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Driving claims insights for insurance carriers | Insurance Blog
Strategic claims segmentation diverges from the traditional ways of managing claims, promoting a more detailed, data-driven approach. Traditional segmentation only considers the monetary value and data points such as the cause of loss and the exposure. Strategic segmentation considers the individual merits of each claim, ensuring more accurate and efficient adjudication, a major priority in […]
A new day for risk in insurance | Insurance Blog
Risk used to be relatively simple. If a local bakery wanted insurance, you would worry about the structure, the location, how it operated and could have a pretty good view of its risk profile. Today that same business is far more complicated and interconnected: Third party Point of Sale systems are used to process transactions […]
3 ways insurance underwriters can gain insights from generative AI | Insurance Blog
Generative AI (GenAI) has the potential to transform the insurance industry by providing underwriters with valuable insights in the areas of 1) risk controls, 2) building & location details and 3) insured operations. This technology can help underwriters identify more value in the submission process and make better quality, more profitable underwriting decisions. Increased rating […]
Insurance News: International Women’s Day Special Edition | Insurance Blog
In celebration of International Women’s Day, we are delighted to be part of a panel of extraordinary women leaders for this special edition of Insurance News Analysis. We discuss the strides being made toward gender equality and the work that remains. So, what is being done to recruit, retain and promote women in the insurance […]
3 life insurance underwriting predictions for the year ahead | Insurance Blog
Life insurance stands on the cusp of a new chapter in reinvention. Until now, insurers have been gradually moving forward with wide-scale digital transformation. But with the impacts of AI, including generative AI, change is coming fast. We’re in a vibrant new year, and life insurers are starting to accelerate and implement their reinvention strategies. […]
Maximizing investment in policy administration systems | Insurance Blog
Today’s cloud-based policy administration systems (PAS) are designed to enable both P&C and Life insurers to manage policies through their entire lifecycle and are the foundation of carriers’ digital strategies. These types of platforms are a boon to carriers looking for ways to enhance their customer relationships and develop more effective offerings but many carriers […]
5 key generative AI use cases in insurance distribution | Insurance Blog
GenAI has taken the world by storm. You can’t attend an industry conference, participate in an industry meeting, or plan for the future without GenAI entering the discussion. As an industry, we are in near constant discussion about disruption, evolving market factors – often outside of our control (e.g., consumer expectations, impacts of the capital […]
5 predictions for the insurance industry in 2024 | Insurance Blog
As we look ahead to 2024, while we see many challenges for the insurance industry, we meet these with optimism. Insurance is a resilient industry with a deep sense of purpose—offering people, families and businesses protection and a more secure future. What’s the macro-economic outlook? Global macroeconomic forecasts for 2024 indicate both slowing GDP growth […]
Insurance News: 2023 in review | Insurance Blog
As we bid farewell to 2023 in this final Insurance News Analysis of the year, we are happy to welcome Cory McAnelly, Assistant Vice President of Enterprise Innovation Strategy at Principal, to join as we delve into what made the headlines this year. We start with a recurring theme: generative AI. Cory brings his perspective […]
Insurance News: The generative AI opportunity and importance of responsible implementation | Insurance Blog
As with any new technology, as well as the opportunities it opens up, there are concerns about unintended consequences of generative AI and the need for responsible implementation. We were delighted to be in the hotspot usually claimed by Kenneth Saldanha in this episode of Insurance News Analysis to discuss this important topic and were […]