AI in Insurance: Overhyped or Underestimated?
Technologies in the artificial intelligence family have great potential in insurance, according to a recent SMA survey of P&C insurance executives.[1] This should come as no surprise to anyone following the developments in machine learning, natural language processing, computer visioning, chatbots, virtual assistants, and other related technologies.
Are Transformational Technologies Losing Steam in Personal Lines?
Technology adoption in personal lines has been going on for a long time. Because of the early advent of personal auto data standards, technology adoption has been fairly “easy” (always a relative term!). Many insurers have staked their industry competitive advantage on data and analytics – Progressive comes to mind.
Commercial Lines Insurers Are Embracing Transformational Technology – No, Really!
Journalism 101 classes teach that a provocative headline is necessary to attract readers. Today, many news outlets are taking that to a high art form. Current journalism aside, my guess is that the above headline drew some insurance industry skeptics to read further.
A New Bet on The Insurance Technology Leaders of the Future
In five years, the premier insurance technology providers will be Aon, Marsh, Munich Re, Swiss Re, and Allianz. This is a fairly radical statement to make, but it is not made without evidence and support. The following five announcements lead me to this conclusion:
Innovation in Insurance: A Ten Year Journey
Innovation has gone from a word barely spoken in property/casualty insurance to a trend that has swept through the industry. The past decade, in particular, has seen enormous progress in adopting innovation, operationalizing it into mainstream plans, and driving real transformation in the industry.
Claims – Caught Between a Rock and a Hard Place – No More!
According to the Grammarist.com, the phrase “caught between a rock and a hard place” came about in the early 1900s in Bisbee, Arizona, where miners who were seeking better working conditions pushed the mine owners for improvements.
What’s New in the Fight Against Insurance Fraud?
Insurance fraud has been around since – well – the beginning of insurance.
Has a “New” Theme Emerged at InsureTech Connect 2019?
After three intense and exhausting days at ITC2019, I’m a little conflicted. It was quite exciting. And there are many fascinating companies and ideas that are truly transforming our industry. But then King Solomon’s words (from the Bible) come to mind – “There is nothing new under the Sun.” I...
The Homeowners Insurance Quoting Process: Is It Improving?
One of the big areas of focus across the insurance industry, in general, has been to streamline the application/quoting process. Whether it’s agents who are submitting applications for their customers or individuals and business owners filling out their own applications, there is a clear recognition that faster and simpler is...
What’s the Best Approach to the Small Commercial Market?
The small commercial insurance market is hot – there’s no doubt it. In fact, the entire small business environment is quite active, with around 11 million businesses that employ less than 20 people, according to the US census bureau, and another 6 million with between 20 and 500 employees.
