ITL's Future of Risk series explores the transition from reactive to proactive risk management through Predict & Prevent, highlighting technology and resilience.

The scale and scope of the global offshore wind rollout is epic but needs to be fast-tracked by financial institutions, corporates and governments.

The convergence of AI and human intelligence can streamline claims processing, detect fraud and rewrite the narrative of settlements.

Mass shootings have people scared, and they want action. Here are four ways organizations can make their facilities more secure.

What happens next will depend on how clearly underwriters, brokers and insurance buyers commit to building resilience.

Process intelligence tools let operations leaders “see” digital products being built, enabling use of statistical process control techniques.

The attacks show how the nation is broadly unprepared -- but also how a series of tools could have prevented or at least mitigated the attacks. 

Modern legal software can identify risks, categorize them based on severity and relevance and propose tailored mitigation strategies.

An active, efficient accident management program can save hundreds of dollars per claim and potentially cut days off a claim’s cycle time.

Firms must always be segmenting and improving experiences for personalized risk transfer, safety, prevention and loss management.

Learning from failure is hard for business leaders, but it is essential for success. So, go forth and fail fabulously!

While digitalization can create efficiencies and enhance processes, insurers must not get distracted. Customer care always comes first.

Generative AI will revolutionize how carriers, third-party administrators and medical management firms operate and the results they can deliver.

Low-code digital tools are simplifying customer experience management and providing consumers more self-service capabilities. 

Insurtech funding has been dropping since 2021 and hit a 20-quarter low in 4Q22. Will it rebound, continue on a flat path or decline further?

CAT events, combined with other economic factors, are making reinsurance either impossible or difficult to secure.

Recent developments in tracking technology and AI provide a formidable solution for vehicle thefts and inefficiencies in fleet management. 

Every day, thousands of people are put on hold, or calls are not even answered in some cities, due to the staff shortage in call centers.

A Cowbell survey found a shocking vulnerability to cyber attacks among small and medium-sized enterprises.

Independent agents must implement AI -- intelligently and carefully -- into their operations or risk being passed by those who do.

Paul Carroll, Editor-in-Chief of ITL, and Taruja Deshmukh, InsurTech Solutions Manager at Conner Strong & Buckelew, discuss strategies for advancing innovation and operational efficiency.

Agent and Brokers Commentary: September 2023

Some insurance professionals mistakenly think providing surety services is neither a competitive advantage nor necessary for their business.

Consolidators that are in the business of acquiring closed life insurance blocks often face challenges. Data and AI strategies offer a way out.

In North America, the number of theft claims has increased for the past six years in a row, with a 20% increase year-on-year in 2022.

We need a set of universal, standardized cybersecurity requirements for insured organizations, adopted across the cyber insurance market.

Federated data graph technology can help carriers overcome long-standing obstacles, harness their data and fully unlock the AI moment. 

What if we could influence the way that consumers perceived the value of risk mitigation and insurance for a personal asset?

To safeguard elderly individuals from financial insecurity during their retirement, the insurance sector desperately needs to foster innovation.

How insurers prioritize automation projects, aligning with their existing automation landscape.

The evolving role of CRM systems, cloud-based tools, and the transformative impact of AI and ML will have a profound impact on insurance sales strategies and operations.

Insurers can overcome the many challenges of digital transformation by dropping their technology-first mindset and adopting a people-centric one. 

Insurers and homeowners are using IoT devices to optimize housing efficiency, streamline daily tasks and reduce urban household risks.

While MGAs continue to expand and add foundational channels, there is an interesting shift in their approach to insurtech.

As Industry 4.0 shifts the world around us, it creates tremendous opportunity to shape insurtech solutions and the insurance industry.

Practically anything an insurer would like to do ultimately comes down to effective data and analytics capabilities.

The good news is that the talent challenges are within the industry’s power to address. It won’t happen overnight, but let’s get started.

Geocodes are available with varying degrees of precision. However, only true rooftop geocoding can maximize an insurer's investment. 

Despite representing a skilled, educated, untapped talent pool, neurodiverse candidates are largely underemployed.

