enhance their ability to expedite emergency response and recovery following an earthquake.

The best response to change is rarely a one-for-one replacement of a current product or business process.

The best way for insurers to maintain business continuity and thrive on the other side of current crisis is by getting smarter about people, processes and content.

As carriers, distributors, service providers and insurtechs consider how to adapt these initial pandemic responses into long-term strategies, we see heightened interest from investors to provide strategic support.

If long-term market trends were already driving greater demand for digital adoption, the COVID-19 pandemic has only served to accelerate them.

There’s little in business or in life that hasn’t radically changed in the last several months by COVID-19. As a result, most corporate CEOs and companies have had to shift their priorities as they approach month six of the crisis. Insurance companies with whom we work have put in place well thought-out survival strategies to ride out the storm and are now beginning to focus their attention on three things: lowering operating expenses, managing losses while optimizing underwriting excellence, and driving efficient growth.

Everyone was being pushed to take that leap of faith into the world of digital transacting so that they could remain at home and stay safe.

The carriers that use data and customer feedback to improve their products, as opposed to developing an awesome onboarding process or pricing scheme, will delight consumers today and will be ready to take on the challenges of tomorrow.

The efficacy of analytics and predictive models is now questionable because the potential for accelerated decay of those models is up due to COVID-19.

The Federal Highway Administration recently published success stories, one of which included the use of telematics technology in action.

To understand how the idea of dynamic risk assessment works, we first need to unlearn certain assumptions.

In the long term, a realignment of customer behavior will have a profound impact on life insurers.

Bias in underwriting also tackled in discussion at Insurtech NY.

The leap from thinking within a complex, ad hoc, ungoverned world to one of order and trust is hard for many carriers.

The complicated system of data collection, and identification of risk exposure is predicated on having accurate information about the subject (who) and the object (what).

Ppooling the same type of transactional data from multiple insurers can help paint a much clearer picture.

Digital Insurance remains committed to spotlighting women leaders across the industry.

By identifying "claims clusters," insurers can identify the hotspots where loss actually occurred and understanding the types of claims associated with a specific weather event.

Many processes that exist to support insurance, risk, and safety are historically paper-based and rely on ad hoc procedures that are typically solved by walking over to someone’s desk and “figuring it out.” This doesn’t work when everyone is home.

Now that accelerated underwriting has emerged from its infancy, there is an opportunity to move the conversation to best practices and competitive advantages

Some want to move away from profit sharing with insurer partners or backers, especially in personal lines with thin margins.

The large raises of insurtechs that closed out the 2010s aren’t likely to issue in a new decade of pure-play dominance or signal the demise of legacy insurers.

Insurtech has more to partner on than compete on, and we all have a greater chance of success when we find ways to work together.

The coronavirus outbreak is impacting the cyber risk landscape, with reports of maritime and offshore energy companies having faced a 400% increase in attempted cyber-attacks since the pandemic began.

You can think of it as two new endorsements that wrap around the traditional workers compensation coverage.

The focus of investment is going to transition in a way that reflects a new phase of development for the insurtech space.

Many insurers miss out on the full benefits of transformation programs for key reasons.

Agents who aim to become a true “digital powerhouse” should focus their attention in two key areas: digital marketing and streamlined self-service.

People buy insurance for peace of mind, and there are steps insurers can take to help further ease customers’ minds during this difficult time.

Computer vision helps us turn the vast amount of geospatial imagery generated by satellite, reconnaissance planes, and drones into geospatial intelligence to be used in risk assessment, loss prevention, risk management, and product innovation.

Start-ups and other companies have been working to develop tech innovations addressing extreme-weather disasters.

Failure to pay attention to accessibility can have several negative ramifications.

Productizing and monetizing insights into actions across the enterprise are the dividing lines between data science and traditional IT and actuarial organizations.

COVID-19 is going to have an effect on the economy and on business sentiment. But it’s also an innovation rallying cry to entrepreneurs and investors.

Electric cars are likely to have increased connectivity and reliance on data, sensors and software, including artificial intelligence, to manage vehicle systems and aid driving.

Wondering if my experience filing a claim will draw the right conclusions.

Technologies have enabled increasing precision as solutions evolved from postal code centroids to street level centroids to land parcel centroids.

How much do we really understand about users’ motivations to use digital products for improving health?

Ecosystem orchestrators and participants, such as car-sharing service vendors, could also collect and integrate massive amounts of data from different services

When building a successful digital marketing strategy, several guidelines should be kept in mind.

Helping insurers to use new and emerging sources of data to streamline or improve operations and processes, reduce costs, and boost efficiency.

Month-to-month changes in the insurance industry's fiscal outlook will impact digital choices.

If insurance companies are to catch up with today’s more mobile and tech-savvy customers and not lose market share to the so-called “insurechs,” they need to digitize - and fast.