InsurTech

Embracing innovation and an ecosystem mindset – the path forward for insurers

Insurers have grappled of late with potential disruption, as a flood of insurtech investment creates what appear to be new competitors at every turn.  But all is not as it seems.  As insurers gear up to face insurtech innovation, a study of both incumbent and aspirant leaders points to models for cooperation that are not […]

Industry Insights

Insurtechs – friend or foe of insurers?

How often have you heard the thought leaders claiming “this time it is different – this time, the insurance industry is REALLY being disrupted.” The latest chapter is the insurtech business – flexible, young startups, using innovative technologies and cool new gadgets. They often find and exploit inefficiencies in the insurance value chain, and their […]

Blockchain

5 Things an insurer shouldn’t miss at IBM Think 2018

The outlook for the insurance industry in 2018 is what many of us know already. The disruptive influence of FinTech has expanded beyond the world of finance and has entered the insurance landscape. The marriage of insurance, technology and data & analytics, or InsurTech, has created a boon for technology companies’ insurance products and services. […]

Embracing the future with the new IBM Insurance Platform

Industry platforms have become more of an insurance discussion point as insurance decision makers, analysts, and consultants consider 2018 and new technology trends.  IBM’s collaboration with MetLife and Majesco to create the new IBM Insurance Platform was an impetus for that conversation (if you missed it, check it out here). The IBM Insurance Platform is […]

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Parametric insurance: Breaking the mold of traditional insurance

Because extreme weather events are now seemingly more common than ever before, insurance claims are seeing record increases, and the demand for disaster insurance is reaching unprecedented levels. Insurance companies are being challenged to offer new ways to respond to these disasters, both to expedite relief for their clients and to develop cost-friendly and profitable products, all […]

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Fighting insurance fraud with AI – An expert discussion

Fraudulent claims in the insurance industry have steadily grown to be the single largest expense to property and casualty insurers, taking up to 10% of an insurer’s revenue. In the UK, detected fraud is estimated to be more than £1 billion annually, with undetected fraud adding in excess of £2 billion (Marketforce General insurance report […]

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Will autonomous automobiles drive auto insurers away?

In the last year, we’ve seen a number automobile manufactures take big steps towards releasing widely available, fully autonomous vehicles. With the impending fleet of autonomous vehicles on the road, it means we’re likely to see a massive drop in automobile accidents. Having worked with Auto Insurance Companies in the U.S. and Australia, there is […]

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Insurance APIs: The new insurtech embrace

The insurance industry is rarely noted for innovation. The traditional insurance business model has been in place for centuries, founded on stability and consistency of customer relationships based on sustained trust. Indeed, in 2007 the Competitive Enterprise Institute concluded that, “Since…1959, the [insurance] industry has not introduced a single entirely new property and casualty insurance […]

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Embracing innovation and an ecosystem mindset – the path forward for insurers

Insurers have grappled of late with potential disruption, as a flood of insurtech investment creates what appear to be new competitors at every turn.  But all is not as it seems.  As insurers gear up to face insurtech innovation, a study of both incumbent and aspirant leaders points to models for cooperation that are not […]

Continue reading

5 Things an insurer shouldn’t miss at IBM Think 2018

The outlook for the insurance industry in 2018 is what many of us know already. The disruptive influence of FinTech has expanded beyond the world of finance and has entered the insurance landscape. The marriage of insurance, technology and data & analytics, or InsurTech, has created a boon for technology companies’ insurance products and services. […]

Continue reading

5 Ways blockchain is changing the complex world of reinsurance

Calamity strikes. You’re okay, your family is okay, your property isn’t, so you call your insurance company, and then, you wait. We’ve heard stories of people frustrated by slow claims processing and payment in the aftermath of disaster. The delay isn’t often due to the enormity of damage—the delay is mainly due to the complexity […]

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Is data gold, or your kryptonite?

If you are an insurer, ask yourself this question: Are your customers sharing data with you? (If you aren’t you probably are a customer of insurance, so just ask it the other way around.) Most likely, the answer is “not if they don’t have to”. Why is that the case? Is it a privacy concern? Don’t […]

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IBM partners with MetLife and Majesco on data driven insurance platform

The IBM Insurance Platform, a collaboration between IBM, MetLife and Majesco, is a breakthrough in the insurance industry that can pave the way for product innovation, and new levels of personalized customer service while achieving lowering operating costs to the insurer. The combination of artificial intelligence, cognitive computing and cloud technology enables insurers to get […]

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IBM and MetLife partner for a groundbreaking IBM Insurance Platform

From the introduction of the mainframe, to pioneering efforts in artificial intelligence, IBM has consistently developed technologies that are relevant to the insurance industry. Today, we announce another milestone for the insurance industry — the IBM Insurance Platform with initial focus on end-to-end core processing for group benefits and to be offered “as a Service” on the […]

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Artificial intelligence and machine learning – Is this the next big disruption in the insurance industry?

Rapid digitization and changing customer demographics are putting immense pressure on the insurers today and making them rethink the way they run the insurance industry. Millennials, who are the true digital generation, have already taken over the baby boomers and now make up a quarter of the UK population as per the Inkling Millenial Report […]

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Helping AIG innovate on its multinational insurance programs with blockchain

One of the challenges many companies face when evaluating a new technology is identifying how it could best be applied to solve a real business issue. Blockchain is no exception—for many years within the insurance industry, it has been viewed as the proverbial “hammer looking for a nail.” Not anymore. When AIG announced that they […]

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Taking off: How drones are disrupting insurance

The term disruptive technology is overused, and maybe even used too loosely and too frequently. (These days, I often wonder if a technology discussion is possible without using the term “disruptive.”) So it’s important to clarify precisely what we mean when using the term “disruptive” in regard to technology: disruptive technologies create new markets, new […]

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