Will Predictive Analytics Be a Game Changer for Insurance Carriers
Though not full-fledged, insurance companies have been using predictive analytics for the longest time, especially in forecasting customer behavior. The process involved collecting information from various communication channels, interactions with clients, agent feedback, smart home systems, and more. But of late, insurers have identified that better claims management and clearer underwriting services are the key improvements that predictive analytics can bring to the insurance […]
Is Artificial Intelligence & Machine Learning Radically Transforming the Insurance Industry?
The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027, and with that the AI & ML applications in insurance are only going to increase in leaps and bounds. AI has been widely adopted across the world by businesses in diverse industries and the insurance sector has been […]
How Are Chatbots Transforming the Insurance Industry?
According to a recent study, the use of conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance, up from $300 million. This can prove to be a differential factor that can allow insurance firms to stay at the forefront of the […]
Tips to Grow Your Insurance Business with Staff Augmentation
An incessant challenge that all organizations including insurance companies face is finding the right talent, especially tech talent. Technology is developing at a rapid pace and businesses need to find the best talent from the small yet highly competitive talent pool available in the market, especially when it comes to professionals specialized in niche areas like insurance technologies. Talent shortage will ultimately lead to higher costs for onboarding the right talent; […]
6 Tips for a Successful Machine Learning Project
Technological advancements are increasingly defining the scope of interpersonal interactions. VidCruiter, MyInterview, XOR, SparkHire, OutMatch, RecRight, Avature, or Harver, in tandem with the additionalities they offer, are incrementally setting the norm for social communication. Against the backdrop of a public health crisis, a critical consequence has been the shift to remote work, and subsequently, remote […]
The Importance of Telematics and UBI in the Auto Insurance Industry
Introduction The auto insurance industry operates on the basic principle of calculated risk by determining rates by predicting the likelihood of an individual’s future claim reporting. The factors underlying the risk assessment and predictive analysis – which are designed to effectively determine the potential for future damage – vary depending on the type of insurance […]