Digital Transformation

The quest for a better customer experience is still a top priority for insurance companies' technology upgrade efforts.

A new SMA survey shows 12% of commercial lines insurer executives say their businesses are just in sustaining or surviving mode this year following a challenging 2022.

It's clear that insurers must modernize every part of their back office.

Using machine learning technology, the solution analyzes property features and flood risk information.

Digital Insurance spoke with Alex Cook, head of strategic capabilities at New York Life Ventures.

There are several avenues for insurers and insurtechs to collaborate, including acquisition, investment, software collaborations and more.

The Luxsurance app enables customers to insure and manage jewelry purchases, as well as receive jewelry insurance coverage through Jewelers Mutual.

In other news: CIS Insurance partners with Duck Creek; Quincy Mutual selects One Inc for digital payments; Root Insurance expands CCC partnership.

Jewelry insurtech adding a personal touch to D2C policy sales

Payments processor makes global scale possible for insurtechs

Customizable cloud solution improves algorithmic risk assessments

Insurance companies have an opportunity to be at the forefront of climate change mitigation.

Rising repair costs and lack of insurance education contribute to coverage gaps.

At the heart of the industry's self-billing challenges is data — how it's stored, how it moves between partners, how it's cleaned for use.

The main opportunity comes from the ability to optimize workflows and offer better pricing models.

Growing up surrounded by search technologies, online shopping, and mobile apps means that these digital natives have come to expect speed and efficiency.

The new suite enhanced the Vehicle Care by Assurant app and its features, including simple online tools and policy management.

One area that has progressed by leaps and bounds is new user interaction technologies like messaging, chatbots and real-time video chats.

As consumers continue to rely more on digital transactions, it will become increasingly important for incumbent insurance carriers to integrate new technologies.

Gartner survey finds modernizing applications a great concern for carriers, along with data analytics.