Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurance-blog/a-new-industry-model-for-insurtech Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they’re coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain. To realise the potential, it’s important that both sides focus on the strength they’re bringing to …
Why AI in Insurance Improves, Not Replaces, Human Decision-Making
Full article with thanks to: forbes.com/sites/adrianbridgwater/2024/09/01/insurance-technology-how-insurtech-is-assured Tech is rich in blends. The use of portmanteaus and lexical blend word splintering is as prolific in technology as it is in show business (e.g. Brangelina and other fusions) with terms like DevOps being among the most well-known (developers + operations teams as a unified single entity) pieces of terminology. Aside from all the Ops …
Insurtech: Driving Innovation or Disrupting Tradition?
Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurtech-the-threat-that-inspires Incumbents need to keep their eyes out for new entrants that use technology to create a strategic advantage. The size of their share in the next generation of the insurance industry is at stake. New, technology savvy players are entering the insurance sector, bringing the full force of their innovative, disruptive, opportunity-laden power. They will …
How AI is Transforming Underwriting and Customer Experience in Insurance
Full article with thanks to: https://www.forbes.com/councils/forbestechcouncil/2023/06/30/two-ways-ai-can-be-used-to-help-transform-insurance With AI-driven automation and optimisations, underwriting and customer experience can be enhanced to benefit both insurance companies and their policyholders alike. Developments like generative artificial intelligence (AI) are now having a profound impact—and are causing pivotal change—across many industries, including insurance. Operational efficiency is critical to thriving in today’s turbulent economy, and AI is …
How Can Automation Improve Efficiency in Insurance Underwriting?
Full article with thanks to: https://techround.co.uk/tech/how-technology-underwriting-easier Underwriting is the process by which insurers evaluate risks associated with potential clients, determining the premiums and coverage they will offer. Traditionally, underwriting involved extensive paperwork, manual assessments, and prolonged turnaround times. However, with the advent of technology, the landscape of underwriting has undergone a remarkable transformation. Data Analytics and Machine Learning One of the …
How Are Enablers Driving Innovation in the Insurance Industry?
Full article with thanks to: https://insurtechnews.com/insights/the-four-waves-of-insurtech Over these last three years we have seen how the essence of ‘insurtech’ has evolved. The 300 insurtechs that we had on stage so far, and the 2,500 that we have in our insurtech database, give us a pretty good picture of what has changed. But also of how things will develop in the …
What Are the Risks and Rewards of AI in the Insurance Industry?
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 …
The Critical Role of Value-Driven AI in Shaping the Future of Insurtech
Full article with thanks to: insurancebusinessmag.com/uk/news/technology/is-ai-headed-down-the-same-track-as-insurtech The term is becoming redundant, expert argues. Artificial intelligence (AI) has grown to encompass a broad range of financial technology applications, and insurtechs billing their offerings as “AI-powered” must work harder to distinguish themselves in a crowded marketplace, an expert has warned. Dr. Andrew Johnston (pictured), global head of insurtech at Gallagher Re, suggested that the …
UK’s Insurtech Supremacy: Leading Global Innovation
London has been the global epicenter of innovation in the insurance industry since the 1600s, when Lloyd’s of London was established. Today, the United Kingdom is positioned as a global leader in the field of insurtech. A flourishing ecosystem of start-ups, investors, and incumbents are working together to drive innovation and growth in the industry, from artificial intelligence and machine learning …
The New Era of Insurance: Merging Digital Innovation and Customer-Centric Approach
Full article with thanks to: forbes.com/sites/forbesfinancecouncil/2019/12/11/what-digital-and-underwriting-changes-mean-to-the-insurance-industry/?sh=f52fbe163e88 Digital transformation is disrupting the insurance industry, and the changes are creating both new demands and new opportunities. While quick online quotes may be the most readily evident transformation that has occurred to date, they’re merely the surface of what is in store for the industry. From product creation to financing to automated underwriting, …