Category: InsurTech

Insurtech Revolutionises Insurance with Personalised, Faster, and Affordable Solutions

May 23, 2023

Insurtech is the latest phenomenon that is revolutionising insurance across the spectrum. The insurance industry is innovating with the use of technology with an aim towards making products, services and solutions more affordable, personalised and quicker for customers. Here are some of the digital technology offerings that are playing a major role in this space: AI (Artificial Intelligence)- This is one of the biggest innovations contributing towards automating the processing of claims, enabling better detection of frauds and also enhancing customer service. AI enables more accurate and improved pricing and assessments of risks. It helps insurance companies manage risks better while lowering costs simultaneously. It also ensures that customers get more personalised and cost-effective insurance offerings. 2. IoT- The Internet of Things is another aspect which enables cost reduction and personalisation alike. It also boosts customer experiences greatly. The insurance industry is leveraging IoT devices for collecting information on consumer behaviour and environments, including home security, driving habits, health, and so on. This is facilitating accurate assessments of risks and pricing, while helping develop new products tailored to customer needs. For example, IoT devices may be used to develop insurance products where customers are charged on actual driving distance and usage. 3. Blockchain– This digital technology functions through distributed ledgers, enabling transparent and secure transactions without centralised intermediaries. It is being used in insurtech for streamlining the processing of claims and lowering frauds along with enhancing overall data security too. 4. Mobile Apps- Insurtech also functions through new-age mobile apps for boosting customer experience and making claims processing simpler. Customers are getting more personalised recommendations and higher control over their policies. Mobile apps are also being used for tracking the status of claims, managing policy data, and getting personalised advice on products based on their behaviour and specific requirements. 5. Telematics- It is already being used for gathering data on customer driving behaviour and performance, enabling more accurate assessments of risks along with better pricing strategies. Products are thus tailored to meet the needs of customers in a more personalised manner. Why insurtech is gaining ground in the insurance industry These are some of the chief reasons behind the rising popularity of insurtech solutions throughout the mainstream insurance sector. FAQs 1. Can Insurtech solutions replace traditional insurance providers? Insurtech solutions can be replacements for conventional insurance offerings. However, they will not replace traditional providers completely. Rather, these companies will work closely with insurtech players to come up with better products and services for their customers. 2. Are Insurtech solutions regulated? The insurance industry is one of the highest-regulated sectors in the world. Insurtech is also similarly regulated since it is used by insurance companies for carrying out many of their functions. 3. How does Insurtech impact the insurance industry? Insurtech positively impacts the insurance industry by helping it reduce costs, automating manual and repetitive tasks, personalising customer experiences, scaling up overall efficiency, and making products/services more affordable for customers. Customers get more control over their journey with the insurance company and wait times are reduced considerably as well. 4. How can Insurtech solutions improve claims processing? Insurtech solutions can automate claims processing, thereby saving time and money for the company. They can gather data and verify the same minutely in quick time, while also eliminating frauds alongside. This leads to more accurate processing of claims without any risks of losses/fraud.

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Machine Failure and Predictive Maintenance through analytics in Insurance

