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. ...
We are delighted once again to see the spirit of innovation on display in the Qorus-Accenture Innovation in Insurance Awards. This year, through the power of Generative AI, we also uncovered six key trends shaping the future of the insurance industry. ...
This post is part of a series sponsored by AgentSync. ...
Competitive pressure, increased capital availability (even with current rates), and the evolving business landscape (thanks in part to the pandemic) have created an opportunity for independent insurance agents (IAs) to get creative to grow and remain independent in the insurance industry. ...
This post is part of a series sponsored by CoreLogic. ...
I am encouraged to see ever-expanding ecosystems in the life insurance space. They’re helping insurers bring in more diverse data, specialized skills, leading-edge technologies and new ideas that spark innovation. Moreover, these benefits are accessible through trusted partners, rather than insurers making costly and time-consuming investments to build the capabilities themselves. In fact, ecosystem collaboration is one of six insurance innovation trends our Generative AI model uncovered from this year’s entries in the Qorus-Accenture Innovation in Insurance Awards. ...