From emerging technologies to changing consumer expectations, insurers are facing a complex landscape that demands their attention.

A more disciplined strategic road map will help insurers avoid spending time and resources on projects that are lower-priority.

There is a way for companies to overcome the challenges and optimize the business value of their cyber threat intelligence investments.

In our quarterly interview with Dr. Michel Leonard, the chief economist at the Insurance Information Institute provides insights into the factors behind the current inflation trends.

Recent data found only 19% of board seats and only 12% of top officer positions are held by women.

The ability of insurers to capture Millennials and Gen Z, let alone retain them, will be severely challenged unless they develop a new approach.

A digital twin lets executives rehearse the future by providing an AI-driven platform that allows for lifelike simulation.

Focus on three key areas for success with customer experience: active listening, clear language and personalized experience.

Companies must anticipate the future, innovate beyond their core and transform their capabilities as rapidly as technology allows.

Sustainable business is higher-quality business. It’s achieved by getting clients to not just buy but to also “buy-in.”

The integration of insurance solutions into smart cities is vital for creating a resilient and sustainable urban environment.

Homeowners insurance providers are under extreme financial pressure, especially in certain parts of the country, so homeowners are, too.

Close observation of the market has revealed five of the biggest drivers of underperforming data science teams.

Agent and Brokers Commentary: August 2023

ITL Editor-in-Chief Paul Carroll engaged in a discussion with Dan Swift, CEO of Numentum, about strategies for enhancing the effectiveness of insurance agents and brokers.

To ensure system integration and automation deliver on so many promises, there are five key steps insurers should take. 

Cyber insurers are learning, but clients must also act: They must adopt an aggressive and comprehensive approach to cybersecurity.

Many insurers have come to rely too much on third-party IT vendors. Here is a list of tools and services that allow for self-sufficiency. 

Here's how insurers can adjust premiums to keep pace with inflation and ensure appropriate coverage while building customer relationships.   

ML-based lead allocation revolutionizes insurance lead distribution, ensuring optimal matches for agents and boosting conversion rates.

We are sitting at the inflection point of the Fourth Industrial Revolution, the biggest personal and professional opportunity of our lives.

Here are seven principles for a disciplined, strategic approach to gaining all the benefits that come from lifelong learning. 

Business owners all have strategic needs for software. But should you build it, or should you buy it?

Why, after spending hundreds of billions of dollars on new technology, can't insurers adapt to the demands being placed on them?

Automated, in-app support can help underwriters, adjusters, agents and service representatives learn to use their software more effectively.

Parametric insurance currently benefits from its radically simpler user experience, but the opportunities are far broader.

They need to challenge their assumptions and expectations, redefine business optimization and draw up a new map.

Desperate for growth, Lemonade produces another howler: A lender receiving a 16% interest rate is presented as a (synthetic) agent.

Millennials are revolutionizing the life insurance industry from the inside out, imposing their reach and influence on every aspect.

Social inflation, fueled by third -party litigation funding, added more than $20 billion to commercial auto claims in the 2010s.

The concept is widely adopted in manufacturing and supply chain. Insurers that integrate digital twins will significantly out-compete rivals.

US leads in life insurance, but implementing Europe's mandatory risk component could boost growth.

Evolving legislation related to building safety and cyber crime, social engineering and data loss are both ranked #1 by Allianz.

In an increasingly fractured world, insurers have to cover a greater array and frequency of intensifying risks.

Here are four best practices to help wealthy clients understand their insurance issues and avoid claims losses.

Developing a well-defined preparedness plan is crucial to mitigate damage from hurricanes and other extreme weather events.

Here are six steps consumers can take to safeguard against the dangers and financial impacts of hurricanes.

The 125-year-old, $300 billion U.S. auto insurance industry is caught between runaway inflation and strained consumer wallets.

Value creation through tighter integration

These technology trends will reshape the way insurance companies operate, interact with customers and mitigate risks.

By examining the dynamics of teamwork, strategy, perseverance and personal growth in sports, we can shed light on leadership principles.

Carriers do not intend to upset life insurance beneficiaries, but the rigidity of processes often frustrates policyholders:

Rapid technological advancements, changing customer expectations and economic headwinds are reshaping distribution in insurance.

To meet the expectations of tech-first consumers, insurance companies must prioritize and invest in an instant, seamless payout experience.

Here are five models that can be used to ensure that the value of AI and data analytics work is recognized and valued appropriately.

Executives are practically salivating when considering their share of the $70 billion U.S. embedded insurance opportunity.

A wave of drugs is being prescribed for obesity but may lead to the same sorts of huge liabilities that e-cigarettes have. 

Ten considerations can be the key to minimizing risks and maximizing the potential for a successful, game-changing collaboration.

Watch data experts and an industry veteran tackle data integration challenges, avoid common pitfalls, and master overwhelming data influx.

Conning recently set a “declining” 2023 outlook on state credit quality, a change from the “stable” outlook it has had since 2021.

Emerging microsegments can be lucrative opportunities for insurers. But targeting them requires fast and accurate technology to assess the risks,

70% of purchase decisions are based on emotion, so branding that consumers like and relate to can be a revenue generator.

Severe environmental threats, together with Australia’s regulatory landscape, have catalyzed insurers to adopt new technology quickly.

With an integrated, data-driven approach, companies can optimize their strategies based on customers' needs at all lifecycle stages.

Life and health insurance can improve the underwriting experience using AI-driven facial analytics … and a simple selfie photo.

“I think you are going to start to see CEOs who are hired for their ability to use AI in the very near future."

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Operational Efficiency

If brokers are going to continue to provide exceptional customer service, they need the technology and resources that can back them up.

Investments in AI are expected to save auto, property, life and health insurers almost $1.3 billion in 2023, up from $300 million in 2019. 

Companies can empower their employees to make data-driven decisions and ultimately drive better business outcome.

Paperwork is hardly glamorous, but AI’s superhuman ability to sift through pages could well and truly change the game in claims.

Here are five ways employers can better manage remote workers--and commonly used time-tracking software isn't one of them.

Based on ESG ratings in isolation, Silicon Valley Bank appeared to be a sound choice of a more sustainable investment. It wasn't.

Embedded insurance, partner distribution or B2B2C distribution can be highly effective. But it's not easy to get right. 

6.2 million properties in the U.S. experienced one or more damaging hail events in 2020, making these warm months a very busy time. 

For workers’ comp claims with attorney involvement, average indemnity costs are $77,807, 390% higher than for unrepresented claims.

AI lets brokers focus on higher-value tasks, provide better service and build more business than they ever thought imaginable.

The problem is: Organizations are collecting more and more data from consumers, but the processing and harnessing of this data stays limited.

Many firms have started considering what risks quantum computing will create for them, but one area is often overlooked: the supply chain.

Just as financial firms' Know Your Customer (KYC) processes prevent crime, Know Your Patient (KYP) methods can prevent insurance fraud. 

With scrupulous implementation and judicious oversight, AI can supercharge the industry and provide better services to customers.

75% of Americans say gun owners should have to carry liability insurance, which could encourage more care on handling and storage.

While organizations talk about transformation, the most effective innovation will come from small changes that compound over time.

Many homeowners lack even the most basic preventative measures, unaware of the risks they face, according to a new survey by Triple-I.

Customers want to be onboarded not in days but in minutes. They are no longer willing to wait for weeks and months to settle claims.

With flood threats increasing, insurers are shifting away from simply restoration and recovery to prevention and mitigation pre-event.

Carefully monitoring customer emotion shifts will enable smart communicators to respond with messages, promotions and surveys.

The ubiquity of Advanced Driver Assist Systems (ADAS) is forcing major changes on collision repair facilities -- and they're just beginning.

Modern CRM solutions act as a dashboard for all customer-related interactions across different channels such as digital marketing and social networks.

If measured as a country, the underground cybercriminal economy would be the third largest in the world after the U.S. and China.