May 18, 2023

Predictive maintenance and detecting machine failures is possible with the help of predictive analytics in the insurance sector The figures could increase considerably over the coming years, with the sheer value of predictive analytics being demonstrated through numerous applications and use cases.  Equipment insurance and the role of predictive analytics There are several machinery breakdown and equipment insurance products that are available throughout the spectrum today. This is where machine failure predictions come into focus, since predictive analytics can tap sensor data analysis and risk mitigation models for coming up with unique insights that can be used by insurance companies positively. Some insurers also offer strategic riders for the coverage of additional equipment risks or things like machine foundations, air freight, costs, and customs duty among others.  Insurance policies ensure coverage for losses emerging from damages due to both external and internal causes. Some of them may be structural issues, short circuits, absence of lubrication, and a lot more. Insurance companies have to provide coverage for both partial and total losses. When it comes to the claims procedure for this type of insurance, predictive analytics can enable better machine failure predictions, enabling insurance companies to predict their claim payouts or the likelihood of claim payouts through sensor data analysis and other data. Predictive maintenance tips can be deployed for consumers to avoid these breakdowns and save the insurance company’s financial obligations alongside. Owners and OEMs can also take all necessary precautions with predictive maintenance and machine failure predictions, avoiding the skyrocketing costs of equipment breakdowns/damages. Predictive models can help estimate the probabilities of failures, while also offering the capabilities to plan out maintenance in a way that losses are minimised. The second way is to optimise overall inventory, while maintaining crucial stocks for the future. How does it help OEMs? Breakdowns may also impact OEMs, while harming their reputation and also lead to the loss of business. In case any vital item is unavailable nearby, then customers may not always hesitate to procure the same from markets locally. At the same time, manpower may not always be available for immediately repairing the machine in question. These are issues that may be bypassed with predictive analytics. Dealers, OEMs, and other manufacturers can plan out their maintenance on the basis of these insights. Insurance companies can plan structures for rewarding customers who undertake the same for higher safety and lower possibilities of raising claims in the future. These models also help OEMs unveil newer revenue models for maintenance contracts. This also ensures that customers do not purchase spare parts across local markets. OEMs can also steadily enhance their offerings with these systems, with models indicating the key aspects behind the failure of components and what contributes towards their overall life in the long run. Upon the identification of issues, data is collected for necessary analysis. After data collection, the other procedures start, including visualisation and cleaning. The entire procedure leads to insights which can help predict when machines require periodic maintenance in order to avoid future mishaps and breakdowns. FAQs Machine failure may impact insurance claims greatly, since companies have to pay out either partial or total losses, depending on the terms and conditions. Predictive analytics can help a great deal by analysing sensor data and other sources, predicting the chances of machine failure. This will help companies implement predictive maintenance strategies and prevent breakdowns. The benefits of predictive maintenance in insurance include the ability to forecast future machine failures and breakdowns, deploying predictive maintenance tips for preventing the same, lower chances of paying out claims, and higher cost savings not just for insurers, but also OEMs and companies. Insurance companies can assist their clients in the implementation of predictive maintenance blueprints through issuing tips and recommendations based on data gathered through predictive analytics.

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The rise of insurtech startups and the implications for traditional insurance companies

The Rise Of Insurtech Startups And The Implications For Traditional Insurance Companies

April 27, 2023

Insurtech startups have managed to carve a sizable niche for themselves in the global industry sphere. They are at the root of the disruption in the insurance industry that has made traditional insurance companies sit up and take notice. Insurtech startups are technology driven companies which are foraying into the insurance segment, offering greater innovation in insurance products, services, and experiences, while offering easy coverage options to a growingly tech-savvy customer base. While they have not managed to obtain significant market share till now, it is evident that they represent the future of the insurance industry in a manner of speaking. This is what insurance companies in the conventional realm should monitor in order to stay ahead of the competition. The growth of insurtech The rise of insurtech startups has mainly been attributed to the digital transformation in insurance that they have made mainstream, in a manner of speaking. At the same time, they have enabled more customer-centric insurance products and improved service, while saving both time and money. These are aspects which are contributing to their rapid rise throughout the world. Here are some aspects that are worth noting in this context: What is the X-Factor offered by insurtech startups?  What lies behind the disruption in the insurance industry, brought about by insurtech startups? What is their X-factor in a manner of speaking? Well, it is a combination of factors in reality. Some of these include the following:  So where does the traditional insurance sector go from here? Experts feel that going forward, there will be more collaborations between traditional and insurtech companies. Brick-and-mortar traditional players are already experimenting with digital platforms and innovative solutions for retaining their customer base. They will increasingly want to reach out to insurtech startups for leveraging their technological expertise, while offering the reliability and brand value that they bring to the table. This could become a dominant trend going forward. Otherwise, the disruption that is afoot, could eventually see insurtech gaining ground as a concept itself, something that is already taking place worldwide.  FAQs What is actuarial science and how does it relate to analytics? Actuarial science is all about the assessment of financial risks in finance and insurance, with the use of statistical and mathematical methods. Actuarial science can apply analytics in order to classify, evaluate, and predict uncertain and future events. The assessment and identification of probable losses/risks can be accomplished by the integration of analytics into actuarial science.  How can analytics be used in actuarial science? Analytics and data science can use multiple techniques within the broader paradigm of actuarial science to make informed and accurate predictions about probabilities of risks. Some techniques include recognition of patterns, visualisation of data, and statistical modeling. What are the benefits of using analytics in actuarial science? Analytics makes actuarial science-related underwriting functions more efficient, enabling faster and more accurate visualisation of data, evaluation and identification of probable risks, recognition of vital patterns, and more accurate pricing/risk assessments. What are the challenges of implementing analytics in actuarial science? Technological integration and lack of awareness/knowledge about analytical tools are the major challenges towards the implementation of analytics in actuarial science. Also, the quality of data is another aspect that has to be taken into account. Are there any examples of successful implementation of analytics in actuarial science? One example could be using data analytics in actuarial science to evaluate the historical and present data of a customer along with identifying patterns in behavior and other aspects for calculating a fair insurance premium as per his/her risk levels. 

