AI

Transforming an industry, one automated action at a time

Though the concept of insurance has existed for centuries, the changes the industry has gone through in just the last decade may have been some of the most consequential since the introduction of the internet. Today, one of the biggest driving forces in insurance is the implementation of automation and how it’s changing a number […]

AI

Addressing a serious challenge in insurance today

It’s a fascinating time in the insurance industry. Insurers of all types face changes in the risk landscape such as new and emerging risk management techniques, the adoption of new capabilities, and exposures brought about by technology and so many human factors, to name just a few. One of the more pressing issues for insurance […]

AI

MobileFirst approach for insurance companies: Get started or risk being outpaced by competitors

As a former insurance agency owner and seller, I have first-hand knowledge how embracing technology can improve business performance. By ignoring technology trends such as developing mobile applications and other engagement tools, insurance companies are falling behind and being outpaced by competitors. Not long ago when people were seeking information, they would fire up their […]

Addressing a serious challenge in insurance today

It’s a fascinating time in the insurance industry. Insurers of all types face changes in the risk landscape such as new and emerging risk management techniques, the adoption of new capabilities, and exposures brought about by technology and so many human factors, to name just a few. One of the more pressing issues for insurance […]

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MobileFirst approach for insurance companies: Get started or risk being outpaced by competitors

As a former insurance agency owner and seller, I have first-hand knowledge how embracing technology can improve business performance. By ignoring technology trends such as developing mobile applications and other engagement tools, insurance companies are falling behind and being outpaced by competitors. Not long ago when people were seeking information, they would fire up their […]

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Insurers are serious about AI-powered chatbots

Please allow us to introduce ourselves… Chatbots, or Virtual Assistants (VA’s) are no longer so uncommon as to cause consumers to do the virtual equivalent of gawk or an awkward stumble when they come across one. Chatbots have quickly moved into the mainstream. Insurers are no exception, and it is much more than novelty that […]

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Blockchain use cases continue to emerge

There’s been so much talk about blockchain technology lately that one could wonder when the commercials might start running on Home Shopping Network. But other than some high level talk of a shared ledger and confusion with Bitcoin: most people still wonder what “it” is, and how it might actually make a difference. Blockchain simplified […]

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Cognitive technologies are the solution for underwriting

The first known practices of “insurance” are from hundreds of years BC when neighbors would all come together to rebuild a farmer’s barn lost to fire.[1] Or when the community started to store grain so that they would have food in years of famine. Although this part is not documented, I am sure somewhere along […]

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IICF Women in Insurance Forum: Inspirational and educational

On June 7, hundreds of women leaders in the insurance industry met in New York City to participate in the Insurance Industry Charitable Foundation (IICF) Women in Insurance Northeast Forum. Since 2013, this annual event has become the largest diversity initiative in the industry. The goal of this event is to create a more inclusive […]

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Leading insurers capitalize on the expanding drone market

Seven million small drones, also known as unmanned aerial vehicles (UAVs), could fill the sky by 2020 and as many as 2.7 million of them will be used for commercial purposes according to the Federal Aviation Administration (FAA). Industries ranging from agriculture to infrastructure are now implementing drones in an array of applications and methods […]

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Digitalization and the changing insurance customer experience

Customers are reshaping the insurance business experience today. In the insurance industry and also in general, they rely on gathering information from the internet. Specific to insurance, whether they’re deciding to buy a new policy or switch insurers, more are doing their research online than ever before, and the number continues to grow. Also, a […]

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Trust and transparency with GDPR

In case you have not heard, General Data Protection Regulation, commonly referred to as “GDPR,” is now in effect. That means that individuals residing in the EU will have more control over how their data are handled. Companies throughout the world have spent a considerable amount of time preparing their systems and procedures, preparing their […]

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New leadership for insurance reinvention

“Your architecture is how you build trust with your customers.”  This quote from Bridget van Kralingen, IBM Senior Vice President of Industry Platforms, from the Reinventing Financial Services event, captures what the day was about. On May 22, about 100 C-level executives from leading financial services institutions joined IBM for an all-day event on defining […]

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Dig|In 2018: Digital transformation starts and ends with the customer

The Digital Future of Insurance Conference, otherwise known as Dig|In, held in Austin, Texas from May 14-16 addressed many tough issues facing the industry. With session topics such as “Is UBI Dead?”, and “Is the Industry Ready for Touchless Claims?”, the largest technology conference in the insurance industry focused on the issues and trends that […]

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Blockchain for insurance delivers trust: A use case with Marsh, ACORD and ISN

Business agreements among multiple parties involve a lot of moving parts – a recipe for friction. With blockchain, aka distributed ledger technology, insurers and insureds can permission, validate and trust each other, sans the friction. In this case study Marsh, ACORD and ISN created one of the first instances of a commercial digital proof of […]

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Four technology changes help insurers become true risk partners

Mark McLaughlin, Global Insurance Director at IBM, was interviewed by A.M. BestTV at the Meeting of Reinsurance Officials 2018 in Montreal. A.M. BestTV delivers A.M. Best’s coverage of the insurance industry in a television-quality format. In this interview with John Weber of Best TV, Mark describes how insurers and insureds benefit from four main changes […]

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Will autonomous cars drive auto insurers away?

In the last year, we’ve seen a number automobile manufacturers take big steps towards releasing widely available, fully autonomous vehicles. This has led to speculation that we will see a massive decrease in the number of automobile accidents, and this also has led to the big question in the industry, do we need traditional auto insurance if […]

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