Insure Think

In the past, speed was not critical for an insurer’s success. Today, the speed and agility of insurtechs are pushing traditional insurers to move swiftly.

Listening incorrectly to your metrics can sabotage your team in the growth stage.

A year-long pilot in Sacramento will enable members to get free rides to medical appointments, lab and radiology visits and to pharmacies.

Insurtechs are working to help consumers access coverage as risk grows and the National Flood Insurance Program struggles.

Departments of Motor Vehicles across the United States have been selling personal information to thousands of companies, including insurance agencies, towing companies and even private investigators.

Even for those who see the ultimate goal of data integration to be creation of a single customer view, nearly 40% are unsure as to when they’ll achieve it.

The issue here isn’t the source of the data; it’s that somewhere along the way, users’ functional and emotional goals aren’t being met.

The best integration plans contain system level standards, practices and enhancements of continuous improvement, continuous delivery and non-CI /CD system software.

While U.S. tech spending this year is less than the growth in 2017 and 2018, it is still relatively strong. But there are more downside risks than upside potential ahead.

Like bedroom closets crammed full of outdated clothes and unused gifts, legacy core systems in some organizations have become vessels of useless clutter.

In order to be a great data scientist and to land the job you want, you have to think about what your employer is looking for.

More good news is that the development of connected cars is making it easier to find new products and services to offer policyholders.

IT and data leaders are constantly challenged to keep up with new trends in emerging and disruptive technologies, and to determine how each can best aid the organization.

Many customers who bundled indicate lower satisfaction related to the combined experience.

Insurers need to press forward with creating new products that cater to autonomous vehicle owners, including commercial fleets.

Technology infrastructure and carrier cultures need to be adapted to fully realize digital's promise.

Old fears like channel conflict don't have to apply because the audiences for digital and traditional outreach differ.

As digital business grows across all industries, and data privacy continues to pose a significant risk to enterprises, the growing need for security includes a reliance on trust in digital identities.

It’s no accident that we’re seeing cities become targets. These organizations are traditionally viewed as being slower than the herd.

Geospatial data makes it possible to use point-to-point mapping apps to reach unfamiliar destinations, track incoming flights before heading to the airport or even check weather forecasts.

Ensuring the quality of data becomes increasingly important so that organizations don’t wind up making bigger mistakes.

Jordan Bazinsky of Cotiviti says the need to inherently trust information is essential to gain trustworthy insights.

Seven in 10 insurer has begun exploring the cloud, but each carrier has business goals, staffing, applications, and processes that uniquely define their deployments.

The improvements insurers are seeking in terms of data-driven decision making can’t be denied.

While the first wave of disruption was about thumbing noses at big institutions, the second wave has been about complementing the offers of carriers and other fintechs.

Carriers need to reimagine the entire customer experience, creating a living feedback system for customers so that they can know where they are meeting expectations.

According to recent SMA research, half of P&C insurers state that their company is in “transformation mode.”

NCCI research points to automation, robotics, and continued advances in safety as contributing factors to a decrease in claims frequency. However, severity is up -- and wearables could help.

Digital execution plans will often feature speed, agility, and minimal viable products -- or experience.

This dynamic and fast-paced environment presents numerous challenges to loss-control efforts, both from a technical as well as a behavioral standpoint.

The key challenge is to accelerate the process without sacrificing the value traditional underwriting adds, writes CIO of Prudential's individual life and annuities unit.

In measuring the volume of data, we have blown past exabytes and are now calculating volumes in zettabytes -- an explosion that's upending traditional processes.

Chief data officers are being appointed to oversee governance efforts, articulating a data vision, defining a data strategy and driving execution.

It need not (in fact it should not) be an overly complex burden that adds controls and obstacles to getting things done, but a practical thing, designed to proactively manage the data that is important to your organization.

An insurance company that can offer its policyholders a low-stress solution involving as much automation as possible—thereby circumventing as many subjective human factors as possible—will have a significant competitive advantage over others.

By redefining customer engagement through proactive risk mitigation, the home insurance insurtech’s leadership believes the industry is ready for a change.

Industry 4.0 was already underway before AI, 5G and the IoT became household buzzwords. But now that they're here, they're accelerating the rate of transformation like never before.

AI has the potential to make our lives safer and easier, if we train the systems to be inclusive and use them wisely.

Getting an architectural artifact translated into a practical system implementation has always been problematic, but it doesn’t have to be.

The state of ransomware demonstrates that no organization, municipality or person is immune and that the threats are getting worse.

In order to compete in the age of the customer, your data strategy must be top-flight. The vast majority of firms come up short in this regard.

To reap the full benefits of AI, there’s an entirely different type of AI we should be exploring that’s been largely ignored. It’s specialized (or augmented) intelligence systems.

Many organizations start their analytics journey eagerly, but without a clear strategy. This approach often leads to failed pilot projects, which have not provided the needed insights to answer business questions.

Distributed ledger technology can improve the ease of access to various records and reports such as motor vehicle, CLUE, and credit reports; as well as court records.

Here are some changes - attitudinal and operational - that organizations need to undertake today to get the most out of ML and AI in the near future.

Unlike CIOs of old, today’s technology leaders may have to set aside personal and professional opinions, embracing a range of resources, tools, and processes versus one set in stone, universal approach.

Cloud adoption has more than tripled over the last three years for insurance carriers, primarily because it is the true digital facilitator.

The use of drones combined with AI technologies, like computer vision, are allowing many industries to automate or assist with what would have previously been arduous tasks.

Packaging coverages to create more options, simplifying applications, and offering video chat during the claims process are just a few examples of innovation.

Carriers have seen how insurtechs are looking to attack the sector, and are now pivoting their strategies to match.

If we, as an industry, continue to seek only incremental change, we will wake up in three to five years to discover that we have missed out on opportunities to advance.