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As we look back on 2020 — and aren’t we all glad to be doing that? — it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold. Insurers experienced more change in the last 10 months than they had in the previous 10 years, with important shifts across the business. Many were long overdue and set the stage for a more disruptive future. That’s especially true relative to digital transformation — that is, the automation and optimization of core processes, agent interactions, and customer experiences.

It’s also important to remember all the turbulence beyond the COVID-19 pandemic. Calls for greater racial and social equality will impact how insurers write coverage and go to market. Cyber threats continue to proliferate with little or no effective risk modeling or pricing. The massive savings and protection gaps will become increasingly severe as more citizens reach retirement age. Life and health insurers must recognize both the huge potential upside and downside risks in these demographic shifts. They can’t overlook the competitive implications either, as banks and investment firms recognize the need for increased financial well-being. …


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We all know that the insurance sector is a late bloomer when it comes to the adoption of cutting-edge technologies. Until the digital revolution accelerated, the Insurance sector was content with its legacy models. However, with the rapid proliferation of the new-age technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), the industry landscape is evolving and the industry incumbents are making strategies to enable the digital transformation of their firms. The adoption of any new insurance technology should be a top-down exercise and C-suite must lead the effort. …


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Evolving customer trends and the rising competitive threat from an array of digital players are pushing insurers to digitize quickly. Customers are increasingly turning to digital channels to fulfill a variety of needs, a trend that has only accelerated amid the COVID-19 pandemic. And the direct insurers in the market — insurtechs, digital insurance attackers, and even large tech platforms — have several advantages over insurers, such as their ability to scale quickly, launch products fast, and employ top tech talent.

To compete in this context, incumbents should consider building their own digital businesses. Doing so can be challenging, however, as digital ventures operate differently from traditional insurance companies. For instance, incumbents must leave behind legacy IT models and pivot their focus from investing in their sales and marketing teams to investing in digital channels to support the acquisition, perhaps alienating their sales force. Despite these challenges, some traditional global insurers of varying sizes have already built and scaled new digital businesses. …


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The pandemic has thrown everyone a little off course for 2020, and the insurance industry is no different.

The insurance industry is robust, and it should be able to weather whatever the pandemic throws at it. Insurance premiums have fallen in 2020 but are set to recover quickly in 2021, with emerging markets coming out ahead.

Assuming predictions about a fast recovery are correct, most insurance industry trends for 2021 will be driven by new technologies that can be used to streamline and improve insurance processes.

These tech trends are paving the way for the future of insurance, allowing insurers to create new products that suit a younger generation, and to make savings that brokers can pass on to customers. …


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As the coronavirus’ toll continues to impact populations across the globe, insurance agencies are burdened with figuring out how to support policyholders across a variety of unprecedented circumstances. From increases in death and disability claims to large commercial and specialty claims as factories close, to workers’ compensation and third-party liability claims, agents have suddenly been tasked with processing a massive volume of sensitive cases.

Compounded with a substantial influx of claims is the fact that many agents have been forced to quickly switch to remote work, potentially hindering productivity outside of their typical office structure. As a result, the service quality that agents are capable of providing may suffer if they don’t arm themselves with the tools needed to efficiently respond to customer concerns. …


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NLP and Artificial Intelligence are starting to bring massive gains in efficiency, productivity, and business value to a wide range of industries, but few are more eager to harness the technology’s benefits than insurers.

Insurers have invested around $124 million in artificial intelligence (AI) in 2015, according to a global trend survey on AI, and they will continue to do that as we move forward towards the future. That compares to an average of $70 million invested across 13 industries included in the report.

Boasting a diverse array of capabilities for insurers, banks, retailers, digital assistants, and much more, natural language processing (NLP), a growing subset of AI, is on track to see significant growth over the coming years. It has been forecasted that the global NLP market would grow at a compound annual growth rate of 11.7 percent from 2018 to 2026, by which point the market will be valued at a projected $28.6 …


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The coronavirus pandemic and lockdowns have negatively impacted insurance sales. The crisis has also amplified and accelerated shifts in customer behavior to digital and online channels. This shift in behavior threatens the traditional face-to-face distribution structure in insurance defined by closeness and physical proximity to the customer.

Personal interactions are critically important in insurance selling. People are not naturally motivated to buy insurance. It is a common saying that insurance is sold, not bought.

Consumers avoided purchasing insurance because they thought it was unnecessary, too expensive, or too complicated to buy.

Insurance organizations must plan a thoughtful response to the short term and long term disruptive forces unleashed by the COVID-19 crisis. Insurers must invest in tools that improve remote relationship-and-advisory-based approaches to distribution and sales. The role of the insurance intermediary, broker, or agent must remain in focus. Insurers must enable advisors to improve the quality of advice through the use of digital technologies. …


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Blockchain continues to be a hot topic especially this time of the pandemic. Many people have heard of blockchain but may not be familiar with what it actually is. As a basic definition, blockchain is a data structure that enables the creation of a digital ledger of transactions and the ability to share them among a distributed network of computers.

The core benefit of blockchain is that it builds trust between parties sharing information. The information shared is encrypted as an electronic list of records or blocks. It cannot be erased, which helps to ensure trust between users. Once information is recorded, it cannot be changed without changing all of the records, which also provides for secure transactions between users. …


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The term ‘Artificial Intelligence’ or AI has been in vogue for quite some time. We have usually seen the use of AI in science fiction movies, and the effects are intimidating. Artificial Intelligence continues to be a hot topic, and with the advancement of technology, AI is improving every day and has entered our lives.

Talking about the insurance sector, most insurance policies, including term insurance plans globally, continue to record relatively modest numbers since some of the market segments are largely under-penetrated. …


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There has been a lot of things that happen this 2020, and one of them is an increase in usage and application when it comes to technology services like blockchain.

We all know that blockchain can make a significant change in the insurance industry.

According to a research study, the combination of distributed ledgers, smart contracts, and decentralized oracles offers an upgrade to the traditional insurance that both benefit the insurance companies and policyholders.

The new form of digital insurance products will provide new risk transfer products to currently uninsured populations and unlock the participation of less sophisticated users in the mass adoption of crypto native products and services. …

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Inmediate.io

Introducing Inmediate: a platform on which customers, distributors and insurers using smart contracts connect. https://inmediate.io

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