Automation

In 2020, natural disasters, excluding COVID-19, caused a total of $76 billion in insured losses, as opposed to the $7 billion in man-made insured losses. Companies must prepare to meet the demands of an increased customer base, including facilitating an easy claims process and expanding digital access.

The pandemic and industry challenges that lie ahead have fast-tracked innovation and a push for much needed modernization in the industry.

Insurance companies are rolling out digital capabilities to revolutionize the claims process. Are customers coming along?

In other news: Online embedded insurance, Bubble launches; Obie partners with Munich Re company; Nintex, Insuresoft team up on digital transformation.

Research shows rapid adoption of predictive algorithms and digital identity technology will stem the pandemic-driven fraud deluge. Insurance fraud causes more than $80 billion in losses annually in the U.S. alone, according to the report.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

There are vital aspects of business that have virtually stagnated despite the high-tech breakthroughs all around them. In insurance, it’s easy to spot: the process for managing risk transfer still relies on technology better suited for the 20th Century. It’s time for an upgrade.

In other news: AgentSync acquires Finvera; Cart.com teams up with Extend; SkyWatch launches usage-based insurance with Global Aerospace.

Success demands an innovation-driven formula with four main components: speed, accuracy, scale and customer experience. To do this and change the economic equation, here are five efficiency strategies recommended by Verisk.

Insurance blockchain working group The Institutes RiskStream Collaborative has partnered with Trustlayer to build out an insurance verification proof of concept.