Automating Insurance Claim Adjudication


Claim adjudication, the process of determining the financial liability of a claim by the insurance company, is quite complex and time-consuming. The post Automating Insurance Claim Adjudication appeared first on QBurst Blog.

Combating Fraud in Insurance with Data


The insurance industry has a long and intimate relationship with fraud in many different ways. Insurance fraud can take place at a process or business function level, most notably in claims or underwriting. This means Insurance fraud costs the average U.S.


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Why consumer education is needed in the digital insurance age


For the insurance sector, this has brought forth both new market opportunities and new market confusion. The insurance sector has leveraged digital for new ways of working, and that has proven to be especially valuable in light of […]. Insurance digital insurance

10 ways insurers can — and should — adapt their business models now


The insurance industry is in the midst of a brutal stress test, due to the current environment. Some insurance products may become uneconomical. And many insurers will come under pressure to reduce their spending. Insurance

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

Insurance Claims Use Case Spotlight: Motor & Casualties


Dealing with your insurer after an accident can be a stressful process, so when faced with the challenge of improving its claims process, a UK-based insurance firm turned to Dataiku.

10 cyber insurance selling points


Read Elana Ashanti Jefferson list top ten reasons why companies, small and big, should buy cyber insurance on Property Casualty 360 : In a move that reflects the growing urgency for companies, organizations and institutions worldwide to proactively face down and mitigate cybercrime, Beazley, a longtime cyber insurance market leader, announced recently that it has […].

5 Technology Trends Shaping up the Insurance Industry


Accentuare has recently published a report, and more than 80 percent of insurers believe that innovation has to be present for businesses that want to remain relevant. There are insurance software solutions that cost money, but consulting companies that provide such services are worth it.

Increasing Importance of Data to insurance industry


Increasing Importance of Data to insurance industry. Increasing Importance of Data to the insurance industry. Insurance has always been a data-driven industry. This applies to individual as well as group insurance business.

Influential National Association of Insurance Commissioners (NAIC) Moves On Cyber


Cybersecurity practitioners and policymakers have long been discussing the potential positive benefits of smart insurance policy and standards to reduce risk. Of the many actions and activities we see in the insurance world today, the news of NAIC involvement is seen as particularly interesting. The National Association of Insurance Commissioners (NAIC) is the U.S. NAIC members form the national system of state-based insurance regulation in the U.S. By Bob Gourley.

How Digital Innovation Brings Value for Insurance Firms


“Much of the innovation in the insurance industry in recent years has been about creating new products that are delivered in old ways. Digital is the missing link.

Global Firms Under-Insured Despite Breach Concerns


Half of global organizations still don’t have cyber insurance, despite the majority believing cyber-attacks will increase next year, according to FireEye. The security vendor polled 800 CISOs and senior executives across the globe to compile its new Cyber Trendscape Report. More than half (56%) said they believe the risk of attacks will grow next year and 51% […].

10 Ways Texting Can Help Agencies Increase Productivity and Write More Insurance


By increasing communication efficiency and customer satisfaction, you can write more insurance, retain more customers, and improve agency productivity. Catch them while insurance is top of mind. Not to mention, we’re insurance experts!

How Omni-Channel Digitization is Transforming Insurance Industry


Insurance, ever since it began, has always been a seller’s market. The post How Omni-Channel Digitization is Transforming Insurance Industry appeared first on ShepHertz App42 Blog. App42 MA General Blogs digitization of insurance sales force automation for insurance omni channel insurance insurance digitization platform insurance salesforce automation digital transformation in insurance insurance marketing automation sales force automation tools

How technology and professional trends are shaking up insurance


These trends resonate strongly across the insurance industry, which has undergone significant change […]. Insurance digital trendsAt the start of the year, DXC Technology issued its 2020 predictions for the future of work, which show renewed focus on technology to drive growth while ensuring the right environment for the teams and leaders to take companies into the future.

Embracing Machine Vision in Insurance to Remain Competitive


Embracing Machine Vision in Insurance to Remain Competitive. Due to its reaping benefits, the insurance space has a high-end demand for various use cases where machine vision can be applied. Machine Vision is on its way to cause a major disruption in the insurance sector.

Insurance App Development – Adding Value To Your Customers


An Insurance mobile app is a must-have nowadays, and these are not just words, we can prove it! This holds true and blue to all business areas, and insurance is no exception. Thus, the insurance mobile app came into. Undeniably, mobile apps are advantageous to both the participants in the process- clients and the owner and employees of the insurance firm. The Demand For Insurance App. Advantages Of The Insurance App For Users. But what is pet insurance?

Survey data shows insurance consumers are clamoring for better digital experiences


That’s certainly true when it comes to insurance, as evidenced by the findings of our recent consumer survey. Based on responses from more than 2,000 individuals in the United States, the 2020 DXC Insurance Survey Report presents […]. The post Survey data shows insurance consumers are clamoring for better digital experiences appeared first on DXC Blogs. Digital Transformation Insurance

Why You Should Maintain Workers’ Compensation Insurance

Strategy Driven

One thing you should not skimp on if you have employees is purchasing workers’ compensation insurance. Most statutes provide a timeline for this and give the employer and the insurer the right to specify the medical professionals an injured worker must first consult.