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The benefits of adopting telematics in auto insurance

The Benefits Of Adopting Telematics In Auto Insurance

April 25, 2023

Telematics systems have become mainstream throughout the automotive industry. Many experts feel they have the potential to completely revolutionise and transform the sector. Based on reports by Bloomberg NEF, close to 1.2 billion cars were plying in the year 2022, while this could reach a staggering 1.5 billion vehicles by the year 2039 as per estimates. This naturally calls for a revamped auto insurance mechanism, which takes things like driver behavior into account. This has been an offshoot of the usage-based insurance model in the automotive insurance space. Due to the continual increase in car volumes, the global auto sector is poised to touch a staggering USD$1.4 trillion in revenues by the year 2040. This will be backed by stringent regulations worldwide which make insurance coverage compulsory, along with systems for tracking and penalties, in order to scale up auto insurance penetration throughout owners. In a more traditional context, insurance companies usually emphasised upon things like the vehicle age, location, and motor vehicle reports for working out the premiums and risks.  However, telematics systems are now enabling the evaluation of driving habits with a view towards more effective estimates of risks and pricing. These programs are increasingly driven by technologies like IoT (Internet of Things) and data analytics, thereby becoming disruptors for the segment in recent years. If you look at it objectively, North America is already the biggest market for telematics-driven insurance, with close to a whopping 22 million policies active from top companies. The global market for telematics systems in insurance should touch USD$6.2 billion in 2025, indicating 22.7% in CAGR (compounded annual growth rate) as per Grand View Research reports. What does this tell us? Telematics is here to stay.  What is telematics and how is it relevant in insurance? UBI (usage-based interface) or telematics fuses informatics and telecommunications, which is the foundation for data processing, with an aim towards retrieval and storage.  Insurers put tracking devices into vehicles which receive, store, and send telemetry information/data on the onboard diagnostics of the vehicle, enabling wireless communication. Vehicle-based data is collected, including the location, speed, harsh braking, idle time, and fuel consumption. This is given on a real-time basis to car owners and insurance companies via tracking devices or smartphone apps. What are the biggest advantages of telematics? Some of the top advantages of telematics systems in vehicles include the following:  Insured policyholders can lower their premium costs through the adoption of safe driving practices/habits.  Insurance companies can better analyse risks of possible accidents and predict the possibilities of claims in the future.  Insurance companies can provide rewards and value-added incentives for scaling up customer retention, loyalty, and satisfaction.  Insurance companies have a much fairer and more effective method of risk and premium estimation with telematics.  Telematics offers valid and accurate data regarding the vehicle functions and driver behavior, which ensure actionable insights for processing claims. It also contributes towards reducing any fraudulent claims or losses.  Insurance companies are seeing the evolution of models like distance-based/pay how you drive/pay as you drive/control your drive insurance options.  Dashboard cameras in tandem with telematics can help insurers gain better insights on the reasons behind accidents and get more knowledge of the same.  Telematics in insurance removes several hurdles throughout the supply chain, right from underwriting and claims management to serving customers.  These devices also lead to higher awareness and alertness amongst drivers who wish to improve their driving behavior, patterns, and scores. Hence, it may contribute towards lower accidents on the road.  These technologies may contribute greatly towards lowering crime rates globally.  Telematics can thus be a major boon in the auto insurance space, with huge potential not just for personal vehicle insurance, but also for fleets and logistics players. It offers more transparency in premium and risk evaluation, while lowering the chances of accidents and other mishaps. It will keep evolving gradually throughout the world, until it becomes an accepted form of auto insurance. At the moment, it is steadily being recognised and implemented by insurance companies and should have its boom moment in the near future. FAQs How can telematics be used in auto insurance? Auto insurance companies can use telematics to determine the driving behavior and vehicle operations of policyholders, using actionable data for evaluating risks and premiums. Telematics can also offer higher insights on mishaps and accidents, thereby helping with claims management.  What are the benefits of using telematics in auto insurance? Telematics helps in accurately estimating risks of policyholders and their premiums. Good drivers get incentivised with lower premiums and rewards. At the same time, fraudulent claims and losses are minimised with this system.  What are the challenges of implementing telematics in auto insurance? Some of the challenges include data privacy and other regulations, since location-based information is received, stored, and shared. Other challenges include technological integration and awareness-building.  Are there any examples of successful implementation of telematics in auto insurance? Some examples of telematics-based auto insurance models include control your drive, pay as you drive, pay how you drive, and distance-based insurance.