74% of insurance executives plan to increase investments in AI. Insurers that seize this opportunity early will have a critical advantage. 

Baby Boomers are aging out of insurance company board seats. Specialized training can help bring newcomers up to speed.

Here are seven proven practices for change makers who have taken on the hard and harder tasks of transforming the customer experience. 

The keys to progress on DEI are becoming clearer. It hinges on workplace experience, company culture and a consistent approach.

While concerns about job displacement have become prevalent, AI has the potential to enhance job roles rather than replace them.

With competition so fierce, insurers need to find ways to stand out. Moving beyond a website to a web portal makes a big difference. 

The industry has been hamstrung by outdated identity verification practices, which can now be streamlined through cutting-edge AI.

Product teams can maximize the potential of AI and enhance the effectiveness of their products by adhering to ethical AI principles.

The pandemic has made prices of used vehicles and parts more volatile, and generally much higher, but insurers have yet to adapt their models. 

Shipping losses are the lowest in 12 years, thanks to safety programs, training, new ship design and regulation. That's the good news.

We crave diversity because we know it serves all people with speed, intelligence and transparency and delivers better business outcomes.

Three Keys to Innovation Success

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Internet of Things

The metaverse is a fascinating concept that has the potential to revolutionize the way we interact with digital content and each other.

The recent $4.5 billion valuation of Wefox makes no sense. It shows that investors haven't yet learned the lessons of Lemonade, Hippo and Root.

41% of millennials with insurance purchased it with their mobile device, and other generations are moving in that direction, too.

Finance games have been shown to greatly help with life insurance sales -- and digital, large-scale versions are becoming available.

Specialty markets have fallen behind the pack on innovation, and many markets are threatened. But they don't have to be.

Five key practices for a patient-centered approach are most effective in mitigating potential chronic pain issues in workers’ compensation.

The industry kids itself about having gone paperless. In fact, we still use the same processes we used in the 17th century. It's time for a change.

In commercial insurance, customers and providers can look forward to an improved experience as the market shifts toward online channels.

More employers are shifting toward custom health plan solutions to reduce costs while improving benefits for employees.

Agencies, brokers and carriers spend an inordinate amount of time and money on back-end processes that detract from core objectives.

Insurers' traditional methods--enforcing limits on coverage and capacity, raising premiums and seeking reinsurance--are no longer adequate.

In our quarterly interview with Michel Leonard, the chief economist at the Insurance Information Institute, he explains what's driving inflation. 

The insurance and wider markets have created the perfect conditions for parametric insurance to grow.

Despite the up-front costs, resilience must now be part of the entire property lifecycle -- from acquisition, to operations, to liquidation.

Read the report to find out how life insurers are currently optimizing customer experience (CX) and client engagement throughout the policy lifecycle.

AI is letting insurers simplify the customer journey, removing friction points and driving customer loyalty.

Fittingly, this may be the shortest column in the history of ITL.

Generative AI, such as ChatGPT, could transform insurers' underwriter workflow, claims processing and fraud detection. 

Research suggests that upgrades of policy, billing and claims systems are not slowing down. 

Incentives for green home improvements create a need for insurers to educate clients on nuances and open up opportunities for conversations.

Insurers now wear their culture on their sleeves. They show whether they care about their customers by the ease of the customer journey.

Airlines are experimenting with a host of sustainable fuels, electric aircraft, hybrid electric/fuel planes and new operating techniques.

ITL Editor-in-Chief Paul Carroll sat down with Adam Chadroff, Investor at Equal Ventures, to discuss the future of insurance distribution. 

Agent and Brokers Commentary: May 2023

97% of employers offering infertility coverage say that it adds little to medical plan costs and that many employees prize it.

A "light" boot camp provided a small insight into what our servicemen and women go through -- and the importance of teamwork in business.

It's time to move past vague questions that try to determine companies' resilience to cyber attacks and move to precise, data-based ratings.

Insurers planned to increase their risk tolerance, but a volatile economy has them focused on operational issues and the risks they already have. 

But, with carriers running so many ads focused on price, agents need to work hard to get consumers to focus on the differences between policies.

