Features

In an increasingly challenging yet competitive market, how is the insurance industry holding up and what are insurers choosing to prioritise?

Risk Control Technologies (RCT) was founded with the aim of making loss control professional’s lives easier. The company has positioned itself as the leading provider of loss control and safety software to the insurance industry in North America.

Insurance, particularly life insurance, is often considered a “grudge” payment. Most consumers won’t have a relationship with their insurer beyond the initial transaction, and the customer experience suffers as a result. This is what Zinnia is on a mission to change with its Engagement& Loyalty platform.

The health and life insurance market has many challenges and trends in common with the wider insurance industry. However, it also faces its own unique hurdles, what are these and what can insurers do about them?

Globally, companies and assets are about to be revalued upwards or downwards according to their climate risk valuation. The stakes are high and the price of getting this valuation wrong could be disastrous, companies can no longer afford to kick climate risk down the road.

The Metaverse has captured the attention of many. Mark Zuckerberg envisions a world where people “jump into” the virtual world to “do almost anything”.  But doing things comes with risk, and risk needs to be priced. So where does insurance come into these big plans?

Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.

The roll-out of Tesla’s data insurance product is well underway in the US, promising its safe-driving customers up to 60% off their premiums, and freedom from being judged by conventional underwriting factors such as age and gender. But what will the impact on the rest of the market be? And will the venture last?

Businesses must act now to adapt to the challenges of today and unlock greater growth potential, without sacrificing the health of the planet. Applied AI technologies could be paramount in achieving this.

Scanbot launched its mobile scanning technology SDK in 2017 after discovering that insurers were dissatisfied with cumbersome claim filing processes, struggling with poor document quality and were being weighed down by time-consuming and costly document reviewing processes. Now, its mobile document scanning is turning the way insurers handle documents on its head.