Truth be told, I am not the world’s biggest basketball fan. I know enough terminology to stay in the loop, but don’t count on me for any basketball-savvy conversation. I am, however, just as disheartened over the cancellation of March Madness as everyone else.
You see, being removed from any investments in the game allows me to appreciate the thought and coordination of every pass. The players understand that, in order to continuously achieve success, there needs to be a balance of sticking to the team’s general strategy and creating their own opportunities, such as recognizing holes on the court and successfully making open passes.
In my career, I’ve drawn the parallel that, just as the most talented players become recognizable champions by means of awareness and action, so do the most victorious insurers. Doing their best to side with insureds and ensure restitutions are paid out, insurance organizations win over the public by being cognizant of the best path to the net. And as “InsurTech” continues to drive insurance industries down the court, the risks of old-school underwriting, paper claims management, manual data entry and flimsy insurance cards have gotten benched.
As you journey the perimeter of this newsletter, I hope you will be inspired by some of the innovations that, by transforming how insurance is delivered, are the reason why more people have coverage. I can promise that giving digital transformation a shot will reward you with “nothing but net,” especially as we wait for the safe return of the NCCA Tournament.
8 Emerging InsurTech Trends
IoT. Telematics. AI. Machine Learning. Heard of these? We hope so! They’re among the few commonplace “InsurTech” tools giving a competitive edge to today’s insurers. Check out this quick read to learn about a few opportunities that will make all the difference.
Experience: The Sale of the Century
Near Miami, Florida stands a nine-story, double-chute tower slide that corkscrews adults and children down 93 feet. Any guesses on where you could “slide” into line for this ride of a lifetime? Hint: it’s not Disney.
Follow the #InsurTech Road
As the pace of business in the insuranceindustry continues to grow, agencies are increasingly looking to technology to help them better manage their daily operations and grow their businesses. Jeff Hiegert, senior customer advisor for insurance at Hyland, is taking us through the many different ways technology solutions are improving every facet of today’s modern insurers.
As the pace of business in the insuranceindustry continues to grow, agencies are increasingly looking to technology to help them better manage their daily operations and grow their businesses. Jeff Hiegert, senior customer advisor for insurance at Hyland, is taking us through the many different ways technology solutions are improving every facet of today’s modern insurers.
Underwriters: do you know your AIQ?
The artificial intelligence quotient (AIQ) holds the keys to a successful insurance value chain. In the third post of his blog series, “How to Use AI in Underwriting,” Silke Genuit boils down AIQ to three elements:
- Technology
- Data and People
- The ability of an enterprise (or agency) to invest in their in-house AI capabilities and external collaborations
To develop a leaner underwriting processes, improve insights from data analytics and machine learning, and encourage underwriters and risk managers to make higher-quality decisions, Genuit shares a few diagrams illustrating a fully automated, end-to-end underwriting solution. He even offers a report on “How to Boost Your AIQ” (spoiler alert: only 17 percent strike a healthy balance between in-house AI and external collaboration!).
For the latest in InsurTech news, follow us on LinkedIn at ImageSoft InsuranceSolutions.
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