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Automation Business Featured General Insurance

Though the concept of being “customer-centric” isn’t necessarily wrong, it is important to realize that a balance must be struck for such an idea to be successful. Have we gone so far in this direction as to make its effectiveness diminish?

On-demand insurance has quickly become the go-to choice for entrepreneurs and gig economy workers alike – and it’s no wonder why. Insurtech companies have been thrilled at its surge in popularity, as more people are leaning towards a familiar user experience with their insurance purchase that mimics shopping on Amazon or another online platform. This shift toward relying heavily on smartphones, applications, or other advancements is transforming how we shop for coverage today.

Subsequently, the marriage between technology and insurance resulted in the origination of on-demand insurance. Now, customers can shop for and purchase policies with no need to seek assistance from an insurance broker, or agent. For instance, a new founder can acquire a general liability policy or even errors and omissions coverage rapidly with just a few taps on their smartphone.

As commercial insurance brokers look to the future, they are taking advantage of on-demand technologies like mobile apps that make it easier for them to connect with their clients. From submitting vital documents, making payments, and even inviting collaborators onto policies — there is no denying that this industry has undergone a modern transformation at an astonishing rate. Even though some may see insurance as archaic in nature, technology continues to prove itself as the driving force behind its innovation.

Unveiling the Impact of AI and Machine Learning on Insurance

Before we delve into the exciting changes that have taken place in the industry due to embracing these progressive technologies, it’s important to note how underwriting has been a major part of this transformation. It is widely accepted now that Artificial Intelligence (AI) and Machine Learning are changing the way insurance companies operate – from “detect and repair” to “predict and prevent”. This deserves closer attention as it could lead us toward an even more advanced future for insurers.

In the past, traditional underwriting processes were quite laborious and slow due to the manual evaluation of threats by human personnel. Fast forward to today, where automated underwriting is enabled by advanced algorithmic technology allowing businesses to make more precise decisions in a matter of moments! This revolutionary process has revolutionized risk management for modern-day organizations looking for ways to thrive in our dynamic digital world.

Despite our present-day trials, we should recall the not-so-distant past and its importance:

Insurance may be too easily accessible, especially with the influx of insurtechs that offer automated underwriting. These efficient tools can become a double-edged sword when it comes to larger companies or riskier industries like crypto and fintech– while they are great for simpler risks and smaller businesses, more intricate profiles require expert oversight in order to effectively secure coverage.

The Threats of On-Demand: Unnoticed and Underestimated

On-demand insurance has revolutionized the lives of many, and few would voice opposition to its benefits. Yet, when it comes to introducing new technologies, we must remain mindful that these advancements come with their own set of potential risks.

Let’s explore the double-sided risks associated with adequate coverage. To begin, tech-dependent brokers frequently fail to advise customers properly on what insurance products they should apply for. Additionally, these brokers leave clients wondering how precisely their protection should be structured or classified in relation to their business model.

We’ve witnessed the unfortunate trend of consumers making crucial insurance decisions without consulting their broker, leaving them with huge coverage gaps and often denied claims. As you can imagine, this is an incredibly dangerous avenue to pursue. Thankfully, clients are now empowered to modify vital coverages such as limits and deductibles — which must be managed by someone knowledgeable about insurance for a successful outcome.

Moreover, automated underwriting can create scalability issues for the larger risks that bypass the system. Once a human underwriter evaluates them, they are likely to non-renew or increase rates sharply in order to match the actual risk.

Proven and Practical On-Demand Insurance Solutions

Insurance customers demand various forms of communication from their brokers, transforming the role of a commercial insurance broker to meet these needs. Some prefer personalized attention while others would rather tackle tasks using an app. To ensure customer satisfaction and provide prompt responses, many carriers have embraced automation technology for certain underwriting data that are quantitative. Moreover, clients expect swift reactions from their insurers – making this shift towards digitalization paramount in meeting consumer expectations.

We should anticipate consistent advancement of automated underwriting among traditional companies and insurtech organizations. Virtually all life insurance firms have previously utilized digital processes, while commercial lines are projected to become increasingly reliant on automated underwriting with the notion of “predicting and preventing” in mind.

Ultimately, automated or on-demand insurance solutions have their place in the industry. Yet we should understand when clients, brokers, and underwriters require specialist expertise and attention. Combining human experience with technology is achievable – only if both forces acknowledge each other’s strengths and limitations for what they are.

March 17, 2023
Business Featured General Insurance

Many insurance companies are sitting on valuable treasure troves of data that, with the right utilization and attention, could prove to be extremely beneficial. In this industry landscape, it is easy to identify those who have made use of their resources (the ‘haves’) versus those yet to capitalize on them (‘have-nots’).

While some businesses have become data-driven, utilizing it as an important asset and integrating it into their culture, other organizations are still missing out. Instead of taking advantage of the immense potential that comes with leveraging data properly, they simply have isolated pockets of ‘goodness’ that don’t benefit them in any significant way. If they continue to ignore this crucial element, they risk being left behind by their competitors who recognize the power and importance of using data strategically.

Certain larger personal lines insurers are in the lead due to their one-to-one connection with customers and commitment to providing a highly personalized experience. On the other hand, there are those general insurers trying to offer both commercial and individual services who remain behind because of siloed legacy systems that accumulate data but do nothing tangible with it. To craft effective solutions, they must break free from these outdated methods, embrace change, and use their data strategically.

As the market rapidly divides into opposing camps, we can anticipate that certain data trends will have a pronounced effect this year. What exactly do these trends promise to be?

#1 – Effects of disruptive innovation

This year, we can anticipate what the entrance of innovative disruptors to the market will encourage insurers to do.

The launch of Amazon’s insurance store at the tail-end of last year serves as an unambiguous warning to long-standing figures in the insurance industry – a potential disruption force has entered, and incumbent providers must stay abreast with digital transformation or face losing out.

What strategies can traditional insurers use to stay competitive? Crafting a policy that outlines how they could challenge and nullify the risks posed by new players is advisable. Enhancing customer intimacy, providing greater personalization services, as well as diversifying product offerings are crucial to achieving success. Amazon’s approach has always been to prioritize people before entering the insurance sector which may be what gives them an edge over their competitors.

Established companies should take Amazon’s success as an impetus to discard their outdated infrastructure in favor of more data-driven approaches. In other words, identify the antiquated systems that are creating bottlenecks due to data siloes and then upgrade them immediately. By taking this action, these firms will be able to move far faster to stay competitive.

As a non-insurance entity (known for its remarkable client service) entering the fourth biggest insurance market on the planet, it’s time to be wary of those who have yet to embark on their digital transformation.

 #2 – Could 2023 be the definitive year for technological revolution? 

For too long, the insurance industry has been discussing digital transformation without taking tangible steps. However, 2023 must be the year when companies act and transition to a more digitized approach.

Going digital isn’t only about the technical integration of technology, but also a cultural revolution toward its acceptance. While this means integrating technological advancements wherever they can augment potential, it is essential to avoid using tech simply for the sake of using tech.

Despite the advancements in technology, many companies in the insurance sector remain behind. To illustrate this reluctance to adapt, imagine introducing iPads into a firm – workers will still gravitate towards pen and paper for taking notes. The shift to digital transformation needs to be treated as an encompassing cultural change that affects all aspects of the organization. It is absolutely essential for firms to recognize this and manage it accordingly with thoroughness and care.

#3 – Automation and Robotic Process Automation (RPA) – is this the year that we embrace it?

This year has presented significant financial constraints, and companies may have to revive their interest in automation. Robotic Process Automation (RPA) was a widely discussed concept some years ago, but why hasn’t there been any progress since then?

Companies must be agile, adaptable, and able to adjust swiftly to the ever-evolving market conditions. However, before they can automate processes efficiently with RPA technology, organizations need full control of their data. The know-how is accessible, yet many businesses are not plunging into it due to a lack of proper data governance that acts as an impediment to growth and productivity by forcing workers to stick with manual labor instead of doing the tasks they love best.

In 2023, firms should be especially conscious of the new regulations surrounding General Insurance Pricing Practices (GIPP). Regulatory changes are inevitable and can have a profound impact on businesses. To remain up to date with these changing laws, companies must take proactive measures to equip themselves with relevant data to ensure compliance.

Staying ahead of the trends that will shape 2023 is no doubt a difficult feat, but questioning how your data is managed and taking pertinent action to align with evolving regulatory expectations should be at the forefront for firms looking to stay competitive.

By taking these steps, not only will firms maintain a competitive edge and neutralize new market entrants’ threats, but they can also make considerable progress with digital transformation projects that have been debated for so long.

March 6, 2023
Automation Business Featured General Insurance

For the past five years, 52% of global equity in the insurance industry has been unable to reach its cost of equity return on investment. According to McKinsey’s 2022 Global Insurance Report, although projections for premium growth indicate a recovery from 2020 pandemic-related declines (1.2%), numerous challenges remain ahead: consumer trends are changing and advanced technologies present relevant issues that must be addressed if insurers wish to stay competitive in this ever-evolving landscape.

Intelligent automation (IA) can revolutionize the traditional model, replacing it with an effective and cost-effective alternative. By adding IA to claims management, underwriting, pricing tactics, and distribution processes insurance companies are able to bolster profits while improving customer service as well as employee satisfaction.

What factors are causing the insurance industry to struggle?

The insurance industry is in a stagnant state, unable to bear the burden of profitability. The advancement of technology has opened customer options with price transparency and rapid access, creating a fiercely competitive market where businesses must battle for customers’ attention. Consumers now have more power than ever before when it comes to choosing an insurance provider due to the abundance of information available at their fingertips.

In recent years, property and casualty insurers have been unable to make cost-cutting measures work. Consequently, the entire industry has witnessed its return on equity fall below what it costs them for capital – except insurance brokers which are the only segment of this field with a positive economic growth rate. This contrast is further compounded by scant market demand in established markets leading these companies to rely more heavily on price hikes instead of an increased number of clients and new coverage options as was once their strategy.

The industry is facing a significant threat due to the changing growth model that involves increased prices. To break away from this, and cultivate sustainability-focused growth as well as innovation, advanced technologies must be utilized. This can provide lower costs for customers and employees, a better experience when it comes to customer service or the decision-making process, plus improved productivity overall.

What has driven digital transformation to be a necessity for the industry?

To satisfy the growing needs of the marketplace, insurance companies must increase their operational speed. According to McKinsey’s research, what normally took years now must be done in mere months or weeks – an ambitious goal that can only be attained with smart automation capabilities.

By introducing AI into the mix, insurers are able to benefit from reduced turnaround times, successfully manage higher volumes of applications and eliminate errors associated with manual processes. This newfound efficiency provides employees more time for creative problem-solving in order to come up with unique strategies, pay attention to complex cases and craft personalized customer experiences.

In today’s competitive business environment, it is essential to stay ahead of the competition. Consumers want the convenience and ease associated with digital channels but crave personalized service that only a human could provide. Insurance companies can set themselves apart by creating an ideal balance between automated technology and customer-oriented communication tailored specifically for each individual client. By doing this, they will be able to give their customers what they need while remaining profitable in such a turbulent market.

The emergence of Insurtechs – companies leveraging technology to maximize savings and efficiency within the insurance industry – has profoundly impacted IA’s significance in the future. It is evident that they are a force to be reckoned with considering global investments have gone from $1 billion in 2004 up to an astonishing $14.6 billion this year! Not only do these tech-savvy organizations provide improved customer experiences, but they also hone their focus on marketing & distribution along with property & casualty products which gives other insurers valuable insight into where value can be added.

How is the insurance sector utilizing intelligent automation to its fullest potential?

With the pressure to stay within budget, transitioning away from legacy systems and siloed functions can seem like an overwhelming task for many insurance companies. Fortunately, partnering with an automation provider provides a much-needed respite. These partners facilitate improved use of existing systems through digital workers who can weave between different applications and synchronize data information seamlessly – enabling insurers to selectively dismantle their legacy system in more gradual steps rather than having them overhaul everything at once.

By leveraging this transitional automation strategy, tasks such as onboarding, data analysis, claims settlement, and invoicing can still be automated – thus freeing up human workers to focus on more valuable activities. As a result of the reduction in manual labor required for these processes insurance companies will find themselves able to quickly settle customer disputes and comply with the most recent regulations without having to worry about extra costs or delays. Moreover, since IA initiatives reduce workloads, insurers are now able to automate additional services while simultaneously modernizing legacy systems that deliver increased value at no extra cost!

