Facing combined ratios exceeding 98% in both P&C and Health Insurance1 for
three of the past five years and declining investment yields, insurers are asking
“What can we change in our operations to improve our economics?” Conclusive
answers are now coming from Cognitive Technology, the variety of Artificial
Intelligence that deals with knowledge and textual information. Applied to the
industry’s most resource-intensive processes, it is delivering unprecedented
productivity gains and insight, and leading to deep changes in how P&C insurers
do business. Here’s how.
A perfect storm of legislation, market dynamics, and increasingly sophisticated fraud strategies requires you to be proactive in detecting fraud quicker and more effectively.
TIBCO’s Fraud Management Platform allows you to meet ever-increasing requirements faster than traditional in-house development, easier than off-the-shelf systems, and with more control because you’re in charge of priorities, not a vendor. All this is achieved using a single engine that can combine traditional rules with newer predictive analytics models.
In this webinar you will learn:
Why a fraud management platform is necessary
How to gain an understanding of the components of a fraud management platform
The benefits of implementing a fraud management platform
How the TIBCO platform has helped other companies
Unable to attend live? We got you. Register anyway and receive the recording after the event.
As an insurer, the challenges you face today are unprecedented. Siloed and heterogeneous existing systems make understanding what’s going on inside and outside your business difficult and costly. Your systems weren’t set up to take advantage of, or even handle, the volume, velocity, and variety of new data streaming in from the internet of things, sensors, wearables, telematics, weather, social media, and more. And they weren’t designed for heavy human interaction. Millennials demand immediate information and services across digital channels. Can your systems keep up?
Published By: Iovation
Published Date: Aug 02, 2019
Insurance fraud is back with a vengeance. With four out of ten mobile claims estimated to be fraudulent, using connected devices have made it easier than ever for fraudsters to commit insurance crimes. Gather insights from the live panel discussion hosted by MoneyLIVE & TransUnion. As fraud experts examine current trends & impacts of insurance fraud in today's digital age and learn how to overcome insurance fraud while protecting your customer relationships.
What you will learn:
Key trends behind fraud and the way in which they are impacting insurers.
How to tackle fraud and identify red flags by using a holistic approach.
Explore trigger points that can help warn insurers of when there is a high chance of fraudulent activity.
Identify the genuine customers and their genuine claims from the fraudsters.
The insurance industry boasts some of the most sophisticated modeling capabilities in the world. And yet the average property underwriter does not have access to the kind of predictive tools that carriers use at a portfolio level to manage risk aggregation, streamline reinsurance buying and optimize capitalization.
Trupanion, a Seattle-based medical insurance provider for cats and dogs, needed to find data insights quickly. With only 1% of pet owners insured, the process of evaluating a claim to approve or deny payment was manual and time-consuming. Building accurate predictive models for decision-making required manpower, time, and technology that the small company simply did not have.
DataRobot Cloud, built on AWS, helped Trupanion create an automated method for building data models using machine learning that reduced the time required to process claims from minutes to seconds. Join our webinar to hear how Trupanion transformed itself into an AI-driven organization, with robust data analysis and data science project prototyping that empowered the company to make better decisions and optimize business processes in less time and at a reduced cost.
Join our webinar to learn:
Why you don’t need to be an expert in data science to create accurate predictive models.
How you can build and deploy pr
What if you could use just one platform to detect all types of major financial crimes?
One platform to handle the analytical tasks of fraud detection, including:
Data processing and aggregation
Statistical/mathematical/machine learning modeling
One platform that could successfully reduce complex and time-consuming fraud investigations by combining extremely different domains of knowledge including Business, Economics, Finance, and Law. A platform that can cover payments, credit card transactions, and know your customer (KYC) processes, as well as similar use cases like anti-money laundering (AML), trade surveillance, and crimes such as insurance claims fraud.
Learn more about TIBCO's comprehensive software capabilities behind tackling all these types of fraud in this in depth whitepaper.
