Insure Think

Today’s data science models can be used to pick up on a wide range of related signals that predict a claim’s future.

Insurers will need to evolve their risk selection and pricing tactics as well as portfolio management practices.

Those who experienced the greatest financial distress from the pandemic intend to minimize future financial risk and uncertainty.

The digital future of insurance is a plane being built as it’s flying.

Not only does the quality of the data impact a carrier’s bottom line, it also affects their customers’ experience.

By tackling specific problems, carriers were able to keep the lights on during the pandemic.

It's easy to be excited by insurtech's prospects in the rapidly digitalized world, but the toll has been exceedingly steep.

Celent finds the two most important corporate goals impacting 2021 tech plans are growth and process optimization.

Key regulators, including several Senators and a Biden advisor, are focused on the issue.

During a time when consumers are driving less and auto insurers are offering credits, refunds and more, auto companies must be able to go beyond flat demographics.

Claims costs went up despite fewer miles driven, and other surprising results.

In virtually every scenario-planning session, the evolving workforce becomes a central theme.

Continuity and speed are just two benefits of payment automation, says VPay's Elisa Logan.

The benefit goes beyond compliance: It allows an organization to demonstrate that they are prioritizing the consumer's privacy expectations.

With the growing vulnerabilities and uncertainty of our highly globalized and connected world, actions in one place can spread rapidly to have global effects.

Embedded insurance solutions have become a key strategy that both insurance carriers and brands are turning to in order to stay competitive.

It’s been a great reminder to me that the industry can be stretched and challenged in a number of ways, and that it may require more of this type of risk taking at a micro scale in order to better manage the macro risks we all face.

To help insurers better understand COVID-19’s impacts, TransUnion recently conducted a survey of U.S. consumers with active auto, homeowners, renters and/or life insurance policies.

Has insurance's 'noble purpose' ever been more relevant to society than now?

Digital Insurance is surveying our readers to kick off 2021 with late-breaking, actionable industry data.

In 2021, carriers will look for more AI needles and fewer data haystacks.

Insurers will be able to generate smart insights to help them transform their offerings.

Photos can be used to drive claims decision-making and can also enable touchless claims handling.

The appeal of telematics to insurers lies in its potential to improve loss ratios through active engagement with policyholders.

The industry can create a new path toward solutions and services under which our customers can thrive, says Aflac EVP

Some significant changes are occurring in strategies as insurers consider the new realities of the business environment, risk landscape, and workforce shifts.

Insurers should observe how digital attackers operate in customer acquisition, analytics, technology, and talent to support their new initiatives.

By executing the time-consuming and often tedious back-office processes that constitute much of agency work, automation can expedite agents’ workflows.

Carriers who succeed will have found ways to harness their customer-interactions and data to optimize product pricing and features to address customer need.

Business optimization continues to be the top driver of strategies, as it has been for the last several years.

Insights from AI can help close the customer experience gap by providing auto insurance carriers with the ability to generate personalized touchpoints in real-time

According to research from Life Happens, 67 percent of Americans say the pandemic has been a wake-up call for them to examine their finances – and to look into life insurance.

The terms 'digital' and 'data' are often conflated or are used interchangeably, but they represent very different facets in the journey companies are taking.

When choosing a data model design pattern, it’s important to understand both the problems and the potential solutions the design pattern offers.

The pandemic has uncovered some little-known facts about remote work that insurers and related organizations can capitalize on.

AAU enables underwriters to spot patterns and connections that are either invisible to the human eye or which take normal, human-assisted processes large amounts of time and resources to identify.

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.