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
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.
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
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
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 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
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•