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Data is the lifeblood of the modern insurance business. Yet, despite the huge role it plays and the massive amount of data that is collected each day, most insurers struggle when it comes to accessing, analyzing, and driving business decisions from that data. There are lots of reasons for this.
This event revealed widespread negative views of health insurers: stories of coverage denials, care delays, and medical bankruptcy spread across social media. Understandably, health insurers have […] Like so many others we were dismayed by the murder of UnitedHealthcare CEO, Brian Thompson.
Insurers collect a wealth of data, but only a few have found ways to harness its true potential. Most insurance business and technology leaders have very low confidence in their data assets ability to meet customer and competitive demands.
The future of insurance is here. Insurers can no longer wait on the sidelines. The game for who wins the hearts and wallets of tomorrow’s insurance customer. That’s my view and I am sticking to it. You must get in the game. What game you ask? Your competitors (think Amazon, Tesla, and Lemonade) give consumers […].
AI has the power to transform countless industries — including the healthcare, banking, insurance, and public service sectors, to name just a few — by introducing new efficiencies and revealing new opportunities for companies to solve problems.
Cyber insurance is a novel service -- and clients still don’t know what they should expect. Experts tell us what premium cyber insurance firms are offering and what you should plan on securing for yourself.
As insurance companies embrace generative AI (genAI) to address longstanding operational inefficiencies, theyre discovering that general-purpose large language models (LLMs) often fall short in solving their unique challenges. Claims adjudication, for example, is an intensive manual process that bogs down insurers.
GenAI can help by providing new tools for accurately analyzing cyber risks, streamlining process efficiencies, and helping insurers improve the security of buyers.
Three factors are certain to influence your cyber security program today: regulations, third-party partners, and cyber insurance. Increasingly stringent requirements, exclusions, and policy premium costs may appear as a trifecta of pain launched your way from insurers. But cyber insurance is really an opportunity.
Cyber insurance is a common tool for risk transfer today. But who has cyber insurance and what benefits do organizations see from it? Analyzing Forrester data on cyber insurance adoption and breach response trends, we find that: Most organizations do not have standalone cyber insurance […]
For years, companies have protected themselves with general liability insurance. But with the new range of cyber threats, IT has become part of the liability discussion.
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AI’s promise of transforming underwriting, claims, and customer experience remains untapped, and only a tiny fraction of insurers will harness its full potential by 2025. Tech-driven product innovation such as embedded insurance and usage-based insurance may yield faster results, but long-term AI gains remain on the horizon.
The first half of 2021 has been anything but quiet for cyberinsurance! Forrester has seen a steady flow of client inquiries on the topic, with questions coming in not just from the private but also the public sector. Some are trying to navigate acquiring a cyberinsurance policy for the first time, while others are struggling […].
Cyber insurers are rejecting claims for damages caused by acts of cyberwar, which begs the question: what is "cyberwar"? As Russian-Ukrainian conflict reaches a fever pitch, CIOs and CISOs need an answer.
At EXL, we recently launched a specialized Insurance Large Language Model (LLM) leveraging NVIDIA AI Enterprise to handle the nuances of insurance claims in the automobile, bodily injury, workers compensation, and general liability segments.
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>To help insurance brokerages tie in disparate systems to manage their operations and increase employee productivity, CRM software provider Salesforce has introduced a new offering in preview, the Financial Services Cloud. In addition, Financial Services Cloud can be used to service property and casualty insurance clients as well.
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payments, taking out an insurance policy) to remote digital […] Deepfakes are increasing because many organizations are migrating identity verification, authentication, and high-value, high-risk transactions (e.g.,
One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age.
For us, that means remembering our core mission: providing risk management and insurance solutions to our customers in a way that helps them protect their businesses and families. Thats the mindset we need to bring into every business, whether were selling insurance, financial services, or something else entirely.
Plain language is a key driver of CX quality in health insurance, but only half of US online adults who are health insurance customers say its easy to understand their coverage. Health insurers must act […] This key indicator has been trending downwards: It was 57% in 2023 and reached a high of 59% in 2022.
There’s just no way to sugarcoat this: US Health Insurer CX Index ratings for 2024 have landed with a resounding thud. This is the second time since 2021 that the industry average rating had a statistically significant decline – and it’s easy to see why: Ten brands scored their lowest ratings in five years. Even […]
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Forrester’s new report, Generative AI: What It Means For Health Insurers, dives into genAI’s impact on health insurers and examines avenues for early adoption and ways to circumvent potential risks.
One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age.
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