Predicting what will happen – a look into the future – is a particularly tempting prospect for insurance companies. The achievements of modern information processing, the abilities of Artificial Intelligence (AI) and Machine Learning (ML) open up promising possibilities in this regard. Insurance companies have numerous starting points for forecasting models along the customer life cycle with the most important events in a customer’s life. In the following, we show how this can work on the basis of a typical customer life cycle – starting with customer acquisition, all the way through to customer retention – and what possible uses are offered by forecasting models. MARKETING AND...
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Having a deep understanding of customer behavior is propelling the insurance industry forward, especially with the help and advances of telematics. Within the auto industry, insurers are privy to information such as speed, location, weather conditions, road conditions, surrounding objects, time of day, vehicle health and even the physical condition of the driver. Mark Fitzpatrick, Senior Research Analyst at LendingTree elaborates on with all this information, where will the industry go next Technology has always been a disruptive force for insurance companies. Perhaps ironically, while some insurance businesses have been major champions of technological innovations, the industry is...
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I chaired a panel last week at the Corinium Chief Data and Analytics Officer, Insurance event this week in Chicago. The entire event was very revealing into the data and analytics issues of the insurance industry. One key takeaway was that while the insurance industry does not produce physical assets, insurance carriers should be in the business of producing one key asset: Data. Insurers have tremendous volumes of data about customers, risk, losses, policies, claims and more that can be transformed into real business value. Like manufacturers who optimize their business around the production of their physical assets, the key to optimizing an insurer’s business is to streamline the...
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The Insurance Industry has been at the forefront of innovation. Companies are investing heavily in new technologies and applications to catalyze this growth. Maintaining a fair understanding of the top trends in Insurtech is essential to securing the long-term viability of any insurance endeavour. Not only to keep up with industry standards and expectations, but to ensure customer satisfaction. This article aims to highlight some of the key trends we expect to see in 2020, many of which will follow into the coming decade. 2020 Trends and Our Sources This data comes from our own internal analysis. It is pulled from our tacit knowledge in the industry and comprehensive interviews conducted...
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What is digital stewardship in the insurance sector? To answer this, let’s begin with the background on data usage in the insurance industry. This industry is a unique combination of two things: (1) massive amounts of data and (2) a highly regulated and controlled process to use and store data. So a simple answer is this: digital stewardship is the process of managing, controlling and securing data, as it is used and generated through the insurance value-chain, in a way that meets all security and regulatory requirements. In this series of three blogs, we’ll explore digital stewardship as it relates to both data and data regulations. Data and regulations in the insurance industry Data is...
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Posted By Pinar Dost ⋅ January 22, 2020 It’s hard to think of a commercial sector better placed to benefit from big data insight than insurance. The entire concept of insurance is based on assessing the likelihood of various occurrences, so it makes perfect sense that more data and ways in which to analyse it would result in more accurate risk assessment. There is a wider pool of consumer data for insurance companies to draw on than ever before – open data, social media data, data from devices connected to the Internet of Things (IoT) – such as connected cars. All of this can be merged and collated to paint a more detailed picture of the individuals and organisations applying for...
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What insurance will look like in 2020 and beyond In an exclusive with FinTech Magazine, Nimeshh Patel, CEO of Wrisk, shares his predictions for how the insurance industry will evolve over the next decade. Insurance is a trillion-dollar industry. But, in the last 50 years, despite massive sweeping changes to the way we live our lives brought about by the rise of digital, the insurance market has, until now, remained largely untouched. As industries from healthcare to retail, and even the ‘traditional’ banking sector, have embarked on journeys of digital transformation, retiring legacy IT systems and investing in new fintech, insurance has been slow to follow suit, leaving it lagging ...
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(From left) Chairman of Canopy Insurance, Don Wehby, Health Minister Christopher Tufton and Canopy managing director, Sean Scott. (Photo: Christopher Lewinson/BUZZ) What started out as a bold idea to disrupt and transform the health insurance industry, officially became a reality with the launch of Canopy Insurance on Thursday, January 16. Backed by two of Jamaica’s leading companies – Grace Kennedy and the Musson Group, Canopy combines the sincerity of old-school customer care and the efficiency and simplicity of modern technology to deliver a “frictionless, hassle-free experience” to all their members. A screengrab from Canopy Insurance’s website Chairman of Canopy, Senator Don...
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Jan 10, 2020 (The Expresswire) -- Recently published report on South Africa Insurance Market by Orbis Research includes market overview, detailed literature on products, services and overall industry scenario by 2026. The key categories covered in the market segmentation are region, applications and key players Strong demand for insurance of vehicles, property, health and other insurances across South Africa are driving the revenues of insurance companies in the country. Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments. On the global front, the world insurance market is...
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Allianz and Microsoft to reimagine the insurance industry experience with Azure to streamline insurance processes; Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services Jean-Philippe Courtois, EVP and president, Microsoft Global Sales, Marketing & Operations (left) and Christof Mascher, COO and member of the Board of Management of Allianz SE (right). Source: allianz.com MUNICH, Germany, and REDMOND, Wash. — Nov. 14, 2019 — On Thursday, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier...
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