AA Ireland specializes in home, motor, and travel insurance and provides emergency rescue for people in their homes and on the road, attending to over 140,000 car break downs every year, 80% of which are fixed on-the-spot.
“In each of the last five years, the industry lost a quarter billion in motor insurance," says Colm Carey, chief analytics officer. "So, there's a huge push for new data, models, ways to segment and pick profitable customer types—and get a lot more sophisticated. Our goal is to optimize pricing, understand the types of customers we're bringing, and the types we're trying to attract. We would like to tie that across the business. Marketing will run a campaign, trying to attract a lot of customers, but maybe they're not the right type. "We wanted to step away from industry standard software and go with something that was powerful and future-proof. In 2016, we had an opportunity to analyze all software.
We chose the TIBCO® System of Insight with TIBCO BusinessWorks™ i
In September, leading insurance professionals joined TIBCO for an exclusive and interactive roundtable dinner. During the course of the discussion, it became clear that while AI will significantly alter the customer journey, a lot still needs to be done in terms of both defining AI's capabilities as well as acknowledging where it best fits in an insurance business, how it will impact the workforce and reinvent the customer journey.
Connected Intelligence in Insurance
Insurance as we know it is transforming dramatically, thanks to capabilities brought about by new technologies such as machine learning and artificial intelligence (AI).
Download this IDC Analyst Infobrief to learn about how the new breed of insurers are becoming more personalized, more predictive, and more real-time than ever.
What you will learn:
The insurance industry's global digital trends, supported by data and analysis
What capabilities will make the insurers of the future become disruptors in their industry
Notable leaders based on IDC Financial Insights research and their respective use cases
Essential guidance from IDC
The Insurance industry continues to undergo significant transformation, with
new technologies, business models, and competitors entering the market at an
increasing rate. To be successful in attracting and retaining the most valuable
customers, insurance companies must innovate and increase the speed at which
they respond to customer demands. Traditionally, the insurance software market
was dominated by a handful of specialist vendors with products that were initially
expensive, difficult to deploy, costly to maintain, and did not provide the speed
needed for today’s market.
Now there has been a shift away from these “black box” applications to platforms
that allow insurers to make their algorithmic IP available to business users, allowing
much faster response to business demands. The algorithmic platform approach also
comes at a fraction of the cost of black box solutions, while delivering advanced
analytical techniques like Machine Learning and Artificial Intelligence (AI).
Robotic Process Automation (RPA) is helping
companies reduce costs and improve on quality and
productivity by automating some of their most time
consuming, rule-based and replicable business
processes. RPA is especially effective in the banking
and insurance sector where it brings speed and
efficiency to customer service and compliance.
Based on artificial intelligence algorithms, Expert
System’s Cogito cognitive technology enables an
automatic, human-like understanding of the content of
text documents. Applied to RPA, Cogito adds greater
business value and ROI for both repetitive and
complex information-intensive processes.
Using Cogito, companies can expect up to 53%
savings on activities such as FTEs and warranty
management, and cost reductions of 30 to 60% for
email management and quote processing, etc.
Published By: DocuSign
Published Date: Jul 12, 2019
Rising consumer expectations are
shaping the future of insurance
industry, and transforming the claims
process is pivotal to improving the
customer journey. As carriers vie
to retain their clients and capture
new ones, they are turning to digital
technologies to streamline their
claims procedures—reducing their
costs and better managing their
risks along the way. We walk through
how digital technologies can help
insurers provide a convenient,
multichannel and truly satisfying
Drawing on over 30 years of financial services industry expertise, GFT is GCP’s premiere, go-to, pure play financial services partner enabling GCP services and products greater visibility and utilization within FIs across Capital Markets, Retail, Insurance, and Asset Management business segments.
Leveraging reputational credibility from long-standing relationships with top global FIs, GFT offers GCP a unique and invaluable view into pressing problems and potential solutions for the rapidly changing FS market.
