Technology

AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.

For as much coverage and discussion as telematics has received over the past two decades, its impact on the auto insurance economy, including transportation, is going to be even greater and further reaching than many may have thought – it will be transformative in the fullest sense of the word.

As the cyber risk environment evolves from occasional data theft to rampant extortion, cybersecurity experts believe that the current cyber insurance model – where policies are easily accessible – is ripe for a change.

With road testing of driverless vehicles now underway across North America, and more pilots on the horizon, it’s no wonder property and casualty insurers and industry experts are increasingly discussing the changing risk landscape.

The race for insurers to differentiate in the industry is on. As insurtechs disrupt the market and customers demand seamless, individualised experiences, insurers need to change the way they serve their clients.

They say insurance is a product that is sold not bought – and as a result, we often spend a lot of time focused on the buy-side: the risk landscape of potential customers, their coverage gaps, their servicing preferences… their apathy even.

To understand the current and future coverage opportunities, along with the challenges yet to be addressed, this article delves into the present status of AVs and where the industry is likely headed over the next decade.

The COVID-19 pandemic continues to cause upheaval in our business and personal lives in North America and around the world. While there is still considerable uncertainty around how the pandemic will continue to evolve, insurers need to continue to look forward and plan for the future.

The Institutes RiskStream Collaborative, a consortium that counts companies like Nationwide and USAA as contributors, is moving forward with digital proof of insurance using blockchain technology.

A look at the digital capabilities insurers need to tap the massive market potential of usage-based auto insurance.

As countries around the world continue to grapple with the COVID-19 pandemic, another outbreak has taken place in the cyber world, according to Allianz Global Corporate & Specialty (AGCS). The specialty insurer is referring to the digital pandemic driven by ransomware.

The convergence of location intelligence (LI), artificial intelligence (AI) and improved satellite technology, known collectively as “space tech”, is opening new opportunities in insurance and other industries such as logistics and agriculture.

We recently included Collective Benefits as part of Future50 Europe. This insurtech is on a mission to transform independent worker insurance and has raised £9.3 million since its founding in 2019. We interviewed CEO Anthony Beilin (pictured left) to discuss his experience building a successful insurtech.

Developments in drone technology are often heralded as having the potential to change the landscape of business operations, most prominently in the consumer goods shipping sector.

Is there a digital insurance gap? Recent work from Accenture Research suggests that there is.

Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.

The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.

From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.

Before COVID-19, most insurance carriers had already started migrating their IT estates to the cloud. Now, accelerating the cloud transformation means elevating the cloud conversation.

There are several triggers – or what we call cloud archetypes – that typically push clients to move to the cloud. Most revolve around the need for greater speed and to create greater value, though the actual mix varies depending on each client’s circumstances.

During these unprecedented times, significant challenges have ascended to the top of the insurance industry’s agenda and left many carriers puzzled about how to navigate the road ahead.