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Digital Asset Management - SharePoint Syntex to the Rescue

Hackathon Diaries #6-Digital Asset Management

April 20, 2023

The Hackathon Diaries are back, and they’re better than ever. Are you ready for an exhilarating ride? The 6th edition of Hackathon Diaries is here, and we’re taking on a challenge that’s sure to get your heart racing: digital asset management using Sharepoint Syntex. With its advanced capabilities, Syntex is transforming the way businesses manage their valuable digital assets. But the journey to mastering this technology won’t be easy. We’ll need to put our skills to the test and unleash our creativity to solve complex problems. So, get ready to witness innovation in action as we dive deep into this exciting new project. Digital Asset Management Digital assets are a critical component of any modern business, but managing them can be a daunting task. That’s where SharePoint Syntex comes in – an AI-powered engine that can transform the way organizations manage their digital assets. With Syntex, you can create a powerful Digital Asset Library system without any coding efforts, making it easy for your team to store, access, and analyse your most valuable information. By capturing the information in your business documents and transforming that information into working knowledge, Syntex enables your organisation to make quick data analyses and insights. It can extract key data points, classify documents, and even automate workflows with its advanced capabilities – all with just a few clicks. So why wait? Start unlocking the power of your digital assets today with Syntex and take your business to the next level. The Techie Meet the mastermind behind the magic – Aniruddho Kodali, the developer who brought this project to life. Problem Statement In today’s fast-paced business world, data is king. But with the sheer volume of information available, finding what you need can feel like searching for a needle in a haystack. The average worker spends a staggering 20% of their time searching for information, leading to lost productivity and missed opportunities.  But what if there was a solution that could cut that time by as much as 35%? Imagine a world where knowledge was easily searchable, accessible, and organized. That’s the challenge we’re taking on with our latest project: digital asset management using Sharepoint Syntex. We believe that with the right tools, managing overwhelming amounts of data can be a breeze. And with Sharepoint Syntex, we’re taking that belief to the next level. Our goal is to create a system that makes it easy for employees to find the information they need when they require it. Business Solution Syntex Content AI – Digital Asset Management In today’s fast-paced business world, information is king. But with the sheer volume of content available, managing it all can feel like an impossible task. That’s where Syntex Content AI for Digital Asset Management comes in – an innovative solution that transforms how content is created, processed, and discovered. By utilising the latest advancements in cloud and AI technology, Syntex empowers people and automates workflows at scale. It automatically reads, tags, and indexes high volumes of content, making it easy to find and connect information where it’s needed – in search, in applications, and as reusable knowledge. But Syntex is more than just a search engine. It manages your content throughout its lifecycle, providing robust analytics, security, and automated retention. And with features like auto classification, zero-touch information management, and reporting and visualisation, It modernises the way businesses approach information management and governance. Impacts Are you tired of your business spending countless hours and resources managing overwhelming amounts of content? Syntex Content AI is here to revolutionise the way you approach digital asset management – and save you money in the process. With Syntex’s advanced content classification and curation capabilities, businesses can save between $1.2 million to $3.3 million, reducing the need for costly professional services and streamlining content management. But that’s not all – Syntex’s improved discovery capabilities can save your business between $42 million to $127 million by making it easier to find and connect the information you need, when you need it. And with reduced reliance on legacy tools and professional services, businesses can save between $864,482 to $1.2 million – freeing up resources for other critical projects. With Syntex Content AI, businesses can unlock the power of their content and save money in the process. Don’t let inefficient content management hold you back – it’s time to discover the new possibilities of the future. 

