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AI: The Next Big Thing in Insurance Big Data (part 2 of 2)
In an earlier post. we explored the potential impacts of artificial intelligence in big data for the insurance industry. We discussed that unlike analytics and business intelligence systems, AI isn’t just looking back, drawing conclusions from what’s already happened. It’s also
The Next Big Thing in Insurance Big Data (part 1 of 2)
Data is everywhere. But it’s not useful if you don’t know what it means. For the insurance industry, AI is poised to shed some light. What is AI, exactly? “‘Artificial intelligence’ is a slippery term that can mean everything from personal assistants like Siri, to the natural
Macroinsurance – the Next Big Thing?
You’ve heard of microinsurance – the zoomed-in model in which coverage can be purchased for any number of “individual events, activities, or things for a short period,” as described by Strategy Meets Action partner Mark Breading. It’s one of several long-standing efforts to
Eight Tips to Help Your Business Achieve Cyber-Readiness
In the Hiscox Cyber Readiness Report. the perennial importance of cyber security shines through (of course). But so does its feasibility. While some organizations rightly invest significant funds in this area, others with less to spend may feel their hands are tied. Good news:
Insurance Technology: The Privacy vs. Convenience Tradeoff
Cars have long represented personal freedom. By owning a vehicle, anyone can go wherever they want, whenever they want. But now cars are changing. They’re becoming safer and more convenient, and while these changes are clear improvements, they can nevertheless raise questions
Telematics: Four Major Benefits for Auto Insurance Claims
Have you gotten in the habit of saying telematics and UBI interchangeably? Understandable. Usage based insurance – the model in which premiums are priced on user behavior – has been, until recently, the main application for telematics data, especially in the world of auto
Better Informed Insurance Decisions: V2V Machine Vision
You’ve heard of UBI. Well, what about UBI with glasses? At a recent Auto Insurance Report conference, the Tel Aviv-based tech firm Nexar gave a presentation on how collisions could be eliminated if we teach cars to talk to each other and, no less importantly, give them the ability
Touchless Claims Report – New Insurance Research
Last Thanksgiving, America saw more people shopping online than in stores – almost 10 million more, to be exact. The scale has tipped, confirming a major shift in consumer habits toward digitalization. The shift doesn’t just apply to the stuff we buy. Six in 10 millennials prefer
Infographic: The Chatbot Revolution
Company after company has been adopting chatbot technology. Why? It’s the future of customer experience. AI-powered chatbots make it easy for customers to get immediate answers and a customized experience using messaging apps, which are eclipsing social media sites in terms of
Autonomous Tech: Driving Injuries Down and Repair Costs Up
Autonomous cars are slated to bring down the number of accidents and injuries on the road – and it’s easy to suppose they’ll reduce claims costs, too. Not so fast. There’s a bump in the road, and its name is severity.
“A new report has analysed the impact of driverless cars on
Is the Insurance Industry Ready for Flying Cars?
The idea of flying cars has been around for decades, but only recently has the discussion gotten serious. Several companies have announced plans for flying cars. As with autonomous vehicles, the questions that arise are less about technology and more about concerns regarding
Artificial Intelligence in Customer Service – It s the Next Big Thing
Last year, Oracle found that eight in 10 businesses are either using artificial intelligence currently, or plan to start using it within three years or better. The task? Customer service. There are two main approaches to using AI in this area: in the first, front-end bots chat with