Automation

Labor challenges are driving insurers to rethink how work gets done.

Nearly 80% of respondents suggest insurtech has had a positive impact on their agencies.

Some states have begun using the technology or are considering it to find uninsured drivers.

Automation can uncover new opportunities to improve the way insurers do their jobs.

Automation is well-positioned as a maturing technology that facilitates digital transformation without jeopardizing customer service.

Almost half of the five-star ratings mentioned a good experience with an adjuster as the primary reason for satisfaction in a claims process, according to the customer satisfaction surveys analyzed by Hi Marley.

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.

The P&C industry has been on an automation path for many years. When the pandemic hit, it became a catalyst for accelerating automation and digital transformation.

What’s driving your digital claims transformation program: COVID? Competition? Or cost? Whatever the answer, we could be in danger of leaving the customer out of the equation in the rush to digitize and automate insurance processes. It could be time to take a more user-centric approach, reimagine the customer journey and find out what customers actually want.

In other news: Hippo launches Builders Program; handdii wins the 2021 ACORD Insurtech Innovation Challenge New York; Blockchain-backed title insurance launches in five states.

General Manager Amrish Singh on how the company maintains a distinct strategy from the insurance business.