Automation

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.

Half of insurers that have already adopted accelerated underwriting report payback periods of less than a year.

COVID-19 has shown us that technology can rapidly evolve to meet customer needs, in areas from contactless payments to digital banking to mobile wallets. However, we still see great disparities when it comes to the use of contactless and digital banking by low- to moderate-income (LMI) workers. The question is, will emerging tech in the post-COVID economy provide an opportunity to include new people in the financial system-- or leave them even further behind?

Touchless digital insurance has become a base requirement for business as people demand touchless transactions.

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

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

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

Tech leader for commercial insurer discusses becoming more agile, working with Google, incorporating automation.

The industry has long talked about embracing digital technology — but the time for talk may be over.