The future of fraud is here, but so is the future of fraud protection. Decision intelligence saves thousands of hours of manually searching through risk anomalies.

Is it time for insurers to go big on ChatGPT? The short answer is no. The right approach is: Think Big, Start Small and Learn Fast.

PURE Insurance and OneShield share strategies for future-proofing insurance technology in their eBook resulting from a 17-year partnership. From Startup to Market Leader offers guidance for insurance startups and carriers seeking growth and transformation.

The tone of articles about ChatGPT has rapidly shifted from "amazing but not always accurate or high-quality" to "this is significant progress."

With the competition to create the most knowledgeable AI systems, creators are getting to the point where they can’t explain how a decision was made.

For all the undoubted benefits of automating insurance pricing, experience shows that successful isn't just about throwing technology at a problem. 

Now is the time for traditional insurers to overcome their risk-averse legacy practices and scale up the industry’s gallery of startup solutions.

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Customer Experience

Changes in the litigation environment, shifting public opinion, medical inflation and emerging risks are producing lots of so-called nuclear verdicts.

Sixty $1 billion natural disasters hit the U.S. in the last three years, already nearly half the total in the entire previous decade. Something has to give.

Because of technological advancements, we’ve never been better prepared to understand what could happen tomorrow. 

AI reduces human error, increases speed of care and decreases the time a physician needs to spend with injured workers. 

Majesco’s new research delivers a roadmap for leaders to better understand, invest and act on new ways to stay competitive, relevant and grow their business for the future.

Opportunities and new efficiencies for insurers

Drive smart cost decisions and win in uncertain times

Automation allows commercial underwriters to focus on more complex risks, while leaving routine applications to be handled by machines.

Strategic targeting of commercial sectors with consistent hit ratios can lead to more efficient prospecting and, ultimately, higher conversion rates.

Operational intelligence uses AI to create measurable insights into how work is being done and allows for new ways to work and get paid.

62% of insurers say AI/ML has already resulted in a reduction in headcount. 81% cited AI as their leading strategic IT priority.

Over half of all property/casualty insurers are replacing or conducting major enhancements to their data environments and associated capabilities.

Two key questions for insurers: Do guardrails exist around your AI tools, and can you defend those guardrails through testing and documentation?

But you first have to give up on "insurance ignorance" -- the idea that the best way to disrupt the industry is to start by knowing nothing.

DEI encourages us to understand and feel empathy for the experiences of others. When we do this, attitudes and behaviors change.

There are accusations of insurers pressuring repair facilities to use generic parts or cut corners to save on costs.

Efficiency results not just from features and functions but also from how users experience the technology. 

Application programming interfaces offer health insurance brokers an efficient and modern way to manage data and processes.

Workers’ compensation navigated the unprecedented waters of a global pandemic and, in response, the onslaught of telehealth.

With those born at the peak of the Baby Boom having reached 65 years old, here are five ways to attract the next generation of agents and brokers. 

The length of time it takes to settle an auto claim is key to customer satisfaction --  one of many reasons touchless claims are finding a stronghold.

New technology tools make it possible to generate deep insights through rich collaboration. 

Carriers must invest in digital capabilities to support distributors and improve customer experience, increase efficiencies, and grow business. 

They are: ecosystem partnerships, the convergence of group and individual offerings and emergence of new opportunities for critical illness cover.

This is the time to use precision marketing techniques to protect market share and uncover untapped avenues of growth.

Nearly half of adults with employer-sponsored insurance report being frustrated because their benefits are hard to understand. 

Only 11% of policyholders think their insurer is among the best in providing a good experience when compared with other companies they do business with.

You're better offer being a decision coach, helping clients make better choices themselves rather than following a plan you, the adviser, lays out. 

Insurers are looking to harness the power of blockchain to infuse processes with the three T's: trustworthiness, transparency and tamper-resistance.

Rather than waiting for legislative change, fleet operators can seize AI-enabled technology now – and start improving work-related road safety today.

Many small carriers and fraternals have limited or outsourced IT resources, but they still can undergo a digital transformation -- and must.

