How Can a Cyber Insurance Broker Help in Managing Risks? How many of you are familiar with the famous 2022 Tesla Hack? David Colombo, a 19-year-old white hacker from Texas, gained access to 25 Teslas in 13 countries. He disabled the security systems, manipulated the car controls and even played Rick Astley through Bluetooth speakers. […]
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Six Common Causes of Agency E&O Claims and how to overcome them Imagine there is a manufacturing firm that hires a consultant to calculate the long-term disability benefits of its employees. Somehow, he erroneously bases his calculations on the employee’s previous income instead of present salary. Due to the consultant’s negligence, the staff does not
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Immediate Need for Modernization of Legacy Insurance Process Did you know that Zurich Insurance Group (ZIG) became one of the early adopters of digital transformation? Encumbered by the challenges of enhancing customer experience (CX) and meeting client expectations, ZIG became the first company to automate its customer service with AI. It created the virtual assistant
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Automating Policy Administration for Policy Life-cycle Management QBE, a leading Australian insurance management company, faced challenges in improving its underwriting process and enhancing efficiency across its team. The enterprise soon identified the root cause of this underlying problem- an outdated policy administration process. To resolve this issue, QBE took the path of digital transformation. It
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The Insurance Data Lifecycle – All about Data Extraction Insurance is a data-driven industry that relies heavily on paper documents. Critical information that insurance agencies and agents need for underwriting, policy administration or claims management often gets locked away in forms, emails, and other unstructured documents. Several critical functions in the insurance process continue to
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How The Connected Insurance Ecosystem Is Bringing New Life To The Industry Many industries have embraced digital transformation and the insurance industry has also started following suit. Focusing on offering additional services aided by technology to help retain and attract new customers has become imperative for the insurance industry. Technology has the potential to make
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Technologies driving Insurance into the Digital Age Technology has the potential to transform the insurance industry as we know it. Digital technology can drive significant changes in the modern insurance domain. For modern insurers, the ever-changing landscape of the insurance industry has led to the advancement of technological acceleration in the entire sector. New digital
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Common Errors and Omissions Claims Against Insurance Agents Costly errors and omissions claims in insurance have increased substantially over the past few years. This is why insurance agents need to take concrete steps to protect themselves. The biggest risk of being an insurance agent is the inaccuracy of errors and omissions claims. These claims can often accrue
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6 Major Use Cases for Advanced Data Analytics in Insurance Industry The insurance industry is known to be a high-risk industry. Having to constantly navigate through claims procedures, pricing and promotion while minimizing compliance risks at all times can be quite a challenge. Insurance companies rely heavily on data and statistics for quicker decision-making. This
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Artificial intelligence is quickly becoming the norm in many industries — the insurance industry included. A report by McKinsey states that “AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims.” The insurance industry has been a paper-intensive industry with repetitive, manual
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