At InsureTech Connect, there were a lot of innovative approaches and capabilities on display. But the term “bubble” could be heard on many attendees lips, especially those whod watched the event double in size each year.
Out of the catalogue of technologies that have the potential to affect the insurance industry, one expert says that artificial intelligence is on track to have the most significant impact in the coming year. In fact, insurers investments in AI are increasing on a year-over-year basis, and this trend is set to continue into 2019.
In recent years, we have witnessed a technological revolution that is historic, impressive and even a bit overwhelming. From the introduction of smartphones to cloud computing to artificial intelligence, the frenetic pace of innovation has led to efficiencies that never before seemed possible. For businesses, the access to information is equally profound. Accurate and timely data facilitates sound decisions in terms of protecting assets, mitigating loss and meeting fiduciary responsibilities.
As billion-dollar hurricanes pummel the coasts, insurance carriers are facing a category 5 operations challenge: a snowballing claims-intake challenge. When hurricane season began this year, carriers were still sorting out claims from 2017s mega-storms, Harvey, Irma and Maria. Then Florence and Michael hit, adding to the backlog.
Titans of industry, such as global insurance brokerage Marsh and Aon, have already recognized the potential in blockchain and now, more companies are jumping on board to push the application of the technology in insurance even further.
How do you increase quality in claims assessment, management and administration? We share insights into an end-to-end, AI-powered, claims-automation approach to increase quality, improve processing efficiency and reduce cost.
I like technology as much as the next person. Ok, I probably like technology more than the next person, but enough is enough. Sometimes we just become too dependent on technology in our personal lives, and someone just has to stand up and say something.
It seems that with every advancement in technology a new threat vector is born. This theory holds true as we begin to embrace the world of cryptocurrency.
In the wake of a major American insurers TV ad that pokes fun at AI-powered insurance, a celebrity has stepped in to share a piece of his mind on the issue.
Automation is transforming claims processing in myriad ways. Damage appraisals that are completed in only a few hours are becoming the norm―shaving days off cycle time and making the claims process easier than ever before. Insurance customers are getting comfortable with snapping a few photos of their damaged vehicle and sending them to their insurer via a simple mobile claim app. Drones are often dispatched to inspect storm damage on a home, allowing property adjusters to complete virtual damage inspections. Data delivered electronically early in the claims process is revolutionizing the claims workflow, simplifying claim reporting and providing a wealth of actionable data to expedite claim settlements.
Vehicle safety continues to be a top concern among new-car buyers. Safety engineering has come a long way over the last half century, with the latest features able to help keep motorists from getting into accidents in the first place.