Automation

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.