Our latest research report, AI and Claims Processing: What Customers Really Think, is now live. Insurance innovation is not just about technology. It’s about people and their experiences. With claims processing evolving rapidly, it’s crucial to understand the perspectives of those who matter most— the customers. This presents the findings of a study conducted online […]
The global motor industry is going through a period of rapid transformation. The rise of car sharing, autonomous vehicles, green energy policies, and risk-reducing technology are just some of the developments disrupting traditional insurance models. By 2040, the motor segment is expected to represent a smaller portion of the total risk pool, according to Swiss […]
This year and last have been a challenging period for motor insurers in the UK and beyond. EY’s latest UK Motor Insurance Results show a sharp decline in revenues in 2022, as motor insurers grappled with the impact of surging inflation and long delays. That decline looks set to continue this year. Pandemic-induced period of […]
Generative AI refers to the branch of artificial intelligence that focuses on creating content, such as images, texts, music, claims data, and more. It uses complex algorithms and neural networks to generate realistic and creative outputs based on patterns and data it has been trained on. In the insurance industry, generative AI can be employed […]
There is a concern in the insurance industry and beyond that generative AI, along with other forms of AI, will replace human workers. It is true that automating highly repetitive, rules-based tasks will change the nature of work. However, this rapidly developing technology presents an exciting opportunity for insurers to offer work that today’s workers […]
Insurers are always on the lookout for innovative ways to improve their operations and offer better services to their customers. Generative AI, the subject of our latest research report, is a technology that has been generating significant excitement. Our survey of over 100 UK and US insurers found that 59% have already started using generative […]
Download the free report Generative AI has gone from a technological niche to a global phenomenon within a matter of months. The release of Open AI’s ChatGPT has been a major driver of this important shift, but this technology has many other transformational applications when it is used to generate realistic images, audio or text. […]
Ericson Chan, Zurich Insurance’s Chief Information and Digital Officer, recently announced that Zurich is starting to experiment with OpenAI’s natural language processing tool ChatGPT in claims and underwriting. AI can create “a huge amount of efficiency” in jobs such as extracting information from long documents and writing code for statistical models, he told the Financial […]
Insurers are always looking for ways to increase efficiency while decreasing costs. One way to achieve this is by automating elements of claims processing. In this post, we’ll help you identify which claims can be automated, and run through the key benefits of automating claims processing. How to identify the right claims types for automation […]
Claims are one of the most important customer touchpoints for insurers. Swift, fair resolutions lead to happy, loyal customers and higher tNPS. Delays, mistakes, and a lack of communication drive customers away. The claims process includes: The capture and validation of a claim The checking of claim details against a policy Determining settlement and resolution […]