The use of artificial intelligence (AI) has become widespread in several industries, including the insurance sector. AI has the potential to transform the insurance industry through increased efficiency, cost reduction, and improved customer experience. However, the introduction of AI into the insurance industry comes with its own set of challenges that can have a long-term impact. In this article, we
With the pace of change in the insurance industry accelerating rapidly, Apollo Syndicate 1971 has announced the formation of its new ICX Consortium. The consortium is designed to provide a platform for innovation, enabling insurers to embrace new risk opportunities and address insurance gaps not served by traditional verticals. By creating customized insurance products outside of Syndicate 1971’s core offering,
The commercial insurance industry faces several challenges when it comes to rating policies. Traditional rating processes have been complex and challenging, with limitations that can have a significant impact on profitability. In recent years, advances in technology have begun to revolutionize the way insurers operate, with a particular focus on simplifying processes and driving efficiency. One such technology is Verisk’s
The insurance industry has always been considered one of the most complicated and time-consuming industries, especially when it comes to processing claims. This slow and inefficient process can lead to delays, errors, and high costs for both insurers and policyholders. Additionally, insurance fraud is another major issue that plagues the industry, costing billions of dollars annually for insurance companies. The
Constellation Insurance, a leading insurance company specializing in property and casualty insurance products, has recently replaced its legacy loan management software with SS&C Technologies’ Precision LM software. This decision was made to grow its mortgage portfolio and to ensure a more efficient process for loan tracking and management. Legacy software inefficiencies The legacy software used by Constellation’s investment accounting department
Insurance is an essential aspect of financial planning that helps protect your loved ones’ future. However, with so many different types of life insurance policies available today, selecting the right one can be a daunting task. Choosing between term insurance and permanent insurance is a significant decision that requires careful consideration. In this article, we will discuss the differences between
The London insurance market’s electronic trading platform, PPL Next Gen, has finally been opened for placements to the entire market. This comes after a four-week period of limited access, during which market firms completed training and preparation activities. The platform was also tested during this time to ensure that any “teething issues” were resolved before it was extended to the
Risk management has always been at the heart of the insurance industry. Insurers have been experts in measuring and mitigating risks, providing financial protection to individuals and businesses in case the worst-case scenario occurs. However, with the rapid pace of technological change, traditional risk management methods may no longer be sufficient to address new and emerging risks. As such, the
“The resilient insurance sector demonstrates its importance in the fight against climate change,” says Rory Yates from EIS. As the world faces unprecedented economic uncertainty and environmental challenges, the insurance industry is proving to be resilient and increasingly vital in the fight against climate change. EIS Group, the company behind a cloud-native, API-first digital insurance platform, is empowering insurers to
In recent years, severe weather events have become increasingly frequent, causing significant loss of life and property damage. Insurance companies are tasked with responding quickly and efficiently to weather-related claims. It is essential for them to gather information on the size, scope, extent, and potential impacts of severe weather events so that they can respond promptly. To that end, Amica
Insurance technology provider AdvantageGo and insurtech solutions provider Zywave have announced a new strategic alliance aimed at improving underwriter decision-making. The focus of the alliance is on integrating Zywave’s ClarionDoor and AdvantageGo’s Underwriting Workbench. With a rapidly changing insurance landscape, the integration is timely and necessary. Today, insurance customers demand speed, accuracy, and transparency in the underwriting process. By combining
Natural disasters have been wreaking havoc worldwide, causing billions of dollars in property damage. The insurance industry, meanwhile, has been feeling the strain of increased claims due to the rising frequency and severity of natural disasters. Swiss Re, a leading reinsurer, has released a report detailing the impact of natural disasters on the global economy and insurance industry in 2021.
