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Insurance

Best Practices for Insurance Underwriting Case Management

Underwriting management is a delicate balance of speed and accuracy. If the underwriting ingestion and decision process is too slow, insurance companies risk losing customers to competitors. On the other hand, hasty underwriting decisions can lead to unprofitable risks in the portfolio. To tackle these challenges, many insurance companies have undergone modernization initiatives.

Pay-As-You-Live: The Future of Life and Health Insurance Unveiled

The insurance industry is experiencing a profound shift, moving away from traditional models toward more personalized, data-driven solutions. The “Pay-As-You-Live (PAYL)” model leads this change, a groundbreaking life and health insurance approach that adjusts premiums based on each individual’s lifestyle choices and behaviors. Rather than relying on general statistics and broad risk categories, Pay-As-You-Live customizes coverage to reflect the unique health habits of each policyholder.

Insurance Claims Process Automation: 3 Areas to Automate

In the insurance industry, the claims process can often feel like a complex maze of manual processes for both customers and agents. However, new and advanced technologies are paving the way for smoother, more efficient claims handling. Claims processing automation at insurance companies can streamline routine tasks, reduce risk of errors, and enhance customer satisfaction. In this blog, we’ll explore three key areas to focus on for effective automation.

Using AI in Insurance Underwriting for Accelerated Time-to-Value

For insurance companies, balancing customer expectations with the rigorous requirements necessary to mitigate risks poses a challenge. Especially when you’re using manual underwriting processes. By turning to artificial intelligence (AI) in insurance underwriting, you avoid costly delays, streamline your employees’ processes, improve accuracy, and create an optimal customer experience. In this blog post, you’ll learn how AI facilitates greater efficiency in underwriting.

Real-Time Insurance Claims Processing With Confluent

The insurance industry has undergone a massive transformation over the last 20-30 years. Customer service and business processes that were once done on paper or over the phone are now completed via web and mobile experiences. As a result, manual paperwork and tasks have gradually become automated via software solutions. For the insurance customer, this transition has led to faster and more predictable experiences.

Telematics: Redefining the Future of Insurance

IoT technologies are poised to transform traditional insurance business models, from how insurers engage with customers to the core risk assessment and management processes. In today’s hyperconnected world, the sheer volume of data available for risk pricing is growing unprecedentedly. With the proliferation of sensor-based smartphones, wearables, and smart home devices, the expanding IoT landscape offers insurers numerous business opportunities.

Transforming the Insurance Industry with Process Intelligence: Key Trends and Insights

Insurance companies have long relied on data to assess risk, underwrite policies, and handle claims. However, as the volume of data grows, so does the need for sophisticated tools to turn that information into actionable insights. Simply having access to data is no longer enough. To succeed, insurers must be able to harness the power of their data—transforming it into a strategic asset that drives both operational efficiency and improved customer outcomes.

Insurance Legacy System Transformation With API Integration: A Guide

Insurers’ success has always hinged on their ability to analyze data effectively to price and underwrite policies accurately. While this analytical capability remains essential, outdated legacy systems hinder insurers from competing in a rapidly changing market. According to McKinsey, modernizing legacy systems can reduce IT costs per policy by 41%, increase operations productivity by 40%, improve claim accuracy, increase gross written premiums, and reduce churn.

16 Ways Insurance Companies Can Use Data and AI

There is a growing recognition that insurers can introduce data, analytics and AI into virtually all of the important insurance functions and workflows, including product development, pricing and risk selection, underwriting, claims management, contact center optimization, distribution management, reinsurance, and understanding and shaping customer journeys. Here are some of the exciting ways insurance companies can put data to work.

Harnessing Generative AI for Flood Insurance Risk Evaluation and Mitigation

Floods are the most common natural disaster worldwide. A flood is demarcated as an overflow of water that submerges land that is usually dry. Flash flooding befalls when heavy rainfall over a short period hits areas with inadequate drainage. Other causes of flood events comprise high tides, storm surges, river overflow, and snow melt. Each year, floods extinguish assets worth billions of dollars. In the last five years alone, monetary losses caused by floods worldwide were estimated at 299 billion U.S.