Cyber Insecurity: A Boon for Insurers


Do you have good cyber insurance? An explosion in perceived cyber threats will lead to an explosion of attention to managing cyber risk, and that attention means booming business for cyber insurers. Randy Milanoff , a lawyer for insurance provider White & Williams, compares the Target data breach to ten Super Bowl advertisement for cyber insurers. By ShannonPerry. We’ve written plenty about data breaches.

Redefining insurance claims service in the digital age


For both of these insureds, the world has just spun out of control. And now, in the midst of this upheaval, each of them must also file an insurance claim. Insurance digital claimsA high wind just brought a tree down on a customer’s house. Meanwhile, another customer watches helplessly as his basement fills with water. For many […].

Risk-Based Wealth Management: What the Insurance Industry Gets Wrong


Insurers must insulate consumers from internal & regulatory-driven controls by placing them in the center of the customer experience Product-centric processes degrade customer experience.

Risky business: Why a rapidly changing insurance landscape necessitates a bold approach


The business of insurance is to define, evaluate and mitigate risk. But risk is becoming less predictable, and customer expectations for the purchase and delivery of insurance are changing. InsuranceThat puts added pressure on the industry to appropriately assess and cover risk, while also taking advantage of the growing opportunities that result from changing global […].

Why is test automation the next big game-changer in the insurance industry?


In a world where technology is creating on-demand and bespoke experiences, the insurance industry is ready for disruption. Application Testing insurance Quality Assurance Software Testing Test Automation insuretech bfsi

Outcome-Based Claims Assignment: The “New Grail” of Insurance


If you’re a commercial insurer, how do you evaluate your claims personnel? How do those evaluations impact your decisions on how to deploy individual adjusters? AI Across Industries

Re-thinking The Insurance Industry In Real-Time To Cope With Pandemic-scale Disruption


The Insurance industry is in uncharted waters and COVID-19 has taken us where no algorithm has gone before. Today’s models, norms, and averages are being re-written on the fly, with insurers forced to cope with the inevitable conflict between old standards and the new normal. .

Do You Lose Your Life Insurance When You Leave Your Job?

Strategy Driven

In a job where an employer offers life insurance to employees, signing up may be a no-brainer. But the truth is that a sponsored group life insurance has its limitations as much as it has great benefits. As long as you keep the job, the insurer will guarantee a basic amount as cover.

Machine Learning: Unlocking the Next for Insurers


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FSI Member Spotlight, Episode #9: The Most Interesting Man in Insurance


FSI Member Spotlight, Episode #9: The Most Interesting Man in Insurance. Rob has over a quarter century of leadership experience in financial services and is the author of international bestseller The End Of Insurance As We Know It. ?. The End Of Insurance As We Know It.

Tips to Reduce Insurance Costs for Your Business

Strategy Driven

As a business owner, you know that it’s important to protect the business that you have put so much into by having appropriate insurance coverage. Controlling insurance costs is possible in some ways, though, including by following these tips. Choose the Right Insurance Company.

Automated Rollback the Ultimate Application Release Insurance Policy

Dzone - DevOps

What they were really asking is “what type of insurance policy can an automation tool due to get the system back into a working state after an issue has been detected?”. Sometimes in IT certain terms take on a life of their own. They push past their original meaning and become something different, rollback is one of these terms. In the language of enterprise IT, “rollback” means getting the system back into a working state.

The Immediate Technology Insurance Companies Need to Keep Customers


This is especially true in the insurance space where phone calls and emails are heavily relied upon for tasks such as gathering photos to resolve claims, reaching out to existing customers to renew policies or scheduling appointments. There are some insurance companies, however, that have become early adopters of texting, which means they’ve already taken the steps to offer customers a better experience throughout the insurance process. Text message use cases for insurers.

Fascinating Examples Of How Blockchain Is Used In Insurance, Banking And Travel


Blockchain technology promises to revolutionize many aspects of how we do business and, if you believe the blockchain hype (of which there is plenty), may even be as disruptive as […].

Complying With Health Insurance Portability and Accountability Act (HIPAA) Security Rules


The post Complying With Health Insurance Portability and Accountability Act (HIPAA) Security Rules appeared first on CTO Cyber Security Health Information Technology for Economic and Clinical Health Act Health Insurance Portability and Accountability ActHIPAA was enacted in 1996, and by April 2005 security standards were required to be in place for most covered entities. In 2013 key portions of this law were updated.

Stuck with Stagnation in Your Insurance Business? – Reinvent and Regrow with Cognitive Computing


Stuck with Stagnation in Your Insurance Business? The worldwide industry is embracing cognitive computing to embed native intelligence into digital solutions and the insurance sector is right at the forefront of this refreshing trend. Reinvent and Regrow with Cognitive Computing.