Published By: FICO EMEA
Published Date: May 31, 2019
The telecommunications market is highly saturated. In most of the developed world, nearly everyone who wants a mobile phone has one. There are opportunities for carriers to increase service usage or upsell customers on higher-value devices or services, but each new account generally comes at a competitor’s expense—so customer retention is crucial.
Telecom service providers need to reduce losses, prevent churn and maximise revenue on their offerings. FICO’s Best Next Action™ technology can be an important tool to achieve all of these objectives, either by presenting new offer terms or cross-selling other products and accessories to enhance the customer’s telecommunications experience—the handset upgrade, better financing terms, insurance on the handset or a subscription service for content.
o Prevent account churn
o Optimise service utilisation
o Segment accounts
o Tailor the contact method to the account
Published By: OutSystems
Published Date: May 30, 2019
In its fifth year, the OutSystems State of Application Development Report is a comprehensive analysis of the challenges, priorities, and innovations that impact IT teams around the globe in this age of digital transformation.
Liberty Mutual Insurance offers personal and commercial insurance to policyholders around the world. With more than 50,000 employees located in more than 60 countries, managing the corporate benefits program is a tremendous task.
Matthew Vlieger, Manager of Finance and Analytics in the company’s Corporate Benefits Division, is responsible for analyzing member engagement within the various health plan offerings. He also provides insights to the strategy directors to help them identify areas for improvement.
The Ohio State University Health Plan manages healthcare insurance benefits and wellness resources for the university’s 29,000 employees, as well as their spouses and dependents. The Ohio State University is one of the nation’s top 20 public universities, and its Wexner Medical Center ranked #3 among 104 academic medical centers that were included in the 2014 University Health System Consortium Quality and Accountability Study. The health plan, medical center and university work together to help deliver safe, efficient, patient centered care to its members.
Published By: Rackspace
Published Date: May 28, 2019
Tokio Marine Life Insurance Singapore (TMLS), an established general and life insurance firm, and subsidiary of the first insurance company in Japan, Tokio Marine Holdings, envisioned an e-services portal to improve user experience by providing a single platform for all customer interactions.
For its infrastructure and environment development, the insurer engaged the professional managed security and managed public cloud services of Rackspace, to help with the optimization of its Azure cloud platform, as well as to ensure that the migration is compliant to Singapore’s strict regulations on public cloud use by financial services institutions.
The new portal that went live recently had Rackspace instrumentally involved in its building, running, managing and optimizing for the Azure cloud, including a best-practice infrastructure design with the latest resiliency and security features.
Building on the success of this year-long project, a future collaboration to tap Rackspace’s PCI DSS
Published By: Seismic
Published Date: May 24, 2019
Has your content marketing strategy hit a plateau?
It may be due to misalignment. 86% of B2B marketers don't measure content ROI and only 46% say their content marketing and sales teams are aligned (Content Marketing Institute).
Watch the on-demand webinar to learn how leading marketing executives at Citi, Farmers Insurance, Nokia and Sonic get the most out of their content investment while better aligning sales and marketing.
Other topics discussed:
? Creating personalized content that's relevant to the sales process
? Ensuring content on all platforms is new, refreshed and organized
? Most effective analytics for measuring content ROI
This playbook outlines how insurance companies can evolve their business architectures to meet user demand, reduce risk and comply with regulations.
Insurers’ employees, partners and customers are increasingly interacting at the digital edge, where commerce, population centers and digital ecosystems intersect. A distributed interconnection platform at the digital edge allows insurance companies and ecosystem participants to accelerate their transformation and effectively compete with increasingly nimble challengers.
Much has been written about the impact of technology on insurance, this most traditional of industries. Artificial intelligence (AI), connected cars, drones and the Internet of Things (IoT) are all becoming integral to the insurance and automotive industries. This becomes obvious when using your car’s navigation system – an everyday action that might well lead to a chain of events few would even think of today.
To find out more download this whitepaper today.