The document discusses how digