As we bid farewell to 2023 in this final Insurance News Analysis of the year, we are happy to welcome Cory McAnelly, Assistant Vice President of Enterprise Innovation Strategy at Principal, to join as we delve into what made the headlines this year. We start with a recurring theme: generative AI. Cory brings his perspective … Read more
As with any new technology, as well as the opportunities it opens up, there are concerns about unintended consequences of generative AI and the need for responsible implementation. We were delighted to be in the hotspot usually claimed by Kenneth Saldanha in this episode of Insurance News Analysis to discuss this important topic and were … Read more
According to AM Best Financial reports, between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. In both personal and commercial lines, carriers have experienced the adverse effects of social … Read more
Leading insurers are defining new revenue paths while contributing to communities in the process. This is defined as inclusive insurance, a concept that is playing a key role in the insurance industry’s evolution. Take two of the major global carriers, Generali and Allianz: Generali has created The Human Safety Net, to support families living in … Read more
The way consumers shop for insurance has greatly changed over the past 20 years. From the rise of digital direct (and more recently, embedded) to having the option to provide data for better prices, consumers have more influence than ever before. The core elements underpinning these changes, increasing capture and use of data and the … Read more
In a context of ongoing disruption, insurers are being called to reinvent themselves. In order to transform on an operational level, insurers need to move from complexity to simplicity. This alone is a daunting task. Composable architecture helps insurers to simplify this complexity at every step of the insurance value-chain, often using processes already at … Read more
The decision to initiate a Guidewire cloud migration should not be made lightly. Like any key decision in life, it is best to find experts, so not to incur potentially large expenditures in the future to fix a poor implementation. Between the financial investment, the large and potentially unknown risks, and the career implications determined … Read more
I am encouraged to see ever-expanding ecosystems in the life insurance space. They’re helping insurers bring in more diverse data, specialized skills, leading-edge technologies and new ideas that spark innovation. Moreover, these benefits are accessible through trusted partners, rather than insurers making costly and time-consuming investments to build the capabilities themselves. In fact, ecosystem collaboration … Read more
Augmented Reality is a technology that superimposes digital or computer-generated objects in real-world environments. People are familiar with Augmented Reality games and apps such as Snapchat and Pokémon Go but AR is something bigger than that. This technology is now being applied to several industries including entertainment, healthcare, education, architecture and many more. In the … Read more
3D models and animations have played a great role in augmented reality app development. If you are thinking of an AR/VR project you will need to create 3D models. Now, the question arises of how one can turn any physical object into a photo-realistic 3D model that will look like a real object. Let’s see … Read more