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The holiday season is almost here. And as the most important time of year approaches, there are a lot of advancements that have happened this 2020. One particular thing that has evolved so much this year is the insurance industry, as it is geared more towards technology. Technology trends resonate strongly across the insurance industry of today, which has undergone significant change over the past decade amid evolving consumer expectations, the rise of insurtechs, a global pandemic, and an altered global landscape. …


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The insurance industry, for a long time, has been driven by traditional business models. It continued its legacy business process and products for quite some time. But with the intervention of innovative technology, the insurance industry has witnessed positive outcomes.

Advanced technologies and digital platforms are providing new means to measure, control, and track risks. They facilitate effective engagement with customers and enhances business productivity.

These technologies supported by dedicated insurance software are opening the market for new insurance offerings. It has provided an opportunity for traditional insurers to transform and reinvent themselves. …


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Insurtechs have seen mixed fortunes over the past months but the future is looking bright. Insurtech startups with a stake in the game when it comes to health insurance and health tech have been able to prosper, although the impact of COVID-19 has been more sharply felt by others, for whom the future remains less certain. Whether they’re thriving or just surviving, what’s true for all these companies is that the economic effects of the pandemic are leading to positive change in the international insurance sector now and for the foreseeable future.

Facing challenges

In common with several early-stage startups across a broad range of sectors, several insurtechs will have experienced operational and liquidity challenges, as well as an associated decline in revenue as a result of the ongoing general economic disruption. Innovation and business development have slowed down for some too, as existing and potential partners and customers consider the impact of the pandemic on their own businesses. …


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Competition is forcing insurers to adjust rates more frequently to retain existing customers and attract new ones especially during this time of the pandemic. Insurers must look to implement a price optimization strategy and must consider these essential components.

But how do you price a product without knowing production costs? The insurance industry faces this problem every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurers do not know the cost of the product when it is sold. The true product cost may not be known for many years until claims are paid. …


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Insurance regulators are charged with ensuring a well-functioning market and that consumers are protected. This balanced approach has functioned well, yielding overwhelming consumer choice and innovation within a space that is often overlooked. It is a tried-and-true trope to decry the challenges that regulation has brought to innovation within the insurance space, but in reality, the market shows something completely different: new products, services, and innovation is growing. …


Fraud has been one of the historical problems associated with insurance, however, never since the invention of policies and current insurance systems has it been so viable to detect and in many cases stop it before it happens.

But this being the case, why it is not implemented in a massive way to share this scourge, here we will explain some of the challenges of implementing new technology that reduces and mitigate insurance fraud.

  1. Commercial and underwriting, fraud begin from the moment of sale, exactly when the business is going to enter the insurance carrier. In the digital age, there are many ways to detect the potential fraudulent business but it is clear that the difficulty exists when generating the amount of data possible to do so, by digital means, and that is influenced by the percentage of traditional business (emails and so) without structure data making not viable systems that can detect the possible threat. The new digital brokers (insurtechs) play a key part in creating the data necessary for analysis and implementations by providing structure in the management of information that will reach the insurer (or a third party) for analysis. …

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Insurance technology has evolved from its humble beginnings nearly 40 years ago. The role of technology in the insurance sector has shifted from a simple record-keeping tool into the very core of the business.

The digital age is already behind us. We are now entering the next exciting stage: The Platform Age.

The Four Ages Of Digital Insurance Technology

Insurance technology has undergone three major paradigm shifts since the 1980s. We are now on the verge of the third technological revolution — a shift from the digital age into the platform age.

However, plenty of companies still find themselves stuck in previous stages. …


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Today, digital transformation is sweeping through the insurance industry. A big part of that transformation is understanding current processes, and how they interact with content and people. Artificial intelligence (AI) and machine learning (ML) technologies are playing an increasingly important role in responding to the richness and complexity of customers’ experiences, aiming to create easy, seamless engagements throughout their journeys from onboarding and underwriting to claims and retention.

A key to finding the best solution is to focus on content-driven processes. Content is rich information contained within documents, messages, or free-form text used to engage and serve customers. It’s information with the context needed to make decisions. …


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Almost every day, the insurance industry plays an important role in the economic and social hedging of risks. Due to the divergence of global and national regulations, insurers need to evaluate their business process models to be able to react to changes effectively.

By rethinking internal structures and processes, insurance companies can optimize capital, reduce costs, and focus on customers. Efficient processes help with increased financial, risk, and regulatory challenges. However, the right processes specifically can ensure consistency of programs across business functions, geographies, and customer groups.

i-365 is the subscription line of Inmediate. It uses various methods to help underwriters to discover, model, analyze, improve, and potentially automate business processes and procedures. Insurance companies are continuously looking for ways to increase their productivity, yet they must remain customer-centric to retain customers. …


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As the year proceeds, the status quo has been washed away. But some things have not changed. The goal of every claims organization has been and will remain quickly adjusting a claim at a low cost with high levels of customer satisfaction.

These goals are often at odds with each other, which highlights the importance of strategic alignment. Insurance carriers have looked to deploy a balanced scorecard for their claims organization to measure results. This scorecard often contains:

  • Claim count information including new claims, pending claims, backlog claims, closed claims and closed claims by severity
  • Average open day inventory
  • Average cases per…

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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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