Category: Insurance

Artificial Intelligence / Insurance

How Deep Learning is transforming the fabric of auto insurance and the challenges

In this article, we discuss the application of deep learning in the auto insurance industry, specifically in the areas of motor insurance and damage assessment. The focus will be on how autonomous vehicles are impacting the motor insurance field and the need for alternative careers as human-driven cars become obsolete. Additionally, we will explore the practical uses of deep learning in insurance, using the example of developing a classifier for vehicle damage assessment. Let’s begin by acknowledging the profound impact that autonomous vehicles are having on the motor insurance industry. As these self-driving cars become more prevalent, there is a...

Insurance / Quantum Computing / Strategy

Five Use Cases of Quantum Computing for Life Insurance Companies to be ready for the Quantum Future

As quantum computing continues to advance rapidly, life insurance companies must proactively prepare for the transformative impact it will have on their operations and industry as a whole. This article aims to provide strategies and recommendations for life insurance companies to navigate the quantum future successfully. 1. Embracing Quantum-Resistant Cryptography: Quantum computers pose a significant threat to traditional cryptographic algorithms used to secure sensitive data. Life insurance companies should invest in quantum-resistant encryption methods to safeguard customer information and policy data. Here are three key aspects to consider when exploring quantum-resistant cryptography: By proactively exploring and implementing quantum-resistant cryptography, life...

Artificial Intelligence / Big Data / Cloud Computing / Data Strategy / Digital Transformation / Insurance / Integrations / Leadership / Machine Learning / Modernizations / NOSQL / Strategy

A “member enrollment” challenge in group employee benefits that is far deep-rooted than was thought to be, and how a “next-gen” solution can fix it.

Why member enrollment is an area of concern! Member enrollment is a crucial business function in healthcare and insurance group benefits and is directly associated with customer experience. It influences the experiences of all major external personas in the following way: Eligible employees start receiving coverage protection only when successfully enrolled in the carrier’s system Employers depend on the successful completion of the enrollment process for determining premium installments and accounting Plan administrators get paid only when the enrollment process is complete Brokers receive commission only on successful completion of the enrollment process as the way to determine employee participation...

Data Strategy / Insurance

What’s wrong with “data strategy” for insurers!

What can slow down “data” in insurance when data is always at its heart, from rating to risk management, customer service to claims! No wonder insurers have always been good at managing huge amounts of data. But as we know “what brought you here won’t take you there”, this ability needs to grow in today’s world when the very fabric of data has changed astronomically in its source, volume, variety, velocity, etc. Today insurers need new ways to use this “big” data to serve society better by keeping up with changing customer behaviors & trends. New technologies emerged to help....

Insurance

Which business function is the biggest factor for customer retention for insurers?

Which business function is the biggest factor for customer retention for insurers? Well, what can it be if not billing! As policyholders how frequently do we look into marketing materials or even the policy document? How often do we submit claims, or call up the insurer? But, can we escape from looking into the premium bills, paying them, or asking questions about them! We can’t & so billing guarantees customer touchpoints that no other functions do. That makes it the insurer’s trusted gateway to its customers. A great billing experience can make a difference. Over 70% of insurers agree that...

Artificial Intelligence / Insurance

Which 3 ways AI is likely to disrupt the Insurance industry at a massive pace?

Which 3 ways AI is likely to disrupt the Insurance industry at a massive pace? Recently I attended a workshop, that addressed how AI is disrupting the insurance industry, with the keynote that while the insurance industry was always slow in embracing transformation, that’s not true anymore. I was also reading through this article that coincidentally addressed a similar point. Today, venture capitalists understand the huge potential for technologies like AI to revolutionalize insurance. There are likely 3 potential areas where AI can bring “change” to an industry that is known for its stiffness & phobia to change – 1....

Digital Transformation / Insurance

Which 3 things make digital transformation the biggest concern for insurers, even more than the sluggish economy & low-interest rates?

Paper assets – Over decades, insurers accumulated paper assets that could stretch for miles. Most of those are confidential & must be archived for regulatory reasons. They require special storage & authorized access. Thus, managing these paper assets is cost-intensive & time-consuming which makes operations inefficient. At the same time, the digitization of paper assets of that scale is nearly impossible. Regulations – Insurers run in a highly regulated environment. There are stringent guardrails in trying new ideas, & restrictions in the use of PII, PCI, & PHI data. These limit capabilities in a lab environment which slows down innovations....