Insurtech
3 Technologies That Enhance Business Insurance Pricing (2024)
According to McKinsey, business insurance is a dynamic area for insurers, potentially offering a significant revenue stream for those pursuing an effective digitization strategy. As the Figure 1 shows, companies have different business insurance requirements. For example, some companies want good communication with brokers, while others value usage-based insurance that does not require brokers.
Top 5 Technologies Improving Insurance Fraud Detection in 2024
According to the FBI, insurance fraud (excluding health insurance) costs more than $40 billion annually in the U.S. alone. When we add health insurance costs, total insurance costs in the U.S. market exceed $100 billion.
Top 3 Ways AI Improves Insurance Claims Processing in 2024
Claims processing is one of the most important insurance operations. 87% of customers say that the effectiveness of claims processing influences their decision to choose a vendor (see Figure 1). Figure 1: Claims processing influence on customers Before the introduction of AI/ML models, most claims processing tasks were done manually.
5 Tips to Consider When Buying Small Business Insurance in '24
Business insurance landscape is changing. Small and medium-sized enterprises (SMEs) started paying more attention to commercial insurance policies since the pandemic began. For example, McKinsey claims that SMEs represent 60% of business insurance premiums in the UK. This article will assist SME executives and owners in making decisions about business insurance.
3 Ways AI is Changing the Health Insurance Sector in 2024
In 2019, private health insurance spending in the US was nearly $1.2 trillion, representing about 30% of total healthcare spending. It’s a vast market where companies are looking to gain competitive advantage by implementing AI. In health insurance practices, there are many tasks that are traditionally done manually.
Process Mining Insurance: Use Cases & Best Practices in 2024
Insurance companies struggle with risk, service and compensation of complex products under cost pressure, prescriptive regulations and standards. Insurance companies can leverage process mining to optimize their processes to improve customer experience, compliance and control while decreasing the operation costs.
Ultimate Guide to Insurance Cloud Computing in 2024
The insurance sector has transformed rapidly in recent years, changing the rules of competition. Fierce competition within the mature sector is forcing profit rates to low levels. Companies that find low-cost and effective solutions for adopting new technologies are ahead in this competition.
Insurance Pricing: Determination & New Methods in 2024
According to Accenture, getting the best price is the top priority for 52% of auto insurance customers, 50% of home insurance customers and 38% of life insurance customers. Study implies that although there are other criteria for customers, determining the optimal price is the biggest competitive advantage for insurance companies.
How Digital Twins Change the Insurance Sector in 2024
Digital twins are one of the technological breakthroughs that are transforming insurance practices. They can be both a useful and disruptive technological innovation. Digital twins offer improvements in core insurance practices such as underwriting, claims processing and fraud detection.
In-depth Guide to Insurtech in 2024: Trends & Technologies
The insurance industry is based on risk pricing. Insurtech aims to mitigate challenges in the pricing of risk such as lack of available data and inadequacy of manual data analysis. As a result of these operational risks, insurance companies faced financial difficulties or charged higher premiums.