insurance

Digital Drivers for Property and Casualty Insurers

Digital acceleration, enhancement, and distribution plans are a must technical initiative for today’s property and casualty insurers. 2019 projections are estimating that about four out of five property and casualty (P&C) insurers either have, or are planning to set up, wholly digital sales processes in which humans are involved only when customers need advice. But […]

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Insurance Execs Concerned About the Impact of InsurTech Implementation

A new report issued by Accenture indicates that the intersection of insurance and technology has increasingly been on the radar for executives across the United States. How InsurTech has, and will be implemented, and what lasting impacts it will have on the insurance industry is a major concern among these executives. In fact, according to

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The ACORD Model Reinforces Consistency in APIs

A lot of vendors and carriers do use the ACORD data model, but loosely. ACORD specifications do allow for flexibility and customization, which can create interpretive methods and result in a half-baked implementation of an ineffective data model. Penguin.Tech strives against this practice to strictly follow the ACORD standards to avoid unnecessary and costly customization.

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Monolithic Upgrade Possibilities with Microservices

Many insurance software applications, such as property and casualty (P&C) insurance applications, are built as monolithic applications, and this has led to several performance challenges in the past. A prominent risk with monolithic applications is that a failure in one part of the application usually impacts the entire software application. Also, the different functionalities in

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Dive into Microservices Insurance Technology Insights

It goes without saying that technology has influenced almost all industries in the world, and insurance has not been left out. In fact, technology has greatly transformed insurance and led to what is now known as InsurTech. This refers to the use and application of technology in various insurance operations to improve efficiency. Global consulting

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Machine Learning and AI Boost Hot Trends in the Insurance Industry

Two words that are on the minds of every executive and worker in various industries are machine learning and artificial intelligence. Everyone is wondering how these technologies will revolutionize their industry. In truth, artificial intelligence (AI) and machine learning have already transformed a lot of industries. One such industry under transformation is insurance. In fact,

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Impact of APIs in the Insurance Industry

The business of insurance works by a simple equation, where by adjusting the variables to the maximum can bring incredible profits to companies. The more information is obtained, received and combined with others, the more these values can be adjusted to make insurance businesses more efficient and profitable. In our space of ever-expanding interconnectivity, application

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How Artificial Intelligence is Transforming Insurance

Advanced artificial intelligence (AI) algorithms and machine learning (ML) have the power to revolutionize almost the insurance industry. Today, AI can handle mathematical, logical, or repeatable operations, with companies taking more advantage of the fact that AI and ML can take over the day-to-day mundane processing tasks to streamline operations. Machine learning (ML) and artificial

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Blockchain Technology on the Rise

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 the

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