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How IT Transformation is Enabling Nationwide's Digitization
Michael Carrel, SVP-IT & CIO, Enterprise Applications, Nationwide
Redefining the Future of IT in Insurance
Murali Natarajan, SVP & CIO, West Bend Mutual Insurance
Mary Kotch, Executive Vice President & CIO, Validus Reinsurance
A Practical Approach to Innovation
Mark L. Berthiaume, EVP, Chief Information Officer & Chief Technology Innovation Officer, The Hanover Insurance Group
Breakthrough Technologies in the Insurance Industry
Insurance is considered as the life-protecting shield that protects and safeguard against unexpected losses. One of the highly profitable industries in the world is the insurance industry that exceeds $1.2 trillion in annual revenue in the U.S. alone. As the industry is transforming, the risks are becoming more predictable. The world will be living in a trillion-sensor economy by 2025, where everything will be measured and calculated in real time. Finally, the world will transition from protecting to preventing in the first place.
Incumbent insurers and insuretech firms provide risk-minimizing services in the healthcare sector. AI-driven personalized recommendations keep the customers healthy and reducing the cost of healthcare. A kind of insecurity is developed like understanding the data that might be prone to theft, and which confidential information might be visible to others. This can be overcome by using Neura AI that predicts users’ behavior and sketches the tremendous insights about customers’ health risks with the help of machine learning algorithms that analyze the data that is connected all the users’ connected devices.
Lemonade is the world’s first peer-to-peer insurance company through which the complete claim proceedings are executed by AI application alone without human intervention and mitigating the fraudulence. A standard insurance company takes around 30-40 days for the pay-out, but whereas in Lemonade’s case, pay-out is processed within three seconds. Staggering rates of underinsurance is caused due to the distrust in centralized financial services. Blockchain holds remarkable promise against the fraudulent activity by enabling secure storage and transfer of data. Providing a emergent blockchain-based solution, Symbiont develops smart contracts that execute payments, without the intervention of any human.
More and more people of all age groups are living with vis-a-vis the internet. This has created a greater need for digital relevance. The approaching design has shifted from face-to-face to computer, phone, and currently smart devices. The implementations of new mobile payment methods are making the traditional wallets obsolete. The increased availability of and access to data is what brings insurance to life in the digital world.
AI-driven services and policies are quickly processing the claim pay-outs and pushing the conventional insurers out of the marketplace. With the advent of the digital revolution, the drastic changes afoot in the industry, none buy the policies from a human broker. Insurers have to build compelling capabilities through digital devices to be relevant in the marketplace. Advanced analytics and key performance indicators define the insurance market leaders of tomorrow.