"Risk Management Is Shifting" -- The Institutes CEO
A predict and prevent approach to risk management is becoming more significant as technological developments create added value for both brokers and their policyholders.
April 7, 2023
Insurance Industry
Risk Management
Technology
Insurance Sector Primed For Wider Use Of AI
Artificial intelligence, all the rage in popular culture, is not a new fad in the insurance market, where it quietly powers operations that make businesses run more efficiently, at lower costs and with fewer errors.
April 5, 2023
Insurance Industry
Technology
Drones Tapped To Improve Risk Management
Drones have been deployed by insurers and risk managers for several years to better assess risks, respond to catastrophes and improve claims efficiency.
April 4, 2023
Property
Risk Management
Technology
Explainable AI Is The Holy Grail
While many promises of disruption from insurtechs have fallen flat, now is the time to lean into digital transformation. On the cusp of a potential economic downturn, organizations must continue to adopt advanced solutions that foster quantifiable ROI and impact.
March 21, 2023
Insurance Industry
Technology
New Frontier In UX, Risk Coverage
The metaverse is coming -- fast. In PwC’s 2022 US Metaverse Survey, 82% of business executives (including 87% of insurance executives) said they expect metaverse plans to be part of their business activities within three years.
March 20, 2023
Insurance Industry
Technology
5 Key Challenges Where RPA Shines
Considering the pivotal role played by insurers, all data must be given accurately and all processes compliant. So, insurers must be able to count on the effectiveness and stability of their operations--and robotic process automation can help.
March 16, 2023
Insurance Industry
Technology
Property Insurers Looking At Another "Worrying Sign"
Digital claim reporting dropped in 2022, and it’s a ‘worrying sign’ for insurance companies. Increasing cycle times have made it harder for insurers to keep customers up to date on their claims through digital channels, while an increase in severity has driven down digital claims, Mark Garrett, director, insurance intelligence at JD Power has warned.
March 13, 2023
Insurance Industry
Technology
Has Insurance Become Too On-Demand?
Many new entrepreneurs or those in the gig economy consider on-demand insurance the greatest invention since sliced bread. And insurtech companies couldn’t be happier.
March 13, 2023
Insurance Industry
Technology
Four Ways Blockchain Can Help The Insurance Industry Tackle Climate Change
The fight against climate change is a complex one, and it will require unprecedented collaboration between businesses, governments and nations. Fortunately, trust and transparency is where blockchain technology excels.
March 10, 2023
Technology
Unmistakable Future Of The Insurance Industry: Chatbots
The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage.
March 10, 2023
Insurance Industry
Technology
IoT Device Saves Homes, May Help Prevent Wildfires
Internet of Things (IoT) technology offers homeowners the ability to predict and prevent costly damage to their dwellings and other property -- and it also may help head off devastating natural catastrophes.
March 9, 2023
Property
Risk Management
Technology
IIHS President: Drivers Overly Confident With Vehicle Technology
Many advanced technologies can reduce the number of lives lost on U.S. roads, but full or partial automation is not one of them, David Harkey, president of the Insurance Institute for Highway Safety, said in a virtual Capitol Hill briefing March 7.
March 9, 2023
Auto
Technology
Google’s $100B Mistake -- And How To Avoid It
Artificial intelligence is an awesome tool -- if you recognize its limitations and work around them. Google didn’t. And it paid dearly. As you may have read, Google executives gathered on Feb. 7 to tout Bard, what’s known as a "generative AI," a la the more famous ChatGPT, as the future of the company.
February 28, 2023
Technology
Geospatial-Based Property Risk Ratings
Rising losses in the property and casualty insurance sector can partly be attributed to the increasing frequency and intensity of large natural disasters, as well as the movement of populations to regions more susceptible to catastrophes.
February 28, 2023
Technology
Underwriting
The Metaverse: Closer Than You Think?
The metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified metaverse as one of the top themes, with the tagline of ‘Closer Than You Think.’
February 24, 2023
Technology