The demand for insurance is predicted to continue growing this year, particularly in emerging markets. Yet the long-term success of the industry will be based on its capacity to respond quickly and seamlessly by leveraging advanced digital technologies. To stay ahead of the game, insurers must learn how to leverage these tools to remain relevant now and into the future.

February 28, 2023
Automation Business Featured General Insurance Security

As technology continues to progress, insurance companies are faced with an ever-growing risk of malicious attacks that could jeopardize the data they retain on their policyholders. It is anticipated this threat will only increase in frequency and intensity over the coming years.

In today’s digital age, the chances of facing a cybersecurity attack are increasingly high. Data shows that the United States faced 46% of the world’s cyberattacks in 2020 alone – a worrying figure more than twice higher than any other nation. It is no longer “if” an organization will be targeted by hackers; it’s when they can expect to encounter such a threat.

As the risk of digital breaches increases every year, companies in high-risk fields must take a proactive approach to security. It isn’t about being more prepared than competitors – it’s about evaluating your resources and determining which ones are worth protecting from attack. This will help you determine your level of susceptibility and what preparation steps need to be taken.

Predicted to become more frequent and intense in the future, cyber-criminals are increasingly targeting insurance companies for their vast caches of personal information. The massive amounts of Personally Identifiable Information (PII) stored by insurers are highly sought-after resources on the dark web, with millions of Americans already affected. To protect their policyholders from nefarious actors, it’s essential that these organizations continually invest in cutting-edge security protocols and practices.

With the cyber threat landscape constantly evolving, 68% of business leaders feel like their cybersecurity risks are rising. As a leader in an insurance firm, it is time to take action and guarantee that you are fully prepared for any impending threats. Here’s how: maximize your team’s efficiency and response times by taking preventative steps to limit all potential risks posed by cybercriminals.

1. Prepare Your Employees with the Essential Skills to Reduce Risk

It is critical to consider all potential vulnerabilities when analyzing security risks. A study revealed that 95% of cyber-attacks are caused by human error, which can happen at any access point during online activity. Therefore, teaching employees the appropriate digital safety techniques should be a top priority to prevent misfortune.

Here are some tips and tricks for keeping your data secure:

  • Instill the Responsibility of Device Care — Recent data from Forrester revealed that 15% of corporate intrusions are caused by lost or stolen devices. With remote work on the rise, it is crucial to be proactive and take precautions; any device–personal or professional– can become a gateway into your network. To stay safe, IT teams should consider investing in a device management solution that allows them to manage employee devices remotely and minimize risk exposure. However, this must only serve as an additional security measure—it shouldn’t replace existing solutions.
  • Educate Staff to Identify Suspicious Behavior — To maximize the safety of their devices, employees must be trained to recognize any possible signs of suspicious activity. This could include new apps and programs suddenly appearing on their device; a slow-down in performance for no clear reason; added browser extensions or tabs that weren’t there before; as well as loss in mouse/keyboard control. Thus, it is essential for all personnel using company equipment to stay alert and mindful of such occurrences.
  • Safeguard Confidentiality at All Times — Make sure to properly communicate the importance of secure processes such as virtual private networks (VPNs), multi-factor authentication, and frequent password changes to all staff. Showcase tangible examples of data breach consequences in order for employees to comprehend that threats can arise anytime, anywhere – placing them and their confidential information at risk too. This will emphasize how imperative careful security management is for everyone.
  • Make the Most of Training and Online Courses — To ensure your organization’s safety, frequent “security check-ins” and comprehensive virtual training courses are available from the Federal Trade Commission, Department of Homeland Security, and other reputable sources. These invaluable tools will equip you with everything you need to protect your business from harm.

2. Unlock the power of Artificial Intelligence (AI) and Machine Learning (ML)

As insurance companies become increasingly digitized, the employment of artificial intelligence and machine learning techniques can help mitigate risk. Data aggregation is a powerful tool for combating malware, ransomware, as well as advanced persistent threats (APT). AI & ML allow for exponentially faster data analysis to detect anomalies within datasets. Implementing these technologies further enables continuous monitoring of workflows and rapid response should an attack occur.

When searching for a cybersecurity solution to secure your firm’s data, you must be sure that it follows certain measures. Make access control management, examining data behavior, encryption of large volumes of information, and prevention from potential leaks top priorities in order to ensure the safety of your insurance business.

3. Design a Detailed Action Plan

Having a well-defined plan and protocol can bring peace of mind to all stakeholders – insurance leaders, investors, and customers. This strategy should encompass all possible safety protocols as well as emergency actions. Here are some suggestions for best practices:

  • Data Privacy Rules and Regulations: Designed to deliver a comprehensive overview of corporate data processing and guarantee the utmost safety, this guide will ensure your company’s security.
  • Retention Policy: This document outlines the specific requirements for where and how long corporate data must be retained, providing a comprehensive overview of storage and archival processes.
  • Data Protection Policy: Uncovering the way an organization manages the private data of its employees, customers, vendors, and other external stakeholders is essential.
  • Unfortunate Occurrence Reaction Plan: To guarantee a swift, competent, and systematic answer to security issues including ransomware strikes and breaches, appropriate responsibilities and processes must be followed.

Despite the possibility of a cyber threat appearing to be remote, it is essential for insurance firms to optimize their preparedness and security in order to protect against potential attacks. In recent years, countless businesses regardless of size have fallen victim to cyberattacks – an unfortunate trend that continues today. If your company relies on digital systems or employees engage with the online ecosystem, chances are high that you may experience either attempted or successful intrusion attempts.

Can your organization risk an unexpected disaster? If the answer is a resounding no, it’s time to act! Protect what matters most – resources, personnel, and especially customers. Put your plan into motion now so you can be sure of security in any situation.

February 23, 2023
Automation Business Featured General Insurance

As consumers shift their spending to explore new technological advances, the insurance sector is feeling the heat. Meanwhile, InsurTech startups are affording customers a more straightforward process of finding and buying insurance products online. To remain lucrative in this climate, insurers must anticipate change and wholeheartedly embrace it.

As digital technology becomes the new standard, what is in store for insurance leaders? Here in Part Two, we will discuss the final 8 of 16 digital evolution trends that are set to shape the future of the insurance industry over the next several years.

Did you miss Part 1 of the most prominent digital transformation trends of 2023? Read about them here.