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Exploring the potential of analytics in improving insurance claims processing and customer experience

Exploring The Potential Of Analytics In Improving Insurance claims processing and customer experience

April 20, 2023

Insurance claim processing is a tedious job, at least from a conventional perspective. At the same time, customer experience is another pain point for most insurers, not just with regard to claims processing and other procedures, but also several accompanying aspects. The digital evolution and transformation of insurers have led to several positives, including higher accuracy, efficiency, and speed for almost every division. Highly advanced predictive and data analytics enable insurance companies to take decisions driven majorly by data. AI has already empowered insurers with the necessary insights for discovering new opportunities, tackling threats, and ensuring better productivity at multiple levels. Data analytics has thoroughly transformed every aspect of the process, right from customer communication and engagement, to claims, applications, underwriting, and also pricing. With proper data visualisation and analytics, underwriting procedures are automated and made more accurate by insurance companies. They thus identify customer risks through advanced predictive modelling and other tools. At the same time, this enables fixing premiums or pricing for at-risk customers based on prevailing guidelines and slabs of the insurance company. The insurance industry has only scratched the surface of the vast analytics-driven possibilities for future progress and prosperity. Here is a closer look at how it enables improved claims processing and enhanced customer experiences in turn. Claims Processing & Other Aspects- How They Can Be Improved Data analytics can contribute greatly towards various aspects, right from fraud detection to smooth processing of claims. Here are some of them: Automated Claim Payments- Many insurance companies often require extensive inspections and assessments of damages for claims. This leads to longer wait times for customers and a drop in their satisfaction levels. Retention rates may also go down as a result. Data analytics and other AI tools can help in streamlining claim payments based on an accurate and speedy assessment of damages. Claim Development Modeling- Predictive modelling is what insurance companies can use for building a more accurate and automatic system for understanding how much any claim will eventually cost. This is necessary, since claim amounts may sometimes change from the initial filing till the complete payment. The prediction of the final claim is important since it has a direct impact on the company’s financial statements. Companies can view which policies get more customers and their segmentation, along with claim trends, and trending reasons for the same. Detecting Fraudulent Claims- Fraud detection is another area where insurance companies witness the benefits of deploying data analytics. These claims are expensive for companies and they do not often have resources for the investigation of each and every one. Accurate and effective predictive modelling can help in prioritising and identifying any fraudulent activity for action. Insurers will find the age group from where most frauds are reported. Insurance companies can accurately detect fraudulent activity and plug the gaps to minimise their losses, without hampering customer experiences through challenging claims which are innocent or genuine. Intelligent management of cases- Insurance claims processing becomes a breeze with automated and intelligent management of individual cases. Automated and digital customer claim management and journeys with AI and analytics help greatly in lowering manual processes and touch-points, while enabling higher satisfaction and retention with a quicker claims process. Better front and back-office processes- Data analytics and other AI tools can help greatly in transforming both front and back-office systems. These include calculation, underwriting, loss value estimation, reporting, verification of damage or repair estimates, invoicing, and so on. Better customer communication- AI can be used to fully automate customer communication throughout every stage of the claim process, thereby enhancing customer experience greatly. Hence, analytics can enhance the entire spectrum of processing claims and the whole customer journey/experience associated with it. AI can help in inferring claim possibilities including litigation, losses, fraud, and so on. Algorithms can also categorise or segment claims based on complexity and several important attributes. AI can also support the optimal handling of claims in several cases. Hence, it is fast becoming imperative for insurance companies globally today. FAQs How can analytics solutions help insurance companies detect and prevent fraud? Analytics solutions can help insurance companies identify fraudulent behaviour patterns and activities, narrow them down, and detect such transactions swiftly before or after completion. This helps insurance companies plug gaps and take swift action.  How does it improve customer experience? Analytics and big data have a huge role to play in enhancing customer experience through automated and timely communication, quicker processing of claims through automated verification and assessment, and also intelligent management of cases.  How do insurance companies protect customer data collected by IoT devices? Insurance companies take several measures to safeguard data gathered from IoT devices. These include encryption of data and there are several types that companies may pick from. Insurers also emphasise proper data storage and governance under applicable regulations.  What is the potential impact of analytics on insurance premiums and pricing? Analytics has a profound impact on pricing and premiums. It helps insurance companies estimate customer risks and then automate premium/pricing calculations accordingly. Data is analysed from several sources in order to gather insights on segment-wise risks and the best possible pricing for the same, keeping the policy type and other aspects in mind.

