There is no doubt that the emergence of new technologies in the insurance industry has had an uplifting effect on the business. From claims processing to lead conversions, insurtech — the combination of insurance and technology has overhauled the traditional processes and legacy systems and transformed the lives of insurers for good.

The COVID-19 pandemic has accelerated the insurance tech market growth, highlighting the importance of innovative solutions while at the same time creating an environment wherein it is all the more challenging. This inconsistent dynamic boosted the position of insurtech companies, whose future-forward, digital-centric approach has enabled them to…

There is no doubt that the pandemic has forced the industry to hasten its embrace of automation. By the start of this year, over 40% of insurers had either already incorporated some degree of accelerated and automated underwriting into their new business process, or had imminent plans to do so. This was a dramatic increase from 18% the year before — according to research to research.

Pandemic or not, this pivot was always inevitable, and the numbers underline why. Today, over half of the insurers that have already adopted accelerated underwriting report payback periods of less than a year, with…

Today, there are lots of insurers that are talking about innovation, but not every insurer means the same thing when they use the term. You can have three people sitting around a table to discuss innovation, and it turns out all three of them expected an entirely different conversation. This is a good thing rather than a problem! It means there are many ways for an insurance company to be innovative in today’s market.

There are three primary topics insurers want to explore in the realm of innovation:

  • Internal innovation best practices
  • Emerging tech
  • Insurtech startups

Internal Innovation Best Practices…

For those who don’t know, the core notion of the distributed ledger technology or DLT is to sustain the transparency and privacy of the bitcoin transaction database related to the bitcoin transaction. The concept of blockchain has fascinated ample domestic banks alongside financial institutions; however, few industries have also started to adopt blockchain technology. One of them is the insurance sector.

Today, ample industries are willing to adopt bitcoin and blockchain technology, and health care insurers are one of these participants. The health insurers and significant players of the industry are putting the best foot forward to acknowledge the true…

Today, the key is to delight customers who are hard-pressed for time and want things done yesterday. Initially, insurers opted for a digital-business model to survive, but higher customer satisfaction, especially in GenZ and millennials, made them adopt innovative ways to get better returns. A sharp decrease in cost across the value chain for insurers, improved communication, and automated operations also triggered a desire for digitization. Apart from that, the adoption of tech tools has also enhanced transparency, allowing businesses to detect fraud without human intervention.

Global investors are now pouring millions of dollars, hoping to get value for their…

IT strategies establish a vision for the future and can be motivational if communicated properly.

CIOs need to identify the audiences they want to reach and develop messaging that targets their specific needs and interests. Audiences can range from IT positions and business units to external parties like boards of directors and strategic partners. Communicating to each requires a basic understanding of their information needs, filters, and biases.

IT Leadership
IT leadership should have participated in IT strategy development; they should already understand the rationale for and implications of its contents. A direct presentation of the strategy to the IT leadership…

Robotic process automation is being used in the insurance industry not to eliminate human jobs, but to reduce manual labor, enabling employees to focus on other projects that require the personal touch and enhance the customer experience. But there are opportunities for expansion in other areas. Using RPA as a tool to automate repetitive tasks via the deployment of bots that mimic human actions can help eliminate paperwork errors for claims processing and data collection/processing. Cloud-based RPA software can create a digital execution log trail that can be accessed for compliance audits. Also, it can be tasked with generating e-mails…

Anyone who has ever experienced an accident or trauma will tell you that insurance is essential to survival. It can provide a safety net for your family or business; help you get back on your feet and protect you from overwhelming bills. Yet, the very companies that we depend on to be there for us when things go wrong are basing their policies and products on outdated, incorrect data which not only costs them money but could also damage their consumers in the long run. And while other businesses rely on thousands of data points to make every decision, the…

Some of the pioneers throughout time have opened the floodgates for new movements, eras, and even revolutions. When in 1957 the Soviets successfully launched the first-ever satellite into space, they kicked off a space race that would just 12 years later see America put the first man on the moon. Today, countries from every continent are pushing further into the great unknown to take space exploration to new heights, showing that once a revolution is ignited, the speed at which it develops is exponential.

Insurance in Asia finds itself in a similar situation. What started with simple automation of paper-based…

Insurance companies generate millions of personal and sensitive data from their customers, information that is critical to their business. Today, more than ever, all the management, control, and custody of this information is on systems. Business is being completely digitized as well as all client interaction. The responsibility for information security, and cybersecurity, on the part of insurers gains, added weight due to the quantity and criticality of the data that is processed and stored.

Undue access to confidential organizations’ data, or its tampering, can lead to loss of confidence on the part of customers, reputational damage, loss of intellectual…

Inmediate.io

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

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