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Advanced data and analytics are dramatically changing life and health underwriting, improving customer experiences, increasing underwriters’ productivity and powering product innovation.
In our webinar our panel from Verikai, YuLife and UnderwriteMe offered answers to the following questions:
– What are the benefits for insurers and customers of applying improved data and analytics?
– How can insurers deploy behavioural interventions to help people live healthier and longer lives?
– How can we predict outcomes in new ways and what are some of the ethical considerations associated with this?
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In an ever-evolving regulatory landscape, staying ahead of the curve is crucial for insurers looking to thrive and grow. While regulation is often viewed as limiting in its impact, the upcoming consumer duty regulation in the UK will open up a new set of opportunities for implementing a customer-centric strategy.
Watch the recorded webinar to find out how insurers can capitalise in the next wave of regulation, and what the global insurance community can learn from the trajectory of the UK regulatory landscape.
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Industry leaders from Guardian Life, EPIC Insurance Brokers & Consultants, and ThreeFlow engaged in a thought-provoking discussion on the challenges faced by brokers, carriers, and clients in benefits placement. Discover their insights on the role of technology, analytics, and the eagerness for change among insurers and distributors. Watch the recorded webinar for valuable perspectives on transforming benefits placement.
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In recent years, issues with global supply chains have affected P+C insurers’ ability to fulfil claims. Furthermore, as claims ecosystems become ever more complex, the ability to orchestrate them has become an important driver of competitive advantage in P+C.
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Life insurance in the U.S. is a highly mature, slow-growing industry that contains many systems, processes and practices that have changed little in 30 years. Accelerating innovation will unlock growth and deliver benefits for customers, insurers and industry personnel.
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IoT technologies such as smart homes and connected cars offer opportunities for P+C insurers to offer better protection, reduce loss ratios and increase customer engagement.
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Pricing actuaries and underwriters working in specialty have long had to deal with major challenges sourcing, inputting and analysing data. These same issues hold back insurers from being able to offer the most competitive pricing and from fully optimising their portfolios to maximum potential. However, thanks to emerging technology and tools, the game is changing.
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What are the keys to success when bringing together large incumbent insurers to work alongside much smaller startups?
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Producers faced with the dual challenge of growing customer expectations and increasingly complex products are benefiting from digital tools which help them to deliver better client service quickly and painlessly.
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According to a McKinsey report, by 2025, claims are estimated to be automated by 50% using AI and Machine Learning techniques. Integrating AI in your claims management is not only applicable to enhance fraud detection. Automating simple claims processes greatly accelerate decision-making, which can lead to better customer experiences. The overall result is high-volume, low-cost insurance claims.
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The inseparable duo of underwriting and pricing has found its third partner – automation. The implementation of auto machine learning can speed up the pricing process, significantly enhance the customer experience, and gain you customers. But how can we best ride the wave of an evolving automation landscape?
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With the tremendous opportunities that innovation and technology offer, challenges of a similar scale arise. Regulatory changes can take organisations by chance. Hence, firms must go beyond only passing the law but preparing for agile responses to sudden changes.
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As in every battle, there is one attacker and one defender. Rapid technological advancements have allowed for preventing cyber attacks, but also causing new issues. Since 2018, cyber incidents have been the leading risk to businesses worldwide.
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A McKinsey conducted before the pandemic shows that the most diverse companies are more likely to outperform those less diverse on profitability. In addition, stressing an inclusive workplace has a major impact on whether talent stays or leaves.
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The insurance sector has been notoriously slower than other industries to adapt to technology, and digital transformation has been no exception. But an increasingly volatile risk landscape, coupled with the shift in consumer behavior made it necessary to fast track this journey.
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Through an enhanced digital strategy, unique self-serving capabilities for customers, and much more, pet insurance provides many lessons from which the entire insurance industry can learn and evolve.
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Data has long been the key to unlocking the solutions to the wide array of challenges found in the insurance industry. With the wealth of data available increasing at a remarkable rate, the focus now firmly shifts towards how to best organize, assess and utilize this information within your organization.
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As the insurance industry undergoes radical changes, there is increasing need for future skills. Growing our dependence on data, analytics, cloud based platforms racing to become more efficient, our required skillsets are evolving. Tune in to see how industry leaders deploy new attraction and L&D strategies that invest in the growth of our most valuable asset, our talent.
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Human mistakes, technical errors and supply chain disruptions are amongst the most critical weaknesses in the claims process. At times it seems we’re completely oblivious to how our claims process affects our customers choosing to either insure with us or leave us.
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Cloud computing has revolutionized the way businesses operate, and the insurance sector is no exception. Advancements in data storage, API and insurance claim management are among the few use cases that help businesses to drive organizations forward through faster platforms, increased efficiency and greater scalability.
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Today over 80% of the data received by underwriters is unstructured, residing in the form of emails, PDFs, forms, and images. Dealing with such a large amount of unstructured data, manually, has made the already time consuming process of underwriting slower and prone to errors.
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What can we do to stay ahead of this trend, and ensure that we ultimately remain customer centric as expectations surrounding the customer journey increase?
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Innovation starts from the ground up. Building the right culture, with the right people, will make continuing implementation of new strategies and solutions even easier. Each seed planted is designed to plant more – tune in to see how our leaders in innovation and culture advise the design of such a strategy.