Disintermediation didn't happen. Agents won. Still, agents who fail to adapt will have their lunch eaten by agents who do.

Despite the insurtech movement, the surety bond industry has been largely ignored when it comes to technology. No longer.

Observational process intelligence helps insurers find new ways to win.

The fatal work injury rate increased to 3.6 per 100,000 full-time equivalent workers for 2021 in the U.S., the highest annual rate since 2016.

Many insurers are turning to AI technology to supplement their current employee education and institutional knowledge management strategies.  

Technology-driven climate insurance can address the gap between the risks homeowners face and the coverage insurers can provide.

Here is a three-step plan to bring together the generations, with all their inherent capabilities, to increase capacity and capabilities in underwriting.

Watch OneShield's panel of industry experts for a dynamic discussion of ways to enhance your advisory role, reduce risk in your portfolio and address inflationary economic conditions with a greater understanding of the commercial properties you insure.

The problem arises when post-catastrophe analyses are reviewed, adjusted and documented, only to be tucked away without any changes being implemented.

Intelligent Document Processing can record information from every channel and standardize it seamlessly, creating a much-needed layer of centralization.

AI has the potential to revolutionize the claims process by reducing costs, increasing efficiency and improving accuracy.

Before any operation can set realistic KPIs that resonate with employees and customers, there are three safety checks that position it for success. 

Savvy insurtechs are recognizing that agents and brokers are a dynamic part of the market ecosystem--but there's still considerable room to improve.

Generative AI third wave tools portend to expand creativity and eventually, to enhance predictive modelling. The implications of this paradigm shift on financial services, moving from a algorithmic to a data driven approach, have the potential to turbocharge service providers’ ability to provide trusted advice and planning on the full range of financial services.

Exceptional product designers harness emotions that serve as the basis for purchase decisions. What if insurance specialists were included in this process?

The insurance industry is at a crossroads, and ecosystem enablement and new business models are no longer a choice but an imperative.

Insurers will be relied on to help clients identify and alleviate risks, particularly those caused by climate, and other environmental and social factors.

AI-based data governance solutions let financial firms benefit from powerful deep learning technology that improves data access and activity governance.

In today’s digital-first economy, insurers need to innovate their payout processes to offer their customers speed, convenience and flexibility.

Participation in a group captive can help companies save on insurance costs and provide access to extensive risk management resources, including industry-specific expertise.

Despite the severity of the problem, agent gaming has been difficult to detect and mitigate. Fortunately, insurers have new technology that can help them.

The combination of natural language processing and predictive analytics offers game-changing capabilities with respect to claims management.

The best place to look for innovation is in the quality of decisions being made. Here are three ways you should evaluate your performance.

Root has backed away from its plans for telematics -- and suffered mightily -- while Progressive shows how much benefit there can be, when done right. 

Aerial imagery can help insurers underwrite competitively in a world dominated by unpredictable and destructive weather patterns.

Insurers that move swiftly and wisely to use the metaverse can enhance customer engagement and create new revenue streams.

As customisation and embedded services shape a new era for insurance, companies in Ohio are looking to build partnerships like never before. JobsOhio’s Ron Rock spoke to four of them.

An Interview with Dr. Michel Leonard, the chief economist and data scientist at the Triple-I, the Insurance Information Institute.

Some insurtechs will struggle, and there will even be some fatalities, but most are making the necessary adjustments and operating successfully.

Digital twins help insurers leverage high-quality data to counter unpredictable weather conditions caused by climate change.

AI doesn't help much if it just tells you a customer is likely to leave. It has to be able to explain why, so you have a chance to fix the issue.

The "customer-centric" concept isn't wrong, but anything “centric” requires a balance. Has the pendulum swung past the point of effectiveness? 

Anger over social inequality and the cost of living, among other factors, is expected to fuel strikes, riots and civil commotion around the world.

With change as the only constant, what should CEOs prioritize in 2023? Oliver Wyman shares 10 actions CEOs should take to Reinvent Insurance and fuel growth in 2023.

