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What Are the Risks and Rewards of AI in the Insurance Industry?

In Uncategorized by Roger Lewis

Full article with thanks to: forbes.com/councils/forbestechcouncil/2024/07/16/redefining-insurance-risk-transforming-insurance-underwriting As senior leaders in the insurance industry, we’re on the cusp of guiding a significant evolution—one where we could see Claims Magazine’s perennial Hall of Shame of Insurance Fraud become a relic of the past. Traditional methods of insurance underwriting and claims have been pillars of our industry for decades. Yet, the leap into the AI age stands …

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How Insurance Technology Can Transform Operations for Better Profitability

In Uncategorized by Roger Lewis

Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/the-insurance-switch-technology-will-reshape-operations Insurance companies’ technology and operations functions have traditionally operated independently. Technology facilitated the operations staff’s work, but operations—underwriting, claims, and marketing—was the principal driver of corporate performance. The relationship between the two functions is changing as insurers allocate more resources to technology functions without making similar investments in operational ones. Incumbents hope this shift will …

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Digital Transformation: Don’t Forget About The Customer!

In Uncategorized by Roger Lewis

A bit part of digital transformation is considering the customer. It involves a technology toolkit that’s made up of data analytics, insurance software and APIs. Full article with thanks to: insurancebusinessmag.com/us/news/technology/digital-transformation-must-happen-across-entire-insurance-ecosystem-226451.aspx The global COVID-19 pandemic has placed insurance technology under the spotlight. It has weeded out the digital front-runners from the digital dawdlers and has highlighted the importance of innovation …