Insurtech
Intelligent Automation in Insurance 2024: Use Cases & Examples
According to a survey by PwC, 41% of consumers are likely to change their insurers due to a lack of digital capabilities. On the other hand, the insurance industry is lagging behind other industries in the adoption of AI and automation technologies.
Reinsurance Guide 2024: Definition, Use Cases & Best Practices
Purchasing insurance coverage has been a technique of minimizing financial loss of unwanted incidents for ages. Insurers exchange money for other people’s risk. Carrying outsiders’ risks, on the other hand, might put insurance companies in a tricky position where they are unable to meet their obligations arising from customer claims.
5 Ways of How Insurers can Manage Risks in 2024
Nowadays, insurers mainly face with 4 significant risk elements: Poor management of these risks resulted in zero or even negative net economic profit for the majority of insurance firms. To be a profitable company, insurers must use technical tools and employ certain strategies. This article will cover them. 1.
Risk Management Strategies for 6 Types of Dangers in 2024
Entrepreneurs are risk takers who put their time and capital into a business idea that they believe will yield a higher return. However, according to Deloitte, 90% of businesses fail within their first five years, and just a small percentage of those who survive scale up.
Top 7 Technologies that Improve Insurance Underwriting in 2024
Insurance industry that operated with low profit margins, is facing increased competition both in terms of price and time to serve. Insurtechs use emerging tech (e.g. advanced analytics, NLP, digital twins etc.) to serve customers faster and at lower cost.
Top 4 Technologies that Automate Insurance Underwriting (2024)
The insurance sector is experiencing rapid change with the proliferation of insurtech companies that are using technologies such as digital twins, blockchain, cloud computing and more to improve core insurance practices like underwriting, claims processing and fraud detection. This forces incumbents to search ways to adapt to this competitive environment.
Top 7 Technologies that Improve Insurance Claims Processing in '24
Claims processing includes all the steps during which the insurer checks the necessary information about the loss, policy and the event in order to calculate and pay out its liability to the policyholder.
In-depth Guide to FNOL: Technology & Strategy in 2024
First Notice of Loss (FNOL) is the first notification to an insurer after a loss, bodily injury, theft or damage to an insured property. It is the first step in claims processing and plays an important role in the success of insurance companies, impacting both profitability and customer retention.
Claims Processing Transformation: Trends & Strategy in 2024
Claims processing is a procedure whereby an insurer receives, verifies and processes a claim/theft report submitted by a policyholder. It accounts for 70% of property insurers’ expenses. Furthermore, claims processing impacts customer satisfaction; More than 85% of customers who were dissatisfied with their last claims processing considered to switche providers.
Ultimate Guide to Insurance as a Service in 2024
The insurance sector is experiencing a rapid shift towards digitalization. According to EY, 80% of customers are eager to use digital and decentralized channels than traditional insurance platforms. Such an environment is forcing incumbents to collaborate with insurtech companies.