Cognitive

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 […]

Claims

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 […]

InsurTech

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 […]

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 […]

Continue reading

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 […]

Continue reading

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 […]

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

Overtaking Underwriting: Cognitive Process Re-Imagination in Insurance

Something amazing is happening in Insurance. The fact is that after more than a decade of sluggish growth and continuous cost cuttings, cognitive and other technologies are actually opening the door for the re-invention of insurance – and the industry is electric! I have been working as a consultant with Tier I carriers for over […]

Continue reading

What will be the next big disruption in the insurtech?

See how other insurance firms are innovating to transform the financial services industry. At a recent event hosted by IBM and the Economist: Reinventing Financial Services, we asked insurance leaders questions about what the future of the industry looks like and what their companies will need to do to adapt to the change. Here’s how […]

Continue reading

What will it take to reinvent financial services?

We’ve been long saying that financial services firms today are undergoing a radical transformation. From pressures around data security, a constantly evolving regulatory environment, and disruptive new players (insurtechs)—all amplified by cost pressures and diminishing margins—it’s clear that business models need to quickly adapt. To further complicate the landscape, customer expectations continue to evolve, as […]

Continue reading

Turbo-charged underwriting – You bet-cha!

A few years ago, a couple of colleagues and I penned a white paper on Integrating the value of Data in Underwriting. It was slightly ahead of its time, but it underscored a central need for insurance within the burgeoning era of “big data.” It provoked the thought that this new era will excel when […]

Continue reading

How Cognitive Virtual Agents Will Transform Customer Engagement

The average consumer interacts with customer service 65 times in a year. That adds up to more than 270 billion service calls made on an annual basis. Multiply that by an average cost of about $1.00 a call, and you’ve got very big problem for global businesses. Further, 33% of Millennials are only willing to wait […]

Continue reading