The insurance industry is experiencing a growing talent shortage. While this challenge has been anticipated, much of the discussion on solutions is often generalized to the entire workforce. But not every job will be impacted in the same way. As insurers grow, some functions will need more support, while others will be better primed to use cognitive technology, like AI, RPA and more. This means some jobs will be replaced by technology, other jobs will be enhanced by technology and other jobs will require more humans (an area where people can shift to, if their job is replaced). ...
A year ago at re:Invent, Accenture and AWS announced a joint investment to accelerate cloud migration and industry differentiation for our clients. Increasing demand in commercial underwriting made insurance the obvious industry to blaze the trail. ...
This post is part of a series sponsored by EZLynx. ...
This year’s InsureTech Connect conference brought together an incredible group of carriers and some of the industry’s most innovative insurtechs to connect over the technology that’s transforming the insurance landscape. ITC provided an opportunity to understand what’s happening in the insurance community right now, what carriers are excited about and what’s next for the industry. I wanted to share a few insights from ITC, including how carriers can take action on the ideas and offerings they learned about at the conference. ...
Insurers and their customers in Florida may feel some relief with the end of this year’s hurricane season. But restoration from the damage left by Ian and Nicole is just beginning. And so are the questions about how the insurance industry will respond. ...
Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies—including insurance carriers—are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics. ...
This post is part of a series sponsored by IAT Insurance Group. ...
The tech-powered operating model research shows that a broad enterprise technology strategy is crucial for business success. Part of that success comes from a leader’s ability to scale technology to drive exceptional customer experiences and new value propositions. In support of such an endeavor, insurers, driven by speed to market with new and differentiated products, are modernizing their core insurance systems and moving them to the cloud. This enables them to leverage advances in customer experience technologies like self-servicing and personalization through generative AI among other technologies. They look to these advancements to drive speed and scale required to remain competitive and grow profitably. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product /service development in the top five objectives for their digital investments. The insurers we work with expressed similar views. ...
For lawyers and attorneys, legal malpractice insurance is an absolute must-have policy. That’s because malpractice claims are an unfortunate reality for most lawyers — in fact, the ABA estimates that four out of five lawyers face at least one malpractice lawsuit at some point in their careers. Not only does this insurance protect lawyers from costly claims, but in many cases, it is a legal requirement. Whether you run a solo practice or a large firm, having a legal malpractice policy is essential for just about every attorney. ...