The emergence of innovative strategies for success in the business world

9. Expansion of usage-based insurance

Usage-based insurance (UBI) is a revolutionary form of coverage that assesses customers’ premiums based on their real usage, in contrast to an assumed estimate. The most popular type of UBI is pay-as-you-drive insurance, which bases billing around the number of miles driven by the consumer.

UBI is gaining traction as a viable alternative to regular car insurance for infrequent drivers. Moreover, it can be used to motivate customers to adjust their driving practices in order to reduce the risk of crashes and other accidents on the road.

For instance, certain insurers provide rebates to customers who utilize telematics gadgets that monitor their driving behaviors and prove they are reliable drivers.

10. The exponential rise of telematics in insurance

Telematics is a data-driven technology that tracks the movements and activities of vehicles, making it increasingly popular among insurance companies looking to gain insights into their customers’ driving behaviors.

Telematics-based insurance is becoming more popular as companies seek to deliver highly customized pricing options for their customers. By gathering data on each customer’s driving habits and times of operation, insurers can accurately gauge the risk level associated with that person – which in turn allows them to offer tailored premiums at competitive rates.

Furthermore, telematics can help to uncover suspicious behavior. For instance, if an insured driver is suspected of driving recklessly with the intention of causing a crash, their insurance policy could be revoked.

As technology advances, so does workplace culture.

11. Working from home is a permanent fixture in today’s world

Working remotely has been a rarity for many years, yet it appears that even post-pandemic the culture of telecommuting will endure.

As per a survey conducted by BloombergQuint, there seems to be an evident rise in the number of workers who refuse to return back to full-time office work. In fact, more than one-quarter of those surveyed indicated they will continue working remotely for at least half the time even after the pandemic has ended.

To stay afloat in the post-pandemic world, insurers must arm their staff with the tools to work remotely. Paperwork and manual processes are no longer viable options; even prior to COVID-19 they were quickly becoming relics of a bygone era. Now more than ever, digital solutions that require minimal physical contact between employees (with some exceptions) are paramount for business continuity.

12. The advancement of digital data collection

Paperwork has been a long-standing annoyance in the insurance industry, but this is no longer justifiable. Insurers must take action to improve customer experience and put an end to cumbersome forms that are time-consuming and inefficient. It’s high time they seek out practical solutions for simplifying paperwork processes so customers have better experiences when applying for coverage.

According to a recent study conducted by Bain & Company, insurance companies on average only collect 60% of the necessary information required for underwriting. Consequently, 40% of this data is either never acquired or accumulated too late in the cycle.

Not only does this cause customer distress, but it leaves insurers vulnerable to heightened regulatory threats. In today’s digital world, insurance providers require the capacity to quickly gather, examine and act on data for optimal performance.

That is where digital customer data intake proves invaluable.

As digital forms and eSignatures become the norm, customers are expecting to be able to do nearly all their business with insurers remotely. This includes opening accounts, making payments, and renewing policies – all done online!

By transitioning how they gather customer data and signatures, insurers can maximize efficiency, bolster client satisfaction and cut down on regulatory risks.

Innovative strategies for minimizing risk

The insurance industry is increasingly integrating Internet of Things (IoT) technology into their risk assessment and underwriting processes, enabling them to make the leap from traditional methods of protecting against risks to actively preventing them. By leveraging cutting-edge digital advancements in this manner, insurers can stay ahead of potential threats and maximize customer service efforts.

13. Predictive analytics remarkable rise

Leveraging the power of predictive analytics, insurance companies are able to more accurately forecast risk and fine-tune their product prices. This innovative form of artificial intelligence is revolutionizing the industry by providing greater insight into potential future events.

To illustrate, insurers can adjust their product prices according to a customer’s probability of having an accident due to peak times or environmental factors.

14. The advent of IoT has created a demand for the innovation of streaming analytics

The IoT revolutionizes the insurance industry by providing instantaneous, precise data that enhance risk assessment accuracy. Additionally, it empowers policyholders with accurate pricing information to better assess their coverage needs.

Nevertheless, numerous obstacles exist when it comes to integrating IoT for risk assessment. One of the most prominent is analytics. The data provided by IoT is real-time – unfortunately, this type of analytics can be quite inadequate. To meet demand in the market and keep up with innovation, a surge in growth related to developing better analytical techniques has been observed lately; however, more research still needs to take place if we want efficient results from our efforts on these sorts of projects.

15. A heightened emphasis on the evaluation of risk through algorithmic solutions

By utilizing Artificial Intelligence, the insurance industry is taking a giant leap forward. AI-based tools are revolutionizing how operations and claims settlement teams operate, providing innovative solutions that can drastically improve efficiency within their respective fields.

Machine Learning brings forth much more than just claims to process; it can revolutionize the entire process. Owing to the digitization of all documents, AI algorithms can quickly analyze them and eliminate any manual processes completely. With Machine Learning in the picture, insurers are granted a plethora of new possibilities and opportunities for streamlining their operations with accuracy and efficiency.

By integrating machine learning and AI technologies, we can drastically enhance processing speed and accuracy in policy administration as well as risk assessment. For this reason, these cutting-edge tools will continue to gain traction among businesses for their sophisticated risk evaluation capabilities.

16. The change in culture from legacy to innovation

As the insurance industry evolves and welcomes digital-first insurers, tech behemoths, and creative startups to its ranks, it is undergoing an exciting transformation. This shift away from traditional conservatism towards a more dynamic landscape of opportunity has propelled insurance into unprecedented growth.

The insurance sector is witnessing a marked transformation in the way leaders and experts think. It’s becoming more evident that innovation is essential for success, leading to an evolution from a conservative framework into one centered on data-driven digital advancement.

It is evident that we are progressing towards more advanced technologies, delivering a superior experience for both customers and employees alike, while also providing increased agility in our operations. We will apply modern technology to long-standing insurance issues like risk assessment claims processing and policy sales with unprecedented results.

An unstoppable urge for swiftness

The insurance industry is in a state of flux, with new competitors and products emerging at an accelerated pace. To remain competitive, incumbents must keep up by developing, launching, and scaling innovative solutions quickly—before the competition makes its move. Staying ahead requires that they act faster than ever before to stay relevant in this rapidly changing environment.

In order to remain competitive in the market, it is imperative that insurers modernize their strategies by utilizing technologies and processes that will enable them to stay ahead of the game. With agile approaches and innovative solutions, they can maximize efficiency while staying on top of current trends.

