cognitive

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

Perfecting the insurance user experience journey with AI

In recent years, there has been great progress in advancing user experience, online buying capabilities and omnichannel coherence. Yet, despite these advances in user experience (UX) design, user experience in the insurance industry has yet to be fully understood and perfected. Some recent trends in user interface (UI)  thinking involve incorporating “persona” and “customer journey” […]

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

The platform-fueled insurance future

As announced in my preview post last week, the IBM Institute for Business Value has just released our main insurance study for 2018, titled “The platform fueled-future: New ways to differentiate in a changing insurance industry.” This study is based on a global survey of 1,000 insurance executives, with questions centering on insurance platforms about […]

Continue reading

Sneak peek: Is the industry ready for insurance platforms?

Next week, we will be releasing a new IBM Institute for Business Value study on the insurance industry. Titled “The platform-fueled future,” we surveyed 1,000 insurers across 35 countries on various questions of interest around insurance platforms – on their disruptive impacts, benefits, downsides and how much or how little participation they are envisioning. We […]

Continue reading

Prudential Singapore puts Watson AI to work to increase sales agent performance

Key Points: Prudential Singapore’s 4,600 financial consultants (FCs) serve as the insurer’s key customer touchpoints. Their ability to access and deliver prompt and relevant advice to customers at any time is vital Facing steady growth in customer and business volumes, Prudential recognized it needed an easily scalable and cost-effective solution to support a growing number […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

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 […]

Continue reading

Building Ana the insurance chatbot: Part 3 of 3 – Front end and UX design

This is the third and final part of a series which describes the design and implementation approach used to build a Watson Conversation data integrated Chatbot with the IBM Cloud. (Parts 1 and 2 here and here). In this post, I explain about design thinking and the front end design and development approaches used in […]

Continue reading