Majesco’s new research provides insurers a growth roadmap to meet SMB expectations and needs with new products, services, and channels.

Automation has already been widely accepted by the banking and financial industries. It is high time for insurers to adopt RPA.

With climate change bringing unpredictable and damaging weather patterns, AI can assist insurers as they navigate the ever-evolving threat landscape.

Bond execution still involves antiquated technology like typewriters and fax machines. It’s time to catch up, including with blockchain. 

The future is multichannel. Are you? OZ Global Insurance Practice President Mark Smith provides insurers actionable guidance to navigate the CX cutting-edge.

Laws against using forced labor is creating risks for importers without complete visibility down their supply chains—while presenting an opportunity to insurers.

The industry should come together to conduct a wide-scale campaign to improve its reputation. The campaign would work. It has truth on its side. 

Although few seem to have noticed, rising costs on catastrophic workers’ compensation injury claims are creating never-seen-before levels of severity.

The right technology can facilitate real-time sharing of information, bringing together employees of all stripes and driving crucial collaboration.

The next generation of insurers must look beyond traditional attributes and embrace new forms of data and analytics, including contextual, behavioral and motivational data.

In developing technology solutions, one of the most overlooked and critical elements of delivering value to end users is empathy -- truly understanding their pain points. 

Employers are more aware than ever that employee caregivers represent a large portion of their workforce and require more assistance to stay on the job.

An effective tech leader has experience in insurance systems and processes but also understands organizations and the need to focus on efficiencies.

Let's take a look at the current state of insurtech to see why you should focus your innovation efforts on the basics of the insurance business.

The limitations of territory-based rating can become a thing of the past because of increased access to location-specific data and risk scores.

Electric vehicles carry higher sticker prices and cost more to repair after a claim -- but that may change soon enough. 

Or further out than you can imagine? For now, the focus should be more on virtual and augmented reality for use cases such as training and healthcare.

Insurers are becoming more adept at using telematics to differentiate their products, reduce risks and expenses and continue improving the policyholder experience.

Underwriters face hyper endorsement, misrepresentation from known fraudsters, as well as criminal networks and the schemes they perpetuate, such as Ghost Broking.

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

The U.S. market value for embedded insurance was $5 billion in 2020 and is projected to rise to more than $70 billion in 2025.

While being protected by insurance provides peace of mind to numerous individuals and businesses, insurance companies themselves are at increased risk of fraud.

AI is helping leading insurers stay afloat in this difficult moment of business – securing their share of customers and ensuring profitability

Incredible as it may seem, the average underwriter today spends seventy percent of their valuable, limited time on tasks unrelated to underwriting. But does it have to be this way? Mark Smith, President of the Global Insurance Practice at OZ Digital Consulting, reveals how advances in intelligent automation can not only remedy that disparity, but open up entirely new avenues to opportunity, productivity, and profitability.

Self-service automation is the next step in the insurance industry. The right solution can be a win-win for insurers and customers, while the wrong solution can irritate customers and ruin a carrier’s reputation.

Personal lines executives see the potential for new user interaction technology to transform core business areas, primarily policy servicing and claims.

But there is a disconnect: The processes insurers use haven’t adapted to the capabilities of the new technology they have adopted.

AI's capabilities have surged so much that it has the potential in 2023 to dramatically raise the quality of claims handling and underwriting in workers’ compensation. 

In this webinar from Equisoft, learn how taking a Greenfield approach as a first step in policy administration system modernization can reduce risk, accelerate innovation and help carriers stay ahead of the digital transformation curve.

The coming year will likely present a lot of opportunities for big carriers to buy whatever they’re interested in.

Instead of asking how ethical a firm’s AI is, we should ask how far ethics is taken into account by those who design the AI, feed it data and use it to make decisions.

How can insurance processes and next-level technologies place the "friendly" back into "customer-friendly"?

Ohio is committed to business development and innovation across the financial industry. Ron Rock, Senior Director of Insurance and Insurtech at JobsOhio, explains how state enterprise is targeting this increasingly important part of it