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Insurtech

Generative AI in Insurance: 9 Use Cases & 5 Challenges in '24

Generative AI in Insurance: 9 Use Cases & 5 Challenges in '24

The insurance value chain, from product development to claims management, is a complicated process. The complex nature of tasks like risk assessment and claims processing poses significant challenges for an insurance company.

Jan 125 min read
Downtime Insurance in 2024: 5 Best Practices

Downtime Insurance in 2024: 5 Best Practices

Unexpected downtime or interruptions in business operations can have a significant financial impact on companies. From lost income to additional expenses, business interruption costs can add up quickly and be difficult to recover from. According to Forbes, an average manufacturer experiences 800 hours of equipment downtime annually, which makes more than 15 hours weekly.

Jan 125 min read
A Complete Guide to Insurance Omnichannel in 2024

A Complete Guide to Insurance Omnichannel in 2024

The limits of physical offices and heaps of paperwork are no longer what defines the insurance sector. Insurers find themselves within a digital transformation crossroads as the growing demographics of the digital client base are demanding it.  Today’s customers expect to contact insurance firms in a manner that is most convenient for them.

Jan 124 min read
Top 3 Claims Processing Automation Technologies in 2024

Top 3 Claims Processing Automation Technologies in 2024

Efficiency of claims processing significantly affects the success of insurance companies since: Despite these shortcomings, the adoption of automation technology, which can remedy them, in the insurance sector is lagging behind other sectors.

Feb 145 min read
Top 10 Use Cases of Hyperautomation in Insurance (2024)

Top 10 Use Cases of Hyperautomation in Insurance (2024)

The traditional insurance industry faces increased pressure from insurtech companies due to the new capabilities they are bringing to the market. 61% of insurers say their top concern about insurtechs is changing customer expectations. This concern is well-founded as 41% of consumers are likely to change their insurers due to a lack of digital capabilities.

Jan 114 min read
Top 6 API Use Cases in the Insurance Industry in 2024

Top 6 API Use Cases in the Insurance Industry in 2024

Only 15% of customers are satisfied with the digital experience of their insurers. Insurance companies need to adopt new technologies, such as APIs, to accelerate their digital transformation and remain competitive. More than 40% of consumers indicate that they might change their insurance provider due to a lack of digital capabilities.

Feb 53 min read
3 Technologies That Enhance Insurance Risk Assessment (2024)

3 Technologies That Enhance Insurance Risk Assessment (2024)

Insurers trade the potential financial harm of their customers for a premium price. Therefore, it is critical for them to estimate the likelihood of a claim arising correctly. This is known as risk assessment, and it accounts for a significant amount of the premium price clients pay.

Jan 134 min read
Top 7 Innovative Insurtech Companies of 2024: Detailed Guide

Top 7 Innovative Insurtech Companies of 2024: Detailed Guide

The insurance industry is heavily investing in digital transformation (see Figure 2) to:  Though some traditional insurance companies employ in-house models, insurtech firms conduct the majority of the sector’s innovative activities. Therefore, more than 80% of incumbents have invested in or partnered with insurtech firms.

Jan 115 min read
Improve Your Insurance Services with Scientific Loss Prevention!

Improve Your Insurance Services with Scientific Loss Prevention!

“Knowledge is power”. It is a famous quote by Francis Bacon that states knowledge allows us to anticipate undesirable events and find ways to mitigate them. Although this phrase is more than 400 years old, business experts have yet to put it into practice.

Dec 234 min read
Top 6 Technologies That Improve Claims Adjustment in 2024

Top 6 Technologies That Improve Claims Adjustment in 2024

When policyholders notify insurers of a loss, insurers are aware that they will soon have to make payments to their customers to meet their legal obligations. These are referred to as “reported but unsettled claims.

Jan 104 min read