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This has been an unprecedented year for all – the insurance sector is no exception. Across the nation, COVID-19 has underscored the importance of protection to many customers, leading to increased demand for insurance products and policy servicing volume. However, the enforced social distancing has meant that severe competition has moved to the digital arena.
Koffie uses telematics and advanced safety technology to underwrite trucking companies, rewarding fleets that invest in safety with discounted insurance premiums.
Big data has seen its fair share of uses across a wide variety of industries. Its impact on medicine, however, is truly remarkable. The massive amount of information that big data provides reduces the time needed to conduct research and collect results. Similarly, big data is having the same effect on insurance allowing for more complex coverage and accurate estimates.
Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market.
Blockchain has gained a lot of attention in recent years. It has the potential to transform how insurance companies operate in this evolving digital age
Here is a recap of the latest news in insurtech
Digital disruption continues to change the game in the insurance industry, with Covid 19 accelerating the process – leaving the industry faced with a paradigm shift in a world powered by technology.
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues.
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
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