Category: Industry News

AI is Cashing In, But Can It Actually Cash Out for Insurance Tech by 2025?

October 29, 2024

The Rise of AI in Insurance: What to Expect by 2025 Today, AI handles only 10% of insurance processes, but that number is set to soar, with experts predicting a 24% annual adoption rate.The goal – A customer files a claim, and within minutes, AI in insurance assesses risks, detects fraud, and offers a tailored solution with no lengthy calls and no endless paperwork. By 2025, over 50% of insurers could integrate AI-driven tools, transforming customer experiences and business efficiency. The push is clear: AI is set to streamline, secure, and redefine insurance. The question isn’t if AI will become essential but how fast it will become indispensable. Key Innovations Transforming the Insurance Landscape AI is reshaping insurtech with innovations that go beyond traditional practices. Machine learning analyses massive data sets to predict claims and detect fraud, helping insurers make smarter decisions faster. Meanwhile, chatbots provide 24/7 customer support, answering questions and assisting with claims without long wait times. Imagine being able to handle an entire policy change through a quick message. Predictive analytics, another game-changer in insurtech, enables insurers to forecast risks accurately, creating personalised plans for customers. These tools don’t just boost efficiency; they make insurance accessible and responsive, aligning the industry more closely with customers’ needs. Consumer Expectations: How AI Is Changing Customer Experience Today’s insurance customers crave quick, personalised experiences, and AI insurance is stepping up to deliver. Imagine logging into an app and instantly receiving tailored policy recommendations based on your lifestyle and needs. This is AI in action, learning from user data to craft unique offers that truly fit. Beyond personalisation, AI-driven chatbots and virtual assistants provide round-the-clock support, answering questions and handling claims efficiently. Insurers also use AI to streamline claim approvals, cutting wait times from weeks to days, sometimes even minutes. This shift is making insurance less about paperwork and more about real-time solutions, changing how customers experience and expect service in the digital age. Challenges Ahead: Can AI Overcome Industry Hurdles? AI in insurance holds promise but faces hurdles that can’t be ignored. The biggest? Data privacy. Customers worry about how their sensitive information is managed, and strict regulations are adding layers of complexity. Then, there’s the tech itself that AI needs vast quality data to work well, and that’s not always easy to access. But there’s hope. Insurers are exploring advanced encryption and decentralised data storage to keep information safe. Meanwhile, partnerships with regulatory bodies could pave the way for smoother compliance. These solutions hint at a future where AI can thrive in insurance, but the road is anything but smooth. Expert Insights: Predictions on AI’s Role in 2025 Industry leaders are optimistic about AI’s transformative power in insurance. “AI will reshape our competitive landscape,” says Sarah Thompson, a technology analyst. She envisions a future where AI not only enhances efficiency but also drives innovation. As companies adopt advanced analytics and machine learning, the gap between traditional insurers and tech-savvy newcomers will widen. “AI predictions show that insurers embracing this technology will thrive while those that resist will struggle to keep up,” notes John Carter, an insurance executive. By 2025, AI is expected to empower insurers to make data-driven decisions faster than ever before, changing customer interactions and reshaping market dynamics. The race to innovate is on! Future-Proofing Your Insurance Business with AI To thrive in the evolving insurance landscape, businesses must embrace AI technologies now. Start by identifying repetitive tasks that can benefit from automation. Implement AI-driven chatbots to enhance customer service and streamline claims processing. Training your team on AI tools will empower them to harness the technology effectively. Additionally, focus on data analytics to gain insights into customer behaviour and preferences. This proactive approach not only improves efficiency but also builds trust with clients. Remember that adaptability is key. Regularly evaluate and update your AI strategies to align with market trends. By investing in AI today, your insurance business will be ready to face the challenges of tomorrow. FAQs 1. How will AI revolutionize the insurance claims process by 2025? AI is set to revolutionize insurance claims by automating tasks like document verification, damage assessment, and fraud detection. This will significantly reduce processing time and improve efficiency. Additionally, AI-powered chatbots will provide 24/7 customer support, answering queries and guiding claimants through the process. 2. What are the key challenges the insurance industry faces in adopting AI? Key challenges include data privacy and security concerns, the need for standardized data, a shortage of skilled AI professionals, and regulatory compliance. Overcoming these hurdles is crucial for successful AI adoption in the insurance industry. 3: How can AI improve customer experience in the insurance industry? AI can enhance customer experience by providing personalized services, 24/7 support, and faster claim processing. AI-powered chatbots offer instant assistance, while predictive analytics enable insurers to tailor products and services to individual needs. 4: What are some specific examples of AI applications in the insurance industry? AI applications in insurance include: 5: What steps should insurance companies take to prepare for an AI-powered future? To prepare for an AI-powered future, insurance companies should:

