Blockchain innovation is gradually taking hold in the insurance sector in an unprecedented way. Insurance giants and startups worldwide are attempting to use blockchain-based solutions to deal with operational inefficiencies of the insurance industry.

During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.

Back in 2017, we wrote about the impact that modern deposition management services can have on the leading impediments to insurance company profitability: unallocated loss adjustment expenses (ULAE), allocated loss adjustment expenses (ALAE), and losses paid out to claimants.

For more than six decades, innovators have attempted to unlock the full potential of artificial intelligence (AI). It wasn’t until the past decade that the science finally caught up to expectations.

In the popular Terminator movies, a relentless super-robot played by Arnold Schwarzenegger tracks and attempts to kill human targets. It was pure science fiction in the 1980s.

Meredith Barnes-Cook, Ushur’s global head of insurance, is participating in a panel on process automation called ‘Build your digital capability by leveraging technology to streamline and automate claims-handling processes’ at this year’s Intelligent Insurer Claims Innovation USA virtual event on July 14.

While those pressing for innovation often focus on the unbelievable speed of technology change, perhaps the more important issue is the pace at which business models can change.

Several long-established industries are considered ‘legacy’ — having little motivation to change and slow to adopt new, critical technologies. Large, stable industries that provide essential or compulsory goods and services–like insurance–often fit squarely within this realm.

No one really likes change, and that is particularly true of the workers’ compensation industry and its challenged relationship with technology adoption. The pandemic did much to remove barriers and accelerate technological change in the industry, but much opportunity remains.

Claims can make or break an insurance company’s reputation. If claims management, service, or outcomes consistently fall short of customer expectations, insurers will face an uphill struggle with regards to client retention and acquisition.

The insurance industry has steadily been digitizing in recent years. It is taking advantage of technological developments in automation, offering apps to clients and introducing things like electronic proof of auto insurance.

Recent developments in technology and the corresponding availability of data can improve risk prevention. A key driver is the Internet of Things (IoT), the growing network of connected devices ranging from consumer wearables to industrial control systems.

There has been a noticeable buzz around some startup auto insurers that are leveraging big data and AI to more accurately price risk in the personal auto market.

The Institutes RiskStream Collaborative ran a study to prove whether its Mortality Monitor is a viable insurance blockchain use case. The purpose is for insurers to share their information about a policyholder’s death with other insurers.

During the record 2020 Atlantic hurricane season, something happened that many people overlooked -- hurricane forecasts improved. And that saved lives.