Technology

It should come as no surprise that insurance companies have identified their reliance on legacy systems as their greatest barrier to digital transformation. Policy administration systems (PAS) for most insurance carriers today are more than tens of decades old. Keeping these legacy systems running, has proved to be an expensive burden for them. Italso means significant resource and technology risks due to outdated security protocols and an inability to scale fast enough to support new…

The availability of real-time analytics has been a game changer for the insurance industry. Would you believe that a 2018 Forbes magazine article said that 90% of data used around the world at the time was produced in the previous two years? Not only is this data connected to real-time analytics used by insurance carriers, but it also influences decisions across an incredible range of businesses. It empowers and informs decisions in sectors such as…

The industrial age marked an exponential increase in production and quality because of the economies of scale that resulted from the introduction of machinery that helped mass produce uniform products, with little to no variation or defects. In the digital age, robotic process automation (RPA) is doing the same thing, except for administrative tasks and business processing workflows. According to Investopedia, RPA is essentially software that can be ‘taught’ to execute tasks easily across applications,…

‘Artificial Intelligence’ is a trending word in the insurance industry as well. The technology’s ability to learn, reason, plan and execute tasks faster makes it a one-of-a-kind technology for the industry. The scope and limit of AI in the insurance is extensive as well as unfathomable. While on the one hand AI bots are performing critical and complex tasks as insurance document validation, fraud detection and data analysis, on the other, the technology is also…