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Closing the gap

Closing the Gap: How Embedded Finance Can Bridge the Financial Inclusion Divide

March 12, 2024

Financial inclusion is one of the most pressing issues today for the world at large, not to mention Governments and banking and financial services companies. While several measures have been adopted over the last decade or more to enhance the inclusion quotient, embedded finance promises to be a cutting-edge option to bridge the divide like never before. What is Embedded Finance? Embedded finance is a unique integration of various financial products and services into platforms of a non-financial nature. Daily products and services such as booking or e-commerce apps can be transformed into potent financial tools with this strategy. People can thus get access to insurance, lending, banking, and other services within their commonly-used applications and platforms. This does away with the need for conventional brick-and-mortar banking or financial services outlets/branches. Embedded finance taps into technology for filling up the gap between the industry and underserved populations, thereby unlocking newer growth opportunities, empowering more customers, and fostering overall economic growth alongside. Financial inclusion matters immensely, since it is one of the core catalysts of economic progress and growth. Embedded finance in the form of a service has already transformed into a robust tool for widening inclusion throughout India, with its market size estimated at more than USD$5 billion. Fintech is already taking this route with a view towards boosting access to financial solutions for those living in remote or underserved areas, particularly the rural regions of the country. Advantages Offered by Embedded Finance Here are some of the biggest benefits that embedded finance can bring to the table in this case. Newer value chains are increasingly being created throughout the industry. For example, PhonePe, Paytm, Google Pay and other fintechs have integrated with numerous merchants while also providing digital wallets. Users can now easily pay for their transactions while some fintechs also offer loans to customers backed by data embedded into their platforms. Embedded finance as a service will broaden the scope of financial inclusion in India while unlocking newer opportunities for growth and value chains simultaneously. There will be no more geographical or physical divides, with easily accessible financial services and credit facilities even for those without credit histories or collateral. If you just consider WhatsApp in this case, consider how it has become a financial solution with a customer base exceeding 487 million people in India alone. WhatsApp now enables sending money to others, turning into a payment platform as a result. This is one of the examples how embedded finance can be versatile in terms of diversifying financial service access. The IRCTC (Indian Railway Catering and Tourism Corporation) application is another example. It does not only enable train ticket bookings, but also provides insurance and credit choices, making it a financial option for several travellers. Even e-commerce platforms like Flipkart and Amazon have also transformed into financial platforms for several customers. They now offer provisions for installments while paying for products, or even loans for purchases. If you look at it from all sides of the coin, embedded finance has not just been filling up gaps in terms of financial inclusion, but also positively impacting the lives of innumerable people in India. FAQs Will cognitive automation replace human jobs? It is anticipated that cognitive automation, instead of replacing human jobs fully, will enable workers to get tasks done in quicker time, while maximizing their core productivity and reduce losses due to errors or inaccuracies. How is cognitive automation used in different industries? Cognitive automation is used in various industries by companies for automating complex processes and other tasks. They can thus enable more efficient and accurate decision-making at all levels while lowering costs, reducing manual labor, boosting employee efficiency levels, and scaling up market competitive advantages. How does embedded finance leverage technology to reach underserved populations? Embedded finance integrates financial transactions and tools into non-financial ecosystems/platforms. This helps users easily access financial services without engaging with dedicated financial entities. Existing channels can thus be tapped for reaching out to underserved populations.   Can embedded finance contribute to building credit histories for those without traditional banking relationships? Embedded finance can contribute towards building credit histories for those who do not have conventional banking relationships. It can do this by gathering and evaluating data and basing credit disbursal decisions on alternative underwriting parameters like mobile device data and usage patterns, as just one example. How can embedded finance contribute to bridging the financial inclusion gap? Embedded finance can contribute immensely towards bridging gaps in financial inclusion. It can open up financial solutions for underserved populations across non-financial platforms/applications without them having to engage with financial services institutions. They do not have to worry about lack of physical access and geographical divides with regard to accessing loans, payments, investments, and other services.

