Prodigy Health Insurance Services, a leading provider of medical stop loss insurance, has announced a strategic partnership with Gradient AI to leverage its underwriting solution and bolster its offerings. The collaboration will utilize Gradient AI’s SAIL solution for group health underwriting, enabling more accurate quoting for new business and facilitating the transition of clients to more cost-effective self-insured plans. This
Farmsure, a trusted agricultural insurance specialist, and INSTANDA, a global leader in life insurance distribution and policy administration SaaS platform technology, have announced a strategic partnership. This collaboration aims to revolutionize insurance solutions for the agricultural sector by combining INSTANDA’s state-of-the-art technology with Farmsure’s extensive expertise in agricultural risk management. Challenges in the agricultural industry The agricultural industry is currently
Foresight, a leading provider of workers’ compensation insurance, has announced a new strategic partnership with QBE North America, a global insurance company. This partnership enables Foresight to write on select QBE entities’ paper, effective from November 1, 2023. The collaboration between Foresight and QBE aims to revolutionize workers’ compensation coverage, enhance workplace safety, and drive savings on insurance costs for
In today’s rapidly changing world, global challenges such as inflation and natural disasters have made cost optimization more crucial than ever before. Additionally, emerging technological trends like Global Generative AI are reshaping the insurance market. In the face of these challenges, insurance agents and financial advisors require innovative solutions to enhance their capabilities and provide exceptional service to their clients.
In today’s digital age, the insurance industry is undergoing a transformation, thanks to the introduction of in-depth data analytics capabilities. Insurers in 2023 are now empowered to perfect their value chain by utilizing data-driven decision-making to streamline and improve the efficiency of their solutions. The ability to analyze vast amounts of data provides valuable insights that can revolutionize insurance processes
The recent partnership between Guidewire and Swiss Re aims to revolutionize the insurance industry by providing customers with a suite of advanced analytics products, integrations, and improved data transfer mechanisms. This collaboration is set to eliminate operational friction between risks, insureds, insurers, reinsurers, and intermediaries, ultimately driving efficiency and agility while reducing protection gaps in the industry. Objectives of the
In today’s ever-changing global landscape, insurers face numerous challenges, from inflationary pressures to the impact of natural disasters. Cost optimization has become crucial for insurers to maintain profitability and effectively navigate these challenges. Simultaneously, emerging technological trends like Global Generative AI are reshaping the insurance market, offering new opportunities for efficiency and improved decision-making. One such innovation, the Zelros Copilot,
Guidewire, a leading provider of software solutions for the property and casualty (P&C) insurance industry, has announced its latest cloud release, Innsbruck. This new release introduces a wide array of functional capabilities that enable insurers to capitalize on market opportunities. With advancements in customized digital experiences, risk insights, and claims automation, Innsbruck is set to revolutionize the way insurers operate
The insurance industry is undergoing a revolution, thanks to InsurTech startups that are challenging traditional business models and reshaping the future of the industry. With the adoption of technologies like artificial intelligence, big data analytics, blockchain, and the Internet of Things (IoT), InsurTech is revolutionizing the way insurance companies operate. InsurTech Technologies InsurTech encompasses a wide range of technologies that
Akur8, a leading insurtech company, has achieved a significant milestone with the release of their latest research paper titled “Derivative Lasso: Credibility-Based Signal Fitting for GLMs.” This paper addresses a longstanding challenge faced by actuaries – finding the right balance between transparency and complexity when developing Generalized Linear Models (GLMs) for risk assessment. In this article, we will explore the
In today’s rapidly evolving technological landscape, the insurance industry faces numerous challenges that affect the ability of underwriters and reinsurers to effectively underwrite risks and adapt swiftly and accurately to changing market dynamics. This article explores the significance of technological adaptation, the challenges faced by underwriters and reinsurers, the competitive edge gained through decision intelligence software, collaboration needs in the
With the advent of technology, the insurance industry is undergoing a transformative shift. Insurtech, the use of innovative technologies to upgrade and optimize various processes in the insurance value chain, has emerged as a game-changer in the industry. The global insurtech market, valued at $8.6 billion in 2023, is projected to reach an astounding $34.7 billion by the end of
