Advanced technological innovation is an integral part of the insurance industry today. The process of getting an insurance quote can be accomplished at the click of a button while the user can monitor the insurance and its coverage over a mobile application, putting the paper-based insurance processes far in the past. To this end, present day insurers are aiming to transform the industry by taking to digitalization that has the potential to open the doors to a world of opportunities and benefits. Forces such as predictive analytics, machine learning, IoT and AI are influencing trends in insurance sector significantly. With some of these innovations already deployed by several carriers, insurers are looking for a competitive edge by embracing the technological marvels in the market to get the best business outcomes.
In the present insurance backdrop, insurers are using predictive analysis to collect a variety of data to understand and predict customer behavior. However, the use of predictive analysis can be further optimized with the accuracy of data. The year is witnessing insurance companies using predictive analysis to perform several tasks such as pricing and risk selection, identifying customers who are at the risk of policy cancellation, threat of fraud, triaging claims, and recognizing outlier claims. In parallel to predictive analysis, artificial intelligence (AI) is helping create personalized experiences for consumers when purchasing insurance. AI provides insurers with the ability to meet the fast-growing demands of today’s tech-savvy consumers. In addition to this, insurers can optimize the claims turnaround cycle and change the underwriting process. With the power of AI, insurers can also get faster access to data by eliminating the manual aspect of cataloguing them, thereby ensuring more accurate reporting in shorter spans of time. In due course, this technology will empower the insurers to identify, assess, and underwrite rising risks and identify new revenue sources.
An imperative branch of AI, machine learning, is also setting a profound impact on the insurance landscape. In the process of improving the claims processing, machine learning makes it possible automate the entire cycle of tasks. The files required in the process are available through the cloud, can be analyzed using pre-programmed algorithms, which in turns improves the processing speed and precision. The automation of claims processing can go beyond claims, into policy administration and risk assessment. In addition to machine learning, IoT also is also helping automate data sharing. Insurers are using data from IoT devices to determine rates, mitigate risks, and even reduce losses significantly. The data used can also come from social media to improve risk assessment for insurers while strengthening fraud detecting and creating new customer experiences. With a plethora of solutions and solution providers available to insurance carriers, how does one find the right one to partner with?
To help alleviate this situation, CIO Applications in collaboration with a panel comprising CEOs, CIOs and analysts function as a beacon of light with a list of leading insurtech solution providers in the market. This list of the industry’s solution providers is based on their passion for the field of insurance and commitment to efficiency and innovation.
We present to you CIO Applications’ “Top 25 Insurtech Solution Providers – 2019.”