By now, youre likely familiar with the term “insurtech,” which refers to the use of technology to create efficiencies in the traditional insurance model. Mostly weve witnessed these efficiencies on the underwriting side of the house, but were now beginning to experience it in claims.
The annual Consumer Electronics Show in Las Vegas (CES) is where the latest TVs, smartphones and a plethora of smart gadgets of every imaginable kind are introduced and on display.
Another auto-piloted Tesla has crashed into another cartwo cars, actuallylast month. The Teslas “driver” (in quotes to ironize the obvious) was reportedly “checking on his dog” in the back seat when his car rammed into a Connecticut State Police cruiser and then ping-ponged into another car that was parked on the shoulder of the road.
Our monkey brains guide our bodies through medieval governmental structures while manipulating the technology of the gods. This inherent tension creates endless contradictions, power struggles, and confusion in our world. There is little debate that technology rules commerce.
In the fast-moving world of insurtech, new technologies such as robotic process automation (RPA), intelligent automation, artificial intelligence (AI) and machine learning are making it easy for insurers to dream about transforming processes.
Of all the shiny new tools piquing insurers interest, blockchain is among the shiniest: 46 percent of insurers plan to use blockchain within two years, and 84 percent say its reinventing the way they engage with new partners, according to research by Accenture.
Multiple U.S. families have reported incidents of Ring camera systems being hacked in recent days, raising questions as to whether the systems are allowing hackers access to peoples homes, without ever having to set foot inside.
Renowned machine learning researcher and New York Times best-selling author, Kai-fu Lee, has described the era we are living in as “the age of implementation,” or a time period during which artificial intelligence (AI) is moving out of the lab and into practical applications.
With talent spread thin in greying claims departments, insurers are looking to use AI to help digitize their claims triage process and other workflows.
Another day, another Tesla crash caused by someone supposedly misusing Autopilot. Connecticut State Police took to Facebook to report that a Model 3 rear-ended one of its highway patrol cars while using the semi-autonomous driving system.
Insurance is the business of assessing risks and pricing policies to match. As no two people are entirely alike, that means treating different people differently. But how to segment people without discriminating unfairly?
For years, organizations have employed remote sensing technologies that obtain information about objects or areas from a distancetypically from aircraft or satellitesto assess impacts from natural disasters like hurricanes. But today, thanks to a convergence of factors, including a dramatic drop in remote sensing costs, greater availability of more detailed and abundant data, and advances in artificial intelligence, the technology is increasingly being used to mitigate property risks.
Managing catastrophe reinsurance claims is a big challenge for carriers. In particular, dealing with the “hours clause” can be baffling. But taking the best strategy can make a big difference in how much reinsurance a carrier will collect.
Companies have increasingly turned to the cloud for their email solution. Cybercriminals or attackers have watched this trend and are finding ways to access email hosted in the cloud, which is known in the security community as a Business Email Compromise (BEC).