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6 Ways Machine Learning And AI Are Transforming The Insurance Industry

Simplesolve20 Jul, 2021Technology

The insurance sector has been sitting on a largely unused treasure trove of big data because it lies scattered across disparate systems. Lately, data management tools using artificial intelligence have been gaining accelerated adoption to build business intelligence. Specifically, artificial intelligence in insurance has gained popularity in claims processing and efficient underwriting, as well as risk evaluation and fraud detection.

Has The Pandemic Hastened The Shift To Usage-Based Insurance Model?

Simplesolve20 Jul, 2021Technology

Just a little over a year ago, it would be safe to assume that most people spent a significant part of their day behind the wheel. The average person would have to travel each day to get to work, drop their kids at school, do a quick grocery run or even go on a weekend getaway. With the onset of the COVID-19 pandemic, much of this activity has come to a complete standstill.

Get Ready For Change: Auto Manufacturers Entering Insurance

Simplesolve18 Jul, 2021Technology

Tesla Inc. has changed the auto industry forever. The company has shredded the rule book by their clean sheet approach (building from scratch). Becoming the most valuable carmaker on Wall Street makes for a different kind of approach to the old-school manufacturing know-how. Tesla did not invent the electric car but they made a paradigm shift by embracing technology as the core of their innovation strategies. It shook up the status quo for other auto manufacturers.

Is it important for Insurance Carriers and Agents to have Mobile Apps?

Simplesolve18 Jul, 2021Technology

Consumers are increasingly moving away from their computer screens and spending more time on their mobile phones. Mobile phone usage today has penetrated almost every demographic. An average user spends about 86 percent of their total time online on their mobile apps. For an insurance company, this means developing a mobile platform is not simply a nice-to-have feature, it?s critical to improving the digital customer experience.

The Importance Of Aligning Business and IT Workflow

Simplesolve18 Jul, 2021Technology

Traditionally, when you think of the business side of your company and the IT side, there is a very clear dichotomy. The teams that drive business for your company - such as sales, customer support, and marketing - have an outward focus. They are primarily concerned with expanding your customer base and driving revenue for your company. IT teams, on the other hand, have an inward focus.

Will Predictive Analytics in Insurance Give Carriers a Competitive Edge?

Simplesolve17 Jul, 2021Technology

Data-driven organizations have a 23 times higher probability of using data to acquire customers than those who don?t. Insurance carriers have no dearth of data and what can set them apart is their capacity to mine their data for better insights. Here is the reality though, a study conducted by The Economist Intelligence Unit (EIU) of 200 banking and insurance C-suite leaders found that while there is strong confidence in the benefits that AI can bring, only 15% said that AI is used extensively throughout their organization.

SimpleINSPIRE: Improving Policy Management Lifecycle

Simplesolve17 Jul, 2021Technology

Policy administration systems (PAS) are the backbone of every insurer?s core processing system, be they giant multi-line insurers or niche specialist carriers. Historically, policy administration software systems have been inflexible and non-customizable but systems like SimpleINSPIRE are at the forefront of utilizing microservices to be endlessly scalable. The added advantage is that it is also untaps hidden value from internal operations by automating processes.

Are Insurers Leveraging Bots to Boost Workforce Productivity?

Simplesolve17 Jul, 2021Technology

Not all bots are chatbots. A bot is a computer application designed to automatically perform repetitive or logic-based tasks and a chatbot is the same thing but with the focus as simulated conversation. Insurance bots hold the promise of easing the complexity of insurance transactions. Over the next decade, bot technology (including chatbots) will play a bigger role across the insurance value chain.

How Technology Helps With Standard ISO/AAIS Forms and Custom Forms

Simplesolve15 Jul, 2021Technology

There is a reason, as all insurers know, why standardized insurance policy forms are necessary. The foremost being that every state has its legal requirements about insurance policies. Further, premium rates are based on actuarial studies of insurable risks and they also incorporate previous court rulings. Instead of 400 Insurers, each having their analysis systems it is much more dependable leaving it to specialty organizations.

What it Takes to Reduce Technical Debt in Insurance Systems

Simplesolve15 Jul, 2021Technology

Technical debt matters because insurance runs on technology. Some technical debt is inevitable, but it moves from an important topic to an urgent one when it adversely impacts the balance sheet. When technical debt is steep, it can present substantial risk.