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RBI plans to introduce wholesale CBDC in the call money market soon

September 19, 2023

India is already synonymous with futuristic technological advancements and innovations that extend to every industry. Finance is no exception to shifting global undercurrents and the Reserve Bank of India (RBI) has been at the forefront of several future-first transitions in recent years.  One such move has been the RBI’s move pertaining to the extension of the wholesale CBDC (central bank digital currency) as tokens for the purpose of interbank borrowing or the call money market. The apex bank of the country is reportedly planning this new feature rollout for the RBI digital currency in the near future as per various reports. Here’s what we know so far.  RBI’s big wholesale CBDC initiative Here are some insights as to the RBI’s plans to boost money market efficiency:  PTP will take visitors through the entire framework, beginning from onboarding to the dairy and KCC loan sanction and disbursement processes within a few minutes. It may completely transform rural credit sectors in the future while being used for distributing loans of smaller ticket sizes in the future too (personal loans and MSME loans). The RBI has also worked to showcase its digital rupee and its evolution along with conducting live transactions with the same at the summit. UPI One World will help visitors complete onboarding without possessing an Indian bank account.  RuPay On-The-Go will enable contactless payments through accessories used or worn regularly. BBPS will facilitate cross-border bill payments, complete with easier fintech integration and support for regular financial entities to execute domestic and cross-border transactions alike. RBI’s Innovation Pavilion at the G20 Summit venue saw the announcement being made on the starting of the wholesale CBDC pilot for interbank borrowing either this month or early next month.  The RBI is betting big on this project, with an aim towards touching 1 million transactions each day by end-2023 as compared to 20-25,000 for July. On the other hand, Punjab National Bank (PNB) has also announced its CBDC (central bank digital currency) launch with UPI (unified payments interface) interoperability being a key feature for the digital rupee-based mobile application. As can be seen, there are exciting developments afoot in the Indian banking and financial services industry. The Reserve Bank of India is focusing on technology-backed innovation, an approach that will only enhance operational efficiencies and ecosystem-wide transparency in the near future.  FAQs The call money market (CMM) is the platform for short-term loans that are sometimes one-day loans, traded by financial institutions like banks. Lenders and borrowers in this market are majorly these banks or entities. CMM may be accessed by banks for meeting any reserve needs or for covering any sudden cash shortfalls on any specific date.  Wholesale CBDC will have a positive impact on the call money market. It will transform the interbank market by improving overall efficiency. The usage of central bank money for settlements will lower the costs of transactions greatly. This will be possible by pre-empting the requirement for any infrastructure for settlement guarantees or other collateral for the mitigation of settlement risks.  The RBI is already using e?-R as its retail version pilot for the CBDC while Digital Rupee – Wholesale (e?-W) has also been introduced. The former is similar to a digital token that is representative of legal tender. There are several blockchain technology components that are being used for these initiatives.  The RBI is expected to take several measures towards ensuring greater security for wholesale CBDC transactions. It has already proposed two CBDC structures, namely account and token-based. It has already aligned itself towards the latter for retail while the wholesale sector may get the former. Usage will be secured through tokenization at the retail level, ensuring security against fraudulent payments, duplicate payments, and other issues. There could be dedicated security protocols implemented by the RBI for these initiatives. 

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Insurance News Wrap | Weekly Snippets September | INT.

September 8, 2023

✔️https://www.moneycontrol.com/news/business/tcs-extends-contract-with-life-insurance-firm-athora-netherlands-11288551.html TCS and Athora Netherlands are thrilled to announce the extension of a new partnership that will redefine the future of financial services. The partnership promises better IT operating model to enhance customer experience, operational resilience and business agility. ✔️https://www.insurancebusinessmag.com/asia/news/technology/generative-ai-to-impact-koreas-insurance-finance-sectors-457906.aspx Generative AI is set to make waves in Korea’s insurance and finance sectors. As per reports, 10.1% of tasks within Korea’s finance and insurance domains will experience alterations due to the influence of generative AI. ✔️https://www.expresscomputer.in/artificial-intelligence-ai/aditya-birla-sun-life-insurance-artivatic-ai-launches-ai-based-smart-underwriting-platform/103240/ Aditya Birla Sun Life Insurance and Artivatic.ai have joined forces to bring “AUSIS” – an AI-based Smart Underwriting Platform. The engine will merge traditional underwriting principles with advanced algorithms, and empower insurers to make informed and efficient underwriting decisions. ✔️https://indianexpress.com/article/business/companies/5g-to-insurance-mukesh-ambani-brings-new-reliance-with-tech-in-mind-8913820/ Mukesh Ambani is ushering in a ‘New Reliance’ that’s all about the fusion of technology and innovation, from 5G to insurance. 

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INT. cracks and age old problem with panache

INT. Cracks An Age-Old Problem With Panache

December 2, 2022

Indus Net Technologies has solved a lingering problem for Aaron L. Smith, with its unique approach and tech-based expertise. The firm has created a highly innovative solution – illuminate.upskilltalent.com which solves some of the biggest job-related issues in the world today. 71% of CEOs in the U.S., according to the Summer 2022 Fortune/Deloitte CEO Survey, felt that the labor and skills shortage would be the largest business disrupter in 2022, while costing  companies trillions of dollars by the time this decade ends. 87% of global companies also recognized their own skill gaps or ones to arise in another few years, as per McKinsey & Company. India also ranked at 56 in the Wiley Digital Skills Gap Index.  What Was The Core Problem At Hand?  Companies filling up these gaps would naturally enhance their future profits and talent pool alike. For employees in this case, it would mean better wages and more promotion opportunities, along with enhanced quality of life as well. However, ensuring such outcomes necessitates that the competencies and skills for each position go beyond mere job advertisements. It requires sizable effort and time for the compilation of each hard and soft skill along with other technology skills, competencies, and knowledge requirements for a single location, to give organizations an idea of where to start. Getting this data in an easily accessible manner has always been near-impossible or immensely hard to imagine.  How The Solution Was Conceived Indus Net Technologies came up with a solution to this dilemma, with its unique approach involving a web portal for businesses aiming at giving quality insights and analytics concerning wage/salary ranges, skills that are currently in demand, resources, and so on. This would cater to individuals, SMEs, and other institutions and non-business entities alike.  This entailed deploying machine learning (ML) and natural language processing (NLP) for this innovative project, which already has 17,000+ unique job occupations which are also updated consistently with data enhancement. All crucial data like hard and soft skills are also at one’s fingertips. The journeys through the portal include the client or Admin and also the HR/company owner/manager who will be purchasing the subscription package and adding the team as the end user. The portal will also cater to individual users.  The solution leverages a tech stack comprising of CSS, HTML, REACT.JS, MYSQL, EXPRESS.JS, PYTHON, AWS, and TABLEAU. There is also integration with social channels like Instagram, Facebook, LinkedIn, and Twitter.  The Eventual Impact Of Such A Solution  Indus Net Technologies tied up with Upskill Talent for creating this innovative dashboard for users to keep up-skilling their talent, through uncovering vital knowledge and skills required for jobs that they search for.  The MVP (Minimum Viable Product) has already launched 17,000+ occupations along with 200,00 attributes which have been compiled for ensuring the capabilities of users for understanding the skills and knowledge required for mastering their chosen occupations.  The effect of this solution can help in tackling global issues, including some included in the United Nations Sustainable Development Goals, i.e. providing decent work and economic growth, ensuring quality education, improving industry, infrastructure, and innovation. The fulfillment of such objectives will naturally boost opportunities, growth and job-creation throughout several developed economies, while uplifting the confidence of local workforces at the same time.  Users can also try out this innovative solution prior to finalizing their decision to go ahead with the same.  What The Client Feels  The Founder & CEO, Aaron L. Smith, Ph. D, has stated that the team at Indus Net Technologies have done the impossible and made a skill-on-resume dashboard a reality which is unparalleled. This has been possible with their determination and abilities, and their sense of detail and due diligence, according to him. He also stated that users of the product would naturally be helped towards achieving higher levels of success in the future. Aaron L. Smith further stated how he is excited to work with Indus Net Technologies on this pioneering project and other future initiatives.  Indeed, radical solutions do not see the light of day due to a lack of implementation or suitable skill-sets. Indus Net Technologies has successfully combated one of the biggest hurdles encountered in the job-search and up-skilling industry, creating a novel dashboard that can well herald significant future value from a global  perspective.

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Twitter Chat: Open Banking in Indian Context – Opportunities and Challenges

