Artificial intelligence (AI) and Machine Learning (ML) are transforming the insurance industry in a number of ways. Artificial intelligence and machine learning are two very hot buzzwords right now in insurance, and often seem to be used interchangeably. However, they are not quite the same thing, so we are going to help cut through
About Damon OverboeThis author has not yet filled in any details.
So far Damon Overboe has created 18 blog entries.
Blockchain technology is a growing trend in the insurance industry for 2018 and is slated to gain even more traction in 2019 and beyond. It promises to improve operational efficiency throughout the value chain, enhance operational transparency and ensure seamless data transfer between all involved stakeholders. Blockchain-based technological solutions have the potential to make
Property insurance is relatively simple to define. It includes many types of insurance designed to cover property losses. This type of insurance aims to protect the property, either real or personal, described in the policy against certain risks. As you can imagine, there are different needs for the protection of:• Homeowner's Insurance• Liability Insurance•
The tech-driven adaptation of underlying business models continues at pace to disrupt the insurance industry. This is leading to ongoing changes in the distribution segment of the industry, but more excitingly, movements are happening in fundamental spaces like personalization, underwriting, and claims management. Personalization The same data that allows the insurer to
Test automation can bring many benefits to your testing cycles, allowing you to build better solutions with less effort. Regression testing is a type of software testing used to determine whether new problems are the result of software changes. Automated testing is also less time consuming. Sadly, there are still many companies that
What should companies wanting to enter the space think about? Be mindful of the trade-offs you face when originating transactions, especially the trade-off between “customer servicing” and owning the end customer. Will it be valuable enough for you to bear the cost of servicing a customer regularly if you can own the relationship,
Why is insurance so interesting? Well, for one thing, it’s an enormous market, and an old one. The $1.1 trillion in insurance premiums recorded in 2013 by the U.S. Department of Treasury represented approximately 7 percent of the U.S. GDP. And, as everyone is fond of pointing out, it’s an industry dominated by
What's to come next? The insurance industry has never been much of a leader when it comes to technology. But finally — after decades of working with clunky workflows, outdated software, and lots of paper — many insurance companies are starting to get a taste of the tech bug. Whatever the case, there’s