Reflections on Digital Transforming the Insurance Industry
May 25, 2021 | Mamta Talwar
Mamta Talwar, vice president, technology and core systems at Xceedance, recently contributed an article to Carrier Management discussing six technologies contributing to digital transformation in insurance. In the article, Mamta highlights how the insurance sector has not always been on the leading-edge of technology adoption, yet many organizations were forced to quickly pivot as the COVID-19 pandemic forced insurers into new or unfamiliar operational models. As businesses slowly return to pre-pandemic norms, many are realizing the “new normal” is different, and utilizing technology to optimize and improve operations is critical.
Specific technologies discussed in the article include artificial intelligence, low-code/no-code platforms, insurance portals, virtual agents, drones, and cloud technology. A portion of the article, shared below, highlights the value of implementing such technologies for insurers.
Automation and AI
To reduce costs and maximize business opportunities, automation is an essential tool for insurers across the insurance value chain. Automation coupled with artificial intelligence (AI) in underwriting processes can help assess risks more effectively and reduce the dependency on humans. By building a service architecture that would allow the collected data to be consumed by an algorithm coupled with AI learning modules, insurers can increase underwriting effectiveness, enable automated risk profiling, create user personas, and predict buying behaviors in order to “guarantee” an effective sale.
For more on ways insurance organizations can utilize technology to transform operations, check out the full article Six Tech Levers Driving Digital Transformation in the New Normal, on the Carrier Management website.
To connect with Mamta Talwar, write to contact@Xceedance.com.