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How Regtech is beneficial for financial services

How Regtech Can Be Beneficial For Financial Services

November 28, 2022

The Regtech solutions trend has caught on throughout the financial services sector and how! Here’s understanding this phenomenon and what it can do for any financial institution.  What Is Regtech And Why Is It Important?  What is Regtech? If you dig deeper, then you will find how companies are not just emphasizing consumer-facing operational aspects, but also back-end elements. With regulatory pressures on governance and data compliance, Regtech is steadily building a strong use case for itself. More fintech and financial institution partnerships could happen in the near future for leveraging the same.  Regtech compliance tools are the need of the hour for most financial institutions. Regulatory technology has built a firm base in the fintech space for overcoming several hurdles including litigation, regulations, regulatory remediation, and more. A majority of Regtech tools make use of SaaS and open APIs for helping financial institutions solve a multitude of issues, helping manage governance and compliance, while lowering regulatory risks at the same time.  Challenges Faced By Financial Institutions Before venturing into Regtech requirements and other Regtech certification needs at an implementation-level, challenges faced by several financial institutions should be addressed. They face problems like the following:  Issues in risk management.  Consistent addition of new Government regulations.  Modifications and circulars related to existing rules/regulations.  Higher overheads for solution production and deployment with regard to compliance.  Higher penalties for non-compliance.  Legacy system issues and insufficient levels of digitization or automation for tackling these aspects.  Incompatibility or integration issues of systems.  This is where Regtech comes into play as a viable solution for the future.  Advantages – How Regtech Is Helping FIs To Manage Risks Regtech solutions are ensuring the following benefits for financial institutions:  Internal accountability and control for compliance assessments, risk-based data, effective policies, analysis, and management of procedures.  Compliance with regulations- Financial institutions can easily adhere to regulatory needs in a more efficient manner. They cover periodic regulations while ensuring solutions for the same.  Lowering the time required for onboarding customers.  Better fraud identification and adjusting swiftly to newer regulations.  Enhancing data analytics and collection.  Simplification of data management, complying with safety and privacy regulations.  Ensuring suitable access, storage, and processing of data for financial institutions.  More transparent and effective regulatory filings.  Reporting in real-time along with improving decision-making.  New governance implementation and reframing regulations.  Enhanced risk and fraud management- Solutions for risk management ensure automated assessment of credit for understanding optimal limits and also exposure aspects. Collaboration with Regtech solutions will help in generating higher savings on costs and also higher investment returns, in addition to taking care of compliance and regulatory requirements.  Support for risk-data aggregation, taking care of reporting liquidity, data modeling, analyzing scenarios, and stress test forecasting.  Real-time ML/AI based prevention of frauds, real-time tracking of compliance, AML screening in real-time, and more for KYC procedures.  Data standardization with cloud computing, predictive analytics, governance at the board level, provenance audit, and end-to-end regulatory reporting via automation.  These are some segments where Regtech solutions can play a vital role in helping financial institutions shift towards a new era of better governance and regulatory compliance.

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