Did you miss Part 1 of the most prominent digital transformation trends of 2023? Read about them here.

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February 16, 2023
Business Featured General Insurance

In today’s unpredictable environment, spreadsheets have become an overwhelming and imprecise way to manage risk. This approach is prone to mistakes due to the manual effort needed for its upkeep.

Despite the abundance of sophisticated technology-based solutions like RMIS software, risk managers continue to rely on legacy strategies such as spreadsheets due to their hectic workloads. This is illustrated in a 2018 survey which revealed that 60% still use spreadsheet tools while only 10% depend on integrated data management systems.

In this era of unforgiving risk terrain, spreadsheets are no longer up to the task. Instead, risk professionals face an uphill burden by trying to keep track of plenty of spreadsheets with little assurance that the data is accurate.

Rather than relying on outdated methods, industry professionals should seek out innovative solutions that can maximize efficiencies and provide valuable data analytics. With these tools at their disposal, they’ll be able to gain deeper insights into their operations for better decision-making capabilities.

The function of spreadsheets

Spreadsheets have been designed to aggregate data and serve as a repository for information retrieval. While this was initially related to risk management efforts, the nature of risk scrutiny has further developed over time due to internal and external forces. This is exacerbated by the fact that changes in the global risk landscape during only these last ten years are significant.

Spreadsheets are becoming an antiquated tool for businesses and their risk management teams, hindering them from achieving success.

In 2023, how much will using spreadsheets cost you?

Utilizing spreadsheets can be dangerous due to the following reasons:

  • Relying solely on manual processes: Manual operations are a tiresome and unreliable method, highly susceptible to potentially costly errors.
  • Workflow division between departments: Inhibiting progress and collaboration, departmental barriers and data silos can create a plethora of file errors and redundancies.
  • Subpar analytics: Thanks to the implementation of AI-powered RMIS software, anticipating risk is a breeze. Rather than having to correct errors after they occur due to human miscalculations or mistakes in formulas, this groundbreaking technology allows for custom programming and swift updates with fewer potential mishaps.
  • Restricted growth potential: Outdated systems were developed without risk management and claims administration in mind, leaving users with minimal capabilities to outpace their competition. Consequently, these legacy systems will always contain impediments that make it difficult for businesses to excel.

Harness the power of a risk management platform

By harnessing the power of technology, organizations can streamline their insurance and risk management efforts to enhance efficiency.

Take “Company A,” an automotive brand, for example. In the past year, this company has witnessed the advantages of digitizing its insurance process firsthand. Before digitally transforming their system, Company A’s insurance and risk department depended on spreadsheets with various data sources as well as employees’ personal knowledge to determine which information was traceable, what processes were in place, and the history behind existing details.

Company A identified the shortcomings and risks involved with its current system and decided that it was essential to retrieve all pertinent data from multiple sources and compile them into a single RMIS structure.

By introducing its advanced software, Company A’s insurance and risk division were better able to control and take advantage of the data already at its disposal. Previously, most of the claims management had been done internally by a handful of third-party vendors; this resulted in an uncoordinated system that spanned several spreadsheets for policy administration as well. Fortunately, these scattered spreadsheets have now all been combined into one convenient platform – the new risk management software – thus allowing Company A to automate select assessment tasks quickly and seamlessly.

By leveraging an RMIS system and application programming interface (API) technology, Company A is able to collect data rapidly and effectively while also providing insights to insurers and other stakeholders in novel ways. This dependable, proficient, speedy platform allows the team at Company A to prioritize risk handling over administrative tasks so they can spend more time concentrating on what really matters.

NIP Group is a prime example of how AI-based insurance and risk management technology implementation can be successful through the use of spreadsheets. With such an abundance of data in over 25 different industries, their intricate claims demand required a solution that could not only meet their unique needs but also provide efficiency far beyond what simple spreadsheets could offer.

The company incorporated AI-based software to assist with data and claims management, devising a secure system that allowed for the tailored customization of hierarchies based on business needs. This was made possible by integrating an Extract/Load/Transfer (ELT) tool into the process in order to automate traditional spreadsheet operations, which are usually more linear.

By replacing the outdated spreadsheets of their data, NIP Group has harnessed the power of an AI-based insurance and risk management platform. Now they are able to access much more information than before, helping them gain a richer understanding while saving time! As a result, this new solution has enabled them to manage different lines of coverage and industries on one unified system.

Not only has this solution provided improved internal reporting and file management capabilities, but it now also offers greater capacity for managing comprehensive carrier reports and tower insurance company groups. Furthermore, the system can effortlessly abide by state banking regulations as well as provide accurate annual report data to relevant entities.

Unlock the potential of risk and claims software: discover the numerous benefits

By taking advantage of modern, AI-driven RMIS solutions available in the market today, companies can avoid having to rely solely on dated spreadsheets for data input and tracking. This legacy management technique carries inherent risks such as human error or misuse of risk managers’ proficiency.

By utilizing the appropriate software, businesses can minimize the risk of data breaches and errors, streamline their processes, and ultimately save time and money.

February 15, 2023
Business Featured General Insurance

The fate of your property and casualty business is largely dependent on the decisions you make today regarding data utilization.

The insurance sector has been revolutionized by technology, with core processes becoming digitalized and cloud migration increasing. Additionally, insurtech businesses have seen tremendous growth. Through data-driven insights into property risks, a fresh era is on the horizon wherein understanding these risks will be completely changed.

As investors start to recognize the value of companies that collect and analyze innovative data, they have begun differentiating between those enterprises that rely exclusively on traditional data sources and those investing in targeting lucrative niches with sophisticated datasets. The magnitude of these alterations in claims and underwriting management is immense, leaving insurers with a pivotal question: Is your property & casualty data aiding you or hindering you?

As we look ahead to the next decade, it is vital that we ask ourselves: what decisions can I make today to ensure my business’s success in the future? Insurers and consultants agree – by capitalizing on data strategically, you can steer your P&C company towards a prosperous tomorrow. Make mindful choices now about how best to utilize the information for an advantageous outcome ten years from now.

To get an understanding of the dramatic shift in fire risk, consider that insurance firms still use fifty-year-old assumptions when creating their data and models. Furthermore, most systems continue to assess danger and charge premiums dependent on property or company ZIP codes from over four decades ago!