October 26, 2018

Open banking will soon drive businesses with the power of APIs, we wanted to raise awareness about its impact on the Indian economy by sharing valuable insights on the challenges and opportunities present in Open Banking. To do so we organised an interesting Twitter Chat session on the 9th of October between 6PM- 7PM (IST). This virtual chat was led by Abhijeet Davane from RBL Bank. Let’s take a tour of this amazing session: #DigitalSuccess New age of banking services through technology where banking is present, not banks. Banks too are now realising the importance of being part of customer journeys than selling traditional banking products and services. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess Business cant be done without risks. ?. You have to deploy right systems, processes, & controls. Also customer awareness to ensure risks are managed. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 1/3 PSD2 is for payments. However in India acquisition, online lending and robo-advisory are equally on the rise. The growth of FinTech relies heavily on development and maturity of an ecosystem around it. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/3 Banks and most vitally the regulator are the biggest change agents in this ecosystem. Hence, for wider and universal adoption, India needs to adopt a PSD2 like structure as a whole. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 3/3 RBI with iSpirit has come up with draft guidelines on some APIs for Banks & financial institutions to follow under the new NBFC Account Aggregator master direction. I believe it’s the right step. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 1/2 Open Banking help increase the scale using the (#FinTech) collaboration. If implemented correctly with process automation it will bring operational efficiency resulting in reduction in cost. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/2 FinTech collaboration also take away the Mobile APP development, maintenance, Support & customer service in cases like payments where banks are in background. PhonePe, Google Pay (Tez) are classic examples. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess Oh! its just started and can take few more players. I know few new names who got funding recently to jumpstart payments in India — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 1/2 FinTechs are creating easy-to-use apps that with an uncompromised focus on customers’ interaction and experience, trying to capture the front-end of banks’ value chain. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/2 FinTechs can focus on customer engagement & interaction while banks are providing real-time backend support using API’s. — Abhijeet Davane (@iamabhiee) October 9, 2018 This is a process. New trends ride on hype. People overestimate either the technology or human ability to adapt in the short time frame in which the hype scales. Then reality sets in, and we take a few steps back to course correct and start again. People and technology evolve. — Abhishek Rungta (@abhishekrungta) October 10, 2018 Hence it’s always advisable to start understanding the long term vision and not short terms requirements of some business / partner. I know one of the big bank is suffering today with API Banking setup after manage to get around 150-200 customer/ partners integration. — Abhijeet Davane (@iamabhiee) October 10, 2018 #DigitalSuccess 1/3 Yes, it has become very difficult for banks to retain their customers on their portals /Apps. It is very difficult for banks to compete with FinTechs in customer service and outreach. But FinTechs also depend on banks for their APIs. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/3 Hence, open banking has opened many ways for FinTechs and bank to collaborate and deliver extraordinary product and services to the customer. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 3/3 Looking at the pace at which open banking continues to grow, I am sure we could reach the maximum number of citizens and enable banking services to all. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 1/4 We have seen a lot of banks starting their own incubation centers, Hackathons, and innovation challenges to engage with FinTechs to drive innovation inside and outside the organizations. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/4 For instance, RBL Bank had organized a Hackathon in (July 2018) and partnered with 3 Winning Startups on cutting edge technologies. Recently, we have conducted an innovation challenge in collaboration with the AP govt and shortlisted 5 FinTechs for POC. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 3/4 Other banks such as Axis, ICICI are also engaging with FinTechs to deliver innovative products. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 4/4 e.g. would be, the collaboration between RBL Bank & Zeta offering meal vouchers as Prepaid Instruments, the partnership between PhonePe and Yes Bank offering UPI services. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 1/3 Customer behaviour is changing. They are looking for services that can deliver at that moment and in a personalized way. To some extent, this demand is managed well by the insurance, Retail industries by developing mobile app and reading the data. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 2/3 But, they haven’t been able to make the last leg (payments) seamless. They still need payment gateway integration and the customer needs to be transferred outside their app / website. — Abhijeet Davane (@iamabhiee) October 9, 2018 #DigitalSuccess 3/3 Open Banking is the solution to resolve and make the payment instant, seamless and within the same app/ web page. Help close the transaction immediately. Increasing the sale and can provide multiple payments options to simplify the experience. — Abhijeet Davane (@iamabhiee) October 9, 2018 Open banking can take different shapes for different businesses. It depends upon how that business visualize it and wants to use for. The broader the vision, bigger the impact, if done right. — Abhishek Rungta (@abhishekrungta) October 10, 2018 #DigitalSuccess 1/4 A key challenge to solve in platform business models is a chicken-and-egg problem. Platforms are multi-sided markets, and without users

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Evernote Abandons Plans to Read Your Notes

January 5, 2017

When Evernote announced that its users do not have much right to privacy when it comes to its employees reading through user files, there was a huge ruckus of sorts last month. Now, the company has backtracked and has abandoned its plan to let employees read through customer notes. #corporate #Notes

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Google and Fiat Chrysler Announce Android System for Cars

January 5, 2017

In a sign that cars will go smarter in the future, Google and Fiat Chrysler announced that they would bring Android to their cars. The system is called Uconnect and will be based on Android 7.0. This is yet another move by Google to make Android the standard for mobile OS used in auto industry. #mobile #Android

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Mumbai Hosts Digital Payments Shopping Fest

January 5, 2017

As India trudges ahead with its new found passion to go digital, the government of Maharashtra has brought Digi Dhan Mela to Mumbai, a unique shopping event. Only digital payments will be accepted at these stalls, a sign that fintech applications will find more demand in the coming years. #fintech #Digital

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