Industry Insights

To energize innovation in financial services, take it outside

Financial companies have always been innovators. But in this age of digital transformation, innovation in financial services is more important than ever to stay competitive. Innovation processes, traditionally limited to product development, are now spreading throughout the entire organization. Many companies, however, are not yet well-positioned to reap the benefits. When researchers from the IESE […]

Data

Four ways to stem the growth of financial crime in insurance

Insurers have long understood that the ability to quickly detect fraudulent claims not only stems losses, but also minimizes the impact to legitimate customers as well. But as more complex financial crimes like money laundering, employee fraud, and corruption have gravitated toward insurers more recently, many don’t have the programs in place to combat these […]

AI

How can insurers stay relevant when insurance ceases to be mandatory?

Insurance and insurers have been around for millennia, with modern insurance starting in the U.K. more than 300 years ago. For much of this time, incumbent insurers have been protected from competition by four big barriers: regulation, the law of large numbers, the trust nature of insurance, and, last but not least, the inertia of […]

From art to science: Creating competitive advantage with cognitive decision making

Insurers know the importance of making informed decisions based on current, relevant information. Yet there are differing viewpoints on how much detailed information is necessary to make a decision. How much reliance can be placed on the “art” of underwriting or “experience” in lieu of gathering and reviewing a lot of detailed data and making […]

Continue reading

Streamlining insurance with platforms and artificial intelligence: IBM at LIMRA 2018

From October 28-30, 2018, leaders in the life insurance industry will convene in New York City for the annual LIMRA conference to answer questions related to this year’s theme: “Reclaiming Relevance: Now Is The Time!” Speakers will discuss how financial services companies can convey their relevance given today’s “flood” of data and how they can […]

Continue reading

The top 3 financial crime trends insurers face today

Insurers are investing more in anti-fraud technology because the risks are growing. Terrorist groups, crime syndicates, and national and international gangs increasingly carry out large-scale financial offenses to create illegal profits and fund even worse activities.  And these crimes involve multiple industries – insurers say that 84% of fraud cases they investigate involve more than one […]

Continue reading

Making sense of big data in insurance

As InsureTech Connect 2018 continues, there are some common themes that continue to be raised during discussions of this 3-day event. Points like: “disruption is a good thing,” “blockchain is a game changer,” and “big data is only getting bigger.’ With that in mind, it was a pleasure to sit in on a session titled […]

Continue reading

Building trust in insurance through blockchain

  To a capacity Las Vegas meeting room that saw attendees sitting on the floor and lining the walls due to every seat being filled, it’s clear that interest in blockchain in the insurance industry has reached a fever pitch. At InsureTech Connect, a panel of insurance visionaries assembled to share their first-hand experience of […]

Continue reading

Digital transformation in the insurance industry: Part 1 – Data is the new natural resource

Today, with the help of sensors, drones and mobile devices, we are are generating unprecedented amounts of data that create both opportunities and pitfalls for the insurance industry. As data continues to become more ubiquitous and grow exponentially, insurers must establish a sustained capability to effectively use this data to remain competitive. Whilst companies have […]

Continue reading

To energize innovation in financial services, take it outside

Financial companies have always been innovators. But in this age of digital transformation, innovation in financial services is more important than ever to stay competitive. Innovation processes, traditionally limited to product development, are now spreading throughout the entire organization. Many companies, however, are not yet well-positioned to reap the benefits. When researchers from the IESE […]

Continue reading

Four ways to stem the growth of financial crime in insurance

Insurers have long understood that the ability to quickly detect fraudulent claims not only stems losses, but also minimizes the impact to legitimate customers as well. But as more complex financial crimes like money laundering, employee fraud, and corruption have gravitated toward insurers more recently, many don’t have the programs in place to combat these […]

Continue reading

How can insurers stay relevant when insurance ceases to be mandatory?

Insurance and insurers have been around for millennia, with modern insurance starting in the U.K. more than 300 years ago. For much of this time, incumbent insurers have been protected from competition by four big barriers: regulation, the law of large numbers, the trust nature of insurance, and, last but not least, the inertia of […]

Continue reading

Connect with IBM Insurance experts on social media

At IBM, we are fortunate to have a number of IBM Insurance experts who are active on social media and enthusiastically look forward to connecting with others in this realm. I encourage you to connect with the following insurance experts if you have a question or just want to follow the latest news and trends […]

Continue reading

How digitalization of life insurance will transform a static industry

Life insurers have a big problem: Younger adults are not buying life insurance. Despite year-over-year population and GDP growth, the number of U.S. residents under 45 who applied for life insurance in 2018 fell 2.7 percent from the previous year, according to the nonprofit group MIB. Insurers have turned to emerging markets such as India […]

Continue reading

Why the world should watch a German non-profit insurer

While health insurance is typically viewed through a local lens, now is a good time to pay attention to what is happening in global markets.  Techniker Krankenkasse (TK) is the largest public health insurance fund in Germany. Their digitalization strategy could provide a test pattern for how insurers globally will provide more control and transparency […]

Continue reading

Key takeaways on the IBM Insurance Platform

At the IBM Think 2019 session, Drive Differentiating Value and Fill Critical Gaps with the IBM Insurance Platform, Noel Garry, Global Offering Manager, IBM Insurance Platform, and Ed Ossie, Chief Operating Officer, Majesco, discussed the current state of the platform and illustrated how it works. Majesco, a multinational provider of insurance technology software and an […]

Continue reading

“Technology and the Future of Work” at Distribution Conference for Financial Services

The term shifting sands is usually used to emphasize that something changes frequently, making it difficult to deal with and thus make plans. But the need for change also can lead to great opportunity. The theme for this year’s 2019 Distribution Conference for Financial Services – “Shifting Sands: Find Your Footing” seems perfect for conveying […]

Continue reading

Pushing the boundaries of policyholder experience

It is no secret that the entire insurance industry is realigning to be customer-centric. It was a central theme in almost every digitalization story at IBM Think 2019. Salesforce, an IBM partner, is a company that very well could be credited with driving the business in this direction. At the Think session, Pushing the boundaries […]

Continue reading

How cloud adoption is transforming the insurance industry

Many insurance providers are now at an inflection point in their cloud transformation journey. Going beyond a “lift and shift” strategy with Infrastructure as a Service and focusing on Platform as a Service (PaaS) are the next steps for insurers in gaining cloud maturity. Applications hosted in the cloud cost less to maintain, are easier […]

Continue reading

How early insurance blockchain adopters are driving practical value

As we roll into 2019, with renewed optimism and expectations, I like to reflect and look back at the year that was for blockchain in the insurance industry. Most reported efforts in the last two years were driven by industry innovators looking to learn about how to work with the technology. I worked with a […]

Continue reading

Doing more with data means doing more with storage in the insurance industry

Despite the notion of insurance as a stodgy business, today’s insurance industry is arguably in the process of reinvention.  The insurance industry is hitting a developmental milestone—triggered by rapid technology and cultural changes including: Chips (e.g., GPUs) Smartphones Social media Public cloud Artificial Intelligence (AI)/Deep Learning (DL) Sensors and IoT devices, including bots, drones and […]

Continue reading