Practice management

It can eliminate geographical barriers and allow teams to access and share data more freely.

Five best practices can assist in selecting and integrating generative AI data.

The industry may want to build its own large language model.

Embedding insurance policies within other products allows for more automation of the sales process than ever before.

Insurers are adapting AI technology to improve customer experience, enhance fraud detection and create accurate risk-ranking models.

In other news: Nationwide launches digital platform Pet HealthZone and Bain Capital Insurance closes its 1.15B inaugural private equity fund.

Consumers preferred to share data using smart devices in the home: 45% said they are happy to share information via Amazon Alexa, Google Home and the like. A little over a third of consumers (36%) said they were willing to share data through wearables or fitness health tests.

Digital Insurance's State of Insurance 2023 report also reveals that underwriting technology and staffing difficulties are top of mind for insurers.

The carrier and the payroll services provider are working together to increase the flexibility of workers comp underwriting, based on more up-to-date data.

Companies can collect and analyze customer data to provide tailored offerings and targeted promotions based on customer behavior, preferences, and risk profiles.