Tag: Quantexa

Supply chain stakeholders, including businesses and individuals, are grappling with an increasing array of regulatory, financial, environmental, and reputational risks, taking a holistic view to integrity risk has never been more important.

According to data and analytics software company Quantexa, insurers are taking on a single customer view strategy, however there are different interpretations of what this means.

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.

For as long as insurance has been around, criminals have been committing insurance fraud. With increasingly sophisticated fraud activity, insurers are turning to artificial intelligence and machine learning. However, they must develop standards to prevent unfair discrimination and remove any bias in these technologies.

Quantexa has secured a powerful full year fiscal 2022 performance and has emphasised its 144% net retention rate and 70% increase in committed ARR across the year.

It has been said AI is not a silver bullet to all the insurance industry’s shortcomings. So, what’s all the chatter about? Where is it best suited, and what (if any) are its limits?

The insurance industry has paid lip service to AI and machine learning for some time. However, adoption has been underwhelming. As firms come under intense pressure to meet changing customer demands, could this instigate more rapid AI adoption?

Customers have raised the bar on the level of service they expect from their insurance provider. Faced with the industry’s historic reputation of working against the customer, insurers and InsurTechs must raise their customer experience game if they are to come out on top.

Insurers, re-insurers and brokers are increasingly focussed on how they can deliver more personalised, autonomous and tailored customer experiences. To meet this need, gaining a thorough understanding of every customer has never been more vital.

FinTech Global recently conducted an interview with data and analytics software firm, Quantexa to discuss key insurance market themes from this year and what the industry should look out for in 2022.