With the emergence of modern technology, we can now assess over a thousand various risk factors for each property across America – from updated aerial imagery to geospatial information that is more accurate and thorough than ever before. This surpasses traditional underwriters who are limited in evaluating only a few data points on each home or business regardless of whether two residences in the same ZIP code may have extremely contrasting levels of wildfire, flood, and crime danger.

Despite gaining access to hundreds of data points, insurance companies often neglect the majority of them. For example, lightning damage is an expensive claim category that contains a wealth of risk-related information, but many insurers hardly consider it when assessing properties. In addition to this oversight, 30% of traditional systems fail to consider the location and distance from their nearest fire station – something critical for accurately estimating possible fire damage.

When the data you possess is inadequate or flawed, taking risks without caution can be disastrous. Consequently, investing in risk models and analytics will prove fruitless if there are doubts about your information’s accuracy. In such cases, it pays to exercise extreme care when making decisions as even small mistakes could have major implications.

In the last few years, access to excellent property and casualty data has rocketed; it is now easier than ever for companies’ underwriters to receive real-time information through cloud storage options and API accessibility. Businesses are looking forward to obtaining cost-effective up-to-date data without difficulty or hassle.

With dozens of businesses and thousands of data points to draw from, you can greatly expand your knowledge about properties, customers, and potential risks. By having access to unparalleled data points, you can drastically improve your understanding of risk and pricing. With just a few clicks, you can easily find out the distance to fire stations and hydrants in your area, if there are any underground storage tanks on-site, the nearest PFA sites or Superfund sites nearby, as well as have direct access to building permits.

Today, the insurance industry is slowly but surely starting to adopt new technologies that involve data analytics. With personal and commercial lines of business becoming commoditized, executives have begun relying on data analysis in order to increase their profits and gain a competitive advantage over other companies. Consequently, innovative data has become an indispensable asset for them.

Currently, data is more readily available than ever before – all while costing much less money.

P&C insurance companies in Europe and the United States are heavily investing in data analytics to ensure that every element of their operations is optimized: from risk selection and pricing, and application profiles, all the way up to underwriting. By doing so, they can give priority to providing better customer service while also achieving greater success overall.

A recent McKinsey study uncovered that the leading insurance companies have exhibited immense success by utilizing data and improved analytics in underwriting. These front-runners are experiencing a significant three to five-point drop in loss ratios, a 10%-15% rise in new business premiums, and a 5%-10% increase in retention rates. Superiority in underwriting, as well as pricing knowledge, evidently separates these industry champions from their competition.

McKinsey’s report proclaims that external data is the main catalyst in driving analytics value. By using sophisticated data and analytics technology, insurers can gain valuable insight into potential risks while simultaneously improving their overall insurance process – from profile applications to risk selection and pricing. Organizations at the vanguard of progress are now focusing on small improvements across various areas such as:

Assessing Risk: By leveraging both internal and external data sources, insurers can refine their risk selection process to determine which applicants are good risks and avoid those that may have a higher likelihood of causing economic losses. While it is not possible to entirely eliminate losses, utilizing data analytics for smarter decision-making will help identify and prevent highly probable ones.

Prefill: When you utilize the correct next-generation data, it can greatly improve and streamline your customer journey. In particular, the screening and interview process becomes far less laborious; with integrated next-gen data systems, you can quickly match and pre-fill necessary information for clients or customers at an inexpensive price point. Fewer questions in interviews speed up the sales cycle while maintaining a smooth experience – thus maximizing efficiency along their journey!

Cost: By swiftly accessing and incorporating the appropriate internal data, combined with analyzing a broad range of external information, insurers are better equipped to present compelling arguments for their pricing structure to regulators. Plus, they can accurately price policies that reflect an honest assessment of risk. Compared to state-of-the-art systems, property owners in zip codes with an F wildfire rating – such as a home situated close to wild areas with dry brush near the premises – and those living in low-risk districts both pay almost identical premiums. Consequently, customers who are exposed to higher levels of fire danger should be paying more than others that don’t face the same risks.

Promotion: As one of the few areas in insurance that have yet to be fully explored, marketing presents itself as a ripe area for insurers – from small to medium-sized businesses – looking for an advantage over their competitors. By leveraging advanced data and analytics, these companies can position themselves at the forefront of risk selection through smarter and more targeted outreach techniques. When done right, this process yields stronger leads with less risk potential which often results in increased profitability.

It is essential to remember that data is a dynamic element, continually growing and changing.

By utilizing both your own internal data and precision external data, you can gain tremendous value during the insurance underwriting process. This combination allows you to explore more property risk information than ever before.

The market is, at last, recognizing the capabilities of this groundbreaking technology, initiating a new trend that necessitates you to stay in first place for your business to remain competitive. With expanded access to property risk data and analytics, those who innovate initially will emerge from their competitors. Get ahead now or be left behind – make sure your business takes advantage of these opportunities as soon as possible!

February 8, 2023
Business Featured General Insurance Press Release

SALT LAKE CITY – LenderDock Inc., the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services, announced a new partnership with Neptune Flood Insurance.

“We are absolutely thrilled to be partnered with Neptune Flood and supporting their team’s goal of streamlining operational processes in order to optimize their internal resources. They are a well-managed and forward-thinking organization helping to set the standard for service and support workflows in today’s crowded insurance marketplace,” said Frank Eubank, LenderDock’s CEO.

Neptune will take full advantage of LenderDock’s Notifi™ solution. Notifi™ is a system that facilitates the exchange of insurance information among a variety of parties including insurers, lenders, leasing companies, government agencies, and trackers. Insurance companies send electronic files to LenderDock, which then distributes the insurance information to its trading partners either through electronic means or via paper, as per the trading partners’ preferences or capabilities.

Neptune has partnered with LenderDock to provide additional tools for their clients. The first tool, Correxions™, automates the process of updating policy information by allowing lenders to submit corrections directly to the carrier. This enables carriers or providers to process the updates efficiently according to their own procedures.

The second tool, Verifi™, is a real-time insurance policy verification system designed for verifiers and lenders. With Verifi™, phone calls for policy verification are a thing of the past, making the process faster and more efficient.

Finally, LenderDocs™ provides electronic and real-time access to important policy-related documents such as EOIs, Certificates, and others to financial third parties. This helps streamline the process of obtaining and sharing these documents, making it easier for business partners to manage their policy information.

“We are thrilled to partner with LenderDock as they have a similar ethos to us: make it easy for users through technology. LenderDock’s platform will allow mortgage lenders to self-serve on-demand, significantly reducing inbound traffic for our customer success team. This enables our customer success team to focus on strategic initiatives for our agents and policyholders,” said Jean-Luc Eckstein, Chief Customer Officer at Neptune Flood.

About Neptune Flood Insurance

Neptune Flood is the largest entirely digital flood insurance company in the United States and is the alternative to the NFIP. Founded to change the way consumers and businesses think about and buy flood, and now, parametric earthquake insurance, Neptune Flood uses AI-driven technology to make it fast and easy for consumers to buy, and agents to sell, insurance.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real time.

February 6, 2023
Automation Business Featured General Insurance

As consumers shift their spending to explore new technological advances, the insurance sector is feeling the heat. Meanwhile, InsurTech startups are affording customers a more straightforward process of finding and buying insurance products online. To remain lucrative in this climate, insurers must anticipate change and wholeheartedly embrace it.

As digital technology becomes the new standard, what is in store for insurance leaders? Here in Part One, we will discuss 8 of 16 digital evolution trends that are set to shape the future of the insurance industry over the next several years.

Enterprise IT is undergoing a dynamic transformation.

Gone are the days when insurance companies viewed IT as merely a means of reducing expenses. Now, enterprise IT has become an essential component for businesses to gain a competitive edge and build customer loyalty. Technology is no longer regarded as just another overhead cost center – it is now seen as the strategic tool that drives growth and enhances customer experience.

1. The ascendance of low or no-code development

Low-code/no-code evolution is becoming increasingly popular in enterprises, even more so than it already has within the Small and Midsize Business segment. Most companies continue to depend on conventional development endeavors run by their internal staff or external contractors – yet this trend of no-code tools is beginning to change that.

Fortunately, vendors are now supplying mature and reliable no-code devices designed to prioritize security and compliance. This allows enterprises to outsource many of the software development responsibilities to line-of-business personnel while remaining in control.

As no-code tools become increasingly mainstream, it is not hard to comprehend why. These technologies are the perfect solution for IT teams overwhelmed with tasks and dealing with extensive backlogs. In addition to providing much-needed relief, they also aid in boosting productivity levels and pushing the team’s efforts even further.

No-code instruments are invaluable for their ability to quickly build and deliver cutting-edge digital solutions, products, and services at a far speedier rate than Conventional development projects. With no-code solutions, insurers now have the ability to revolutionize customer experience by providing better apps in record timing while simultaneously improving the overall quality of their service offerings.

2. The API economy’s growth

As companies increasingly want to share their data and functionality with outside developers, they are turning more and more to Application Programming Interfaces (APIs) – A set of regulations that dictate how two pieces of software communicate. There has been an undeniable surge in APIs over the past few years as organizations recognize their power.

The insurance sector is harnessing the power of APIs to generate breakthrough electronic goods and services. Insurers are already utilizing these technologies for a plethora of reasons, such as giving customers instant access to the most up-to-date quotes and market data with real-time updates or powering virtual assistants and other online customer engagement devices. With this newfound capacity, insurers can give their clients an unprecedented level of convenience and satisfaction.

LenderDock utilizes an API for real-time updates and information verification in its suite of SaaS products. For example, the LenderDock lienholder API makes it easy for carriers to manage lienholder and mortgagee data. It helps to avoid duplicates and incomplete information in internal systems by providing access to the industry’s largest database of accurate lienholder data. LenderDock offers the first-ever solution that automatically manages lienholder data. Their API, which can be accessed in real-time, helps verify lienholder policies, fix mortgagee information, and send digital notifications for billing and payments. This improves the efficiency of key mortgagee transactions.

The need for speed and flexibility, together with the wish to capture new profits are pushing this trend. Many insurers in the insurance sector have launched APIs to give third-party developers permission to construct applications and add services to their main systems. This grants them access to fresh income sources they wouldn’t have been able to obtain otherwise, while drastically reducing time-to-market.

As the demand for digital insurance solutions continues to surge, we anticipate more insurers beginning to take advantage of APIs. This will enable them to maximize this burgeoning market.

3. The increase of “headless technology”

Despite its slightly off-putting name, “headless tech”, or headless architecture, has been around for a while and is completely harmless.

Headless technology is a popular term in website building, where it has become the norm. Unlike traditional websites with back-end and front-end components along with graphical user interfaces; headless technologies have no such features.

The headless technology trend is closely linked to no-code options that are used for the development of interfaces that customers interact with. Insurance providers can now detach their visible user interface layer and subsurface data functionalities, enabling them to create unique digital interactions.

Within the insurance industry, this has become particularly critical as back-end systems are often hindered by outdated technology issues that render them incompatible with customers’ expectations of cutting-edge, user-friendly experiences.

In the coming months, we anticipate that a greater amount of insurance products and applications will employ the trend of compartmentalizing the enhancement of customer experience with both front-end and back-end operations while still allowing for seamless data exchange between them. This strategy is already becoming increasingly popular among businesses as it creates an effective workflow structure.

4. The ever-rising hybrid cloud architecture

Mordor Intelligence estimates that the hybrid cloud market will reach a staggering USD 128.01 billion in 2025, with an impressive Compound Annual Growth Rate (CAGR) of 18.73% from 2020-2025. This extraordinary growth indicates just how invaluable this cutting-edge technology is for businesses today and provides insight into its future potential for success.

Organizations are increasingly turning to the hybrid cloud model in order to take full advantage of both public and private clouds. Hybrid cloud architectures provide the ultimate combination of reliability and scalability.

By leveraging both public and private clouds, businesses can benefit from cost savings while also gaining access to the latest technologies and services required for success in today’s digital world. With hybrid cloud computing, companies are able to discover more efficient ways to store data that offer superior security measures as well as streamlined processes across organizations.

5. The customer data surge

With the continual development of digital channels, there is an immense surge in customer data production. This offers both a daunting test and an advantageous opportunity to insurers alike.

On one side of the equation, insurers must find efficient solutions to amass and keep track of their ballooning data sets. Conversely, those with the ability to use this mountain of information most effectively can harness the ability to attain a definitive upper hand in their industry.

As the years progress, Insurers are expected to make use of complex data analytics tools more and more, in order to gain customer-centric insights from existing datasets. By leveraging these insights, organizations can make substantial improvements to their consumer experience, underwriting procedures, and claims-handling operations. This will ultimately lead to enhanced product offerings or services that are better suited for the target market.

By incorporating the innovative technologies of no-code options and “headless technology,” financial service organizations are able to maintain their existing infrastructures, while simultaneously providing customers and employees with an enhanced digital experience.

The customer experience is unrivaled, taking precedence over all else.

With the advent of cutting-edge digital technology, customers have been armed with more authority than ever in the insurance industry, an arena that has always prioritized its customers.

Customers now have the luxury of effortlessly uncovering the most attractive deals, comparing various products, and with only a few clicks can easily choose the insurer that best fits their individual requirements.

To achieve this, insurance companies are prioritizing the customer experience. They are customizing goods and services to cater to individual needs more effectively while also improving accessibility through digital mediums.

6. Delivering customized digital products

Leveraging technological breakthroughs such as data analytics and machine learning, companies can now customize products to each individual customer’s specific needs – an idea that is not revolutionary but made feasible only by modern-day technology.

Not long ago, insurers would rely solely on customer surveys and other forms of market research to gather the necessary data. However, with an abundance of information that can now be acquired from sources such as social media, web search history, and even fitness trackers – insurance companies are able to access a much more comprehensive range of facts than ever before.

Benefiting from an abundance of data, insurers are now able to gain an even more comprehensive comprehension of their clients and can offer products that cater specifically to what they need.

7. The revolution of customer-driven service

As the insurance industry continues to evolve, customers increasingly expect more self-service options. Thanks to digital doorways and mobile applications that are now readily available, customers no longer need to talk directly with customer service representatives for even simple tasks.

To keep up with the ever-changing landscape, Insurers are making investments in digital self-service solutions such as online quoting platforms and automated chatbots to enhance the customer experience. This grants customers easier access to information without the need to face long wait times or complicated procedures.

Furthermore, customers are providing insurers with an abundance of extra time by taking on basic tasks themselves. This allows the insurer to prioritize more complex matters with greater efficiency and ease.

As customers’ demand for digital self-service continues to soar, insurance brokers and agents are making a move to the digital world. In April 2020, a survey of European insurance executives revealed that nearly 9 out of 10 respondents anticipate an enormous growth in digitization. Additionally, most expect a dramatic change in their customer channel mixes as well.

8. The growth of online services

Generally, insurance has been distributed through physical channels such as brokers, agents, resellers, offices, or call centers. Currently, the digital option is prevailing in the world of customer transactions. Consumers are now more comfortable with utilizing virtual processes for their dealings and insurance companies have risen to meet this requirement by expanding customer channels digitally.

Customers can access what they need quickly from any device of their choosing with options such as traditional web and mobile self-service outlets, chatbot technology, virtual customer assistants, and even voice-based aid services! This broad selection of user experiences allows customers to engage how they want in order to receive the best possible service.

Technology has revolutionized the way we think about traditionally offline processes. Gone are the days when tedious actions, such as collecting physical signatures or completing medical underwriting, required an in-person presence. Today, advanced technology enables these processes to be completed digitally with legally binding eSignatures and face recognition programs alongside telemedicine services.

In the next post, we will discuss Part Two of insurance trends to be on lookout for in 2023.

January 31, 2023
Business Featured General Insurance

According to the U.S. Census Bureau, the population of those aged 65 and older is projected to almost double within the next 30 years; reaching a staggering 88 million by 2050.

This rapid aging of workforces has particularly affected industries such as insurance, making it necessary for companies in this sector to implement appropriate strategies and measures that ensure their longevity.

With a looming talent crisis on the horizon, the insurance industry is facing an alarming trend in its demographics. The U.S. Bureau of Labor Statistics estimates that nearly 400,000 employees from this sector will soon retire – leaving a void where expertise and experience are desperately needed.

A pressing issue is the lack of people desiring to pursue a career in insurance:

  • According to a survey conducted by The Institutes, 80% of millennials state that they have limited knowledge and awareness about job prospects in the insurance sector.
  • Despite the fact that insurance offers a myriad of exciting opportunities in areas such as marketing, finance, data analysis, and information technology to millennials – 44 percent still do not find it interesting according to Valen Analytics. This is perplexing when one considers how attractive these career avenues are for this generation.

Additionally, many millennials are delaying homeownership and car purchasing decisions, which in turn contributes to their lack of experience with insurance products. Furthermore, the industry is transforming at a rapid pace due to the inclusion of advanced technology and social media integration – something that may not be on the radar for those who have limited exposure to these matters.

Gaining insight into Millennials and the generation to come

So, how do we reverse the current trend and reach this new generation? It starts by understanding them. For example, individuals born between 1981 to 1996 are known for their affinity towards communications media, and technology. Thus, when attempting to engage with a tech-savvy fast-moving cohort such as Millennials, it is essential that insurers carefully consider adapting strategies to effectively connect with them.

Technology

The millennial generation saw the Internet boom, with post-millennials currently growing up in a world of continuous connectivity. This age group has never lived without Wi-Fi and is used to being constantly connected. To draw younger people into the insurance industry, it’s important to place an emphasis on technology developments and innovations.

Insurance carriers are now leveraging mobile apps to provide customers with various services such as filing claims, scheduling inspections, tracking the progress of their claim status, interacting directly with agents using direct messaging functions, and even submitting videos for appraisals. Insurance agents can make use of these apps too in order to give clients a more enhanced experience.

To engage the younger generation, taking advantage of digital tools like social media is a wise move. And that’s our next point to discuss…

Social media

Social media offers small businesses and insurance agents an incredible platform to establish their credibility in the industry, while also facilitating a proactive approach toward engaging prospective talent. Research from Vertafore shows that millennials are over two times more likely to be approached through social media than any other age group. With this in mind, it’s no surprise that job fairs – once a key way of sourcing new talent from college graduates – have become obsolete compared to digital recruiting methods.

Taking advantage of the digital space is a must for any business looking to engage and recruit top millennial talent. After all, most millennials are known to interact with organizations through social media, so why not use this platform as an opportunity?

Technology and social media are playing an increasingly important role in the insurance industry, not only revolutionizing how business is conducted but also aiding recruiters in their attempts to attract a new generation of workers.

January 24, 2023
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