As the world prepares for the transition away from LIBOR, insurers are faced with the challenge of choosing the right AI strategies to minimize the impact on their business. Banks may not be able to meet their obligations under the new regime because of this transition alternative rates. This has led to concerns that insurers may need to take on greater...
The insurance industry is under pressure to innovate. Insurers are facing disruptive new entrants, changing customer expectations, and the need to operate more efficiently. To meet these challenges, insurers need to take a strategic approach to innovation. Innovation doesn't happen by chance. It requires a deliberate and structured approach. Here are five steps that insurers can take to improve innovation...
A year after COVID-19, it’s clear that insurers are waking up to the need for digital transformation. Rapid digitalization is transforming the economy and society. Some sectors are being disrupted more than others. With global GDP expected to slow down in 2020, insurance companies are looking for other ways to boost revenue. And even though most people might not associate digitalization...
Upcover, an insurtech firm looking to disrupt the small business insurance market, has raised $2.7 million in seed capital and $2 million in debt. Congratulations to Upcover's co-founders Skye Theodorou and Anish Sinha as well as the entire team of Upcover. Upcover is Australia's fastest insurance for small businesses. They made getting coverage quick and simple because they are aware...
As the insurance sector gears up for digital transformation, life insurers are turning to artificial intelligence (AI) to help them deliver a better customer experience. By harnessing the power of artificial intelligence (AI), insurers can provide a more personalized, engaging, and convenient customer experience. AI can help insurers in a number of ways, from identifying cross-selling and upselling opportunities to...
According to 51% of insurance IT executives who took part in a poll sponsored by Rackspace Technology, the global insurance industry is having trouble finding enough competent IT talent, which is a top worry for businesses. This is a problem because the industry is increasingly relying on technology to drive growth. One solution to this problem is to turn...
Artificial intelligence (AI) is being used by an increasing number of insurance businesses to enhance customer service. AI can assist insurance firms in three major ways to enhance customer service: by delivering more individualized assistance, boosting operational efficiency, and by lowering fraud. In this blog article, we'll look at how AI is changing how insurance firms provide customer support: https://bit.ly/3AtBnER
In 2030 and beyond, how will artificial intelligence (AI) affect the insurance industry? As insurers try to comprehend the opportunities and difficulties provided by modern technology, this is a question that is being voiced more frequently. The insurance industry will be very different from what it is today in 2030. One of the biggest disruptive factors in the industry...
Industrial Next (YC W22) has raised $12 million in funding to provide EV and consumer electronics manufacturers with truly autonomous manufacturing. Congratulations to Industrial Next's founder Allen Pan and the rest of the team! Industrial Next delivers autonomous manufacturing to every automaker and another producer. Their technology enables our customers to produce more with less while reducing their environmental impact....
What are the key skills whenever we approach customer issues - any thoughts? The obvious answer that comes to our mind is product knowledge. But that's only partially correct. After being involved in the resolution of thousands of customer issues, I can definitely say that having product knowledge only helps to quickly find out the root cause for certain issues...
