Artificial intelligence (AI) is an often-heard topic today, with its far-reaching implications sparking debate over whether it would be beneficial or harmful to society.Use of Artificial Intelligence in Insurance sector is going to increase with time . Technology moguls and billionaires Elon Musk and Mark Zuckerberg have taken opposite sides of the issue, with the
When it comes to getting insurance, many millennials understand the financial risk of not having it — the need — but might not be aware of what kind of policy they need or how to procure it. Current obligations, like student loans, mortgages and other debt, also can be roadblocks. It’s about affordability and share
Insurance by smartphone is the trend among the younger customers of today since most of them already wanted digital solutions for their protection. Insurtechs have recognized this customer need and the established insurance companies are following suit. The industry is on the verge of upheaval. The technological potential is massive, and so are the challenges.
Before Insurtech Before the arrival of insurtech, the insurance industry worldwide has been dominated by massive national brands and legacy product lines and age-old technology. The change is already here and more changes are expected to disrupt the global insurance industry. The rapid evolution of insurance technology or insurtech that’s making waves in the global
As we move on, the topic of Insurtech is raising a growing interest. This is primarily because of the vast size and importance of the insurance market, however, this can also be attributed to the promising new opportunities offered by new technologies, just like Artificial Intelligence.The applications are very diverse and players in the Insurtech
Over the past few years, insurance giants have pulled ahead in their digital transformation efforts, rolling out new features that improve the customer experience, optimize back-end efficiencies, and create a framework for ongoing innovation. The stakes around digital transformation are high and choosing to hold may affect a company’s long-term solvency. Some insurance leaders think
Insurtech or Insurance Technology has been all the buzz in the insurance industry recently, and for good reasons. For the insurance companies, it brings the promise of better anti-fraud protection, cutting operational costs, and converting new clients with attractive packages. For policyholders, tech disruption is likely to mean lower prices and better insurance plans. Overall,
Insurtechs have burst onto the scene in the last few years. All well and good, but what exactly does this mean for the insurance industry today and how best can insurers work with insurtechs? Here are some of the key trends we are seeing about the current and evolving state of play: The Key to
In this modern age, using Artificial Intelligence or what we mostly have known as AI, an insurance customer of today can get a higher-level of contextual information, support, and personalization. In the recent 2019 Global Financial Services Consumer Study, which surveyed 47,000 consumers, revealed that insurance customers desire omnichannel experiences that are quick, easy, and
The influence of Artificial Intelligence (AI) is spreading, probably further than many people thought it might. The next industry to be fundamentally transformed by AI is insurance. From product development, underwriting and claims, to customer service chatbots, risk assessments, and quotations, technology are being deployed across the sector to provide faster, more accurate services. What
Here at Inmediate and Insurance Market, we are always on the lookout for the upcoming or existing or emerging technologies that have the potential to change the current state of our insurance sector worldwide. And on this article, we will try to enumerate the top 10 emerging innovations in which we think has the ability
Trying to keep up with the speed at which data is generated on a daily basis and our need to extract insight from that data requires powerful and innovative technology that can understand what is contained in the data beyond keyword matching. It requires cognitive technology. A lot of claims, customer queries and large amounts
Why is digitalization important to insurance? Before addressing this question, we must define “digital.” It means, rethinking the relationships between information, people, and processes given new and evolving capabilities. It means, designing user experiences and workflows across channels, leveraging existing and new data sources and analytics, along with the unique capabilities of mobile to streamline
The accelerated use of technology in the insurance sector is having both a disruptive and transformative impact on areas including product development, distribution, modeling, underwriting and claims, and administration practice. The result is a new industry, known as InsurTech. But while the insurance market looks to technology for greater efficiency, regulators are beginning to raise
We believe that the industry is now in a position in which executives can embark on a digital journey to achieve real impact. It is no longer “if” digital technologies will change the industry, it is “how” and “when.” The challenge — or opportunity — for incumbents in the digital transformation lies in determining the concrete steps they should
While it is common in manufacturing, the insurance industry doesn’t have many production standards. Production standards are getting renewed relevance as the world is digitizing and automating. Should insurers take notice? Hell yes! Digitization in insurance moves us toward an integrated structure of planning, production and control. Through this integration and digital transformation, insurers experience
There is no doubt that the interest (and investment) in InsurTech companies has picked up over the past few years. It’s been exciting to see how innovative technologies are helping carriers compete in new ways. In fact, investment in this sector surged beyond $4.1 billion in 2018, up from $348 million in 2012. But what
Here at Insurance Market and Inmediate, we always make sure that we provide you the latest information about blockchain, AI, and technology, to ensure that you are always updated about what we are currently developing or what are the usual happenings around the insurance industry. We also sometimes give you tips on choosing the right insurance