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E.g., 2023-02-03
October 4, 2019
Data is a powerful (and valuable) asset for any insurer, and the industry is no exception has a long history of drawing upon third-party data providers to enhance underwriting decisions and marketing strategy. The need for substantial data sources to supplement and augment internal processes is only growing, driven by the proliferation of predictive analytics, AI, and new consumer...
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October 2, 2019
A few months ago, any fast-growing company would have loved being compared to WeWork: a business that exploded into a multi-billion dollar international success in less than a decade, with a much-hyped IPO on the way. Today that story is unfolding very differently, with public recognition of its ongoing operating losses, a delayed IPO, and a founder entangled in scandal. Ignoring the...
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October 1, 2019
Data collection in underwriting is transforming thanks to advances in artificial intelligence (AI) and the myriad semi-public and public data sources available to carriers. In years past, underwriters had to sift through data manually, then conduct analysis themselves. But a combination of agent, policy applicant, and third-party data paired with the right analytics platform can improve the...
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September 19, 2019
Startup culture wouldn’t seem to complement the insurance industry’s intrinsic risk-aversion at first glance. Insurers tend to value proven success before entering into any engagement, which can be at odds with InsureTech’s fail-fast approach to innovation. It’s not an all-or-nothing game, though. There are many ways that incumbent insurers can evolve to cooperate with and learn from...
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May 9, 2019
This week, an associate of mine told me a story about working with a popular InsureTech carrier focused on home and renters insurance. He already has a policy with them to insure his home, and he reached out to them via their chatbot to ask about insuring a second property. The chatbot could not answer his question, so he was referred to a human. Two days later, he got an email letting him...
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April 22, 2019
Digital initiatives are a growing priority among insurers industrywide. At a high level, digital strategy rethinks relationships between people, information, and processes—leveraging existing and evolving technologies to streamline processes and experiences. Digital projects can include building customer and agent portals, enabling online direct sales, or other market-facing initiatives....
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April 9, 2019
Insurers are under increasing pressure to deliver a frictionless and simple customer service experience. Conversational technology like chatbots are becoming attractive supplemental channels for insurers as a result. Chatbots offer a low-touch, 24/7 channel that frees up existing resources for more high-value work while increasing policyholder and agent satisfaction. By providing an...
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April 3, 2019
What do robotic process automation (RPA) and artificial intelligence (AI) have in common? RPA vendors are getting billion-dollar valuations and talking more about AI, machine learning (ML), and cognitive computing. RPA is not an emerging technology per se. It’s a modern update to an existing technology approach that has become a tool for insurers to bypass manual processes with a layer of...
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March 26, 2019
Insurers now have access to an unprecedented quantity of image and video data. Many insurers manually review these data sources, and while this approach provides limited insight for specific cases, it stops short of deep analytics, automation, or broader risk evaluation. With the emergence of machine vision technology, there are new ways to process make sense of these vast unstructured image...
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March 15, 2019
Insurers have long leveraged third-party data providers to enhance and augment their data; more than 30 such vendors, both established and emerging, are covered in Novarica’s recent report External Data in Insurance: Overview and Prominent Providers. But a new category of data vendor is emerging. Rather than selling access to their own data, platform vendors are functioning as a data...
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