As with any new technology, as well as the opportunities it opens up, there are concerns about unintended consequences of generative AI and the need for responsible implementation. We were delighted to be in the hotspot usually claimed by Kenneth Saldanha in…
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According to AM Best Financial reports, between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. In…
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Leading insurers are defining new revenue paths while contributing to communities in the process. This is defined as inclusive insurance, a concept that is playing a key role in the insurance industry’s evolution. Take two of the major global carriers, Generali and…
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The way consumers shop for insurance has greatly changed over the past 20 years. From the rise of digital direct (and more recently, embedded) to having the option to provide data for better prices, consumers have more influence than ever before. The…
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In a context of ongoing disruption, insurers are being called to reinvent themselves. In order to transform on an operational level, insurers need to move from complexity to simplicity. This alone is a daunting task. Composable architecture helps insurers to simplify this…
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The decision to initiate a Guidewire cloud migration should not be made lightly. Like any key decision in life, it is best to find experts, so not to incur potentially large expenditures in the future to fix a poor implementation. Between the…
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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…
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The insurance industry and public sector both play a critical role in helping to mitigate risk for customers and constituents. But, as costs to insure property and long-term care in the U.S. rise, states increasingly become the insurers of last resort. In…
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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. As…
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From catastrophic events linked to climate change to social unrest, the insurance industry is seeing big claims. While some risks are more easily predicted than others, new data sources may help insurers and customers find ways to turn down the heat. In…
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As the insurance industry continues to navigate the pace of change, complexity and uncertainty in our world, consumers continue to respond, expecting companies to be more responsive to their needs. Th...
Every day we see headlines about generative AI. For the insurance industry, this technology offers acceleration in many areas in which AI-led transformation is already underway. But, like any emerging...
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 comp...
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 t...
In a market that calls on insurers to be agile and digitize at scale, an insurer’s mainframe can either catalyze or inhibit progress. While the mainframe was once a valuable core technological functio...
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 insuran...
As we near the end of 2022, the insurance industry is responding to disruption across all lines of business. From customers concerned about crypto losses to employers still assessing the risks of COVI...
For over a decade, we have pretended to be paperless. We tout the fact that the file cabinets, the 7-part specialized file folders, and massive mail rooms have all been eliminated and reduced, and cla...
With all the buzz around ChatGPT and generative AI, it’s important to remember that cloud is the underpinning. Insurers will need to replatform by migrating to the cloud to enable innovation and growt...
Inflation and cost-of-living headlines are on the rise. Such discussions often include increases in car insurance rates and potential savings to be found in pay-as-you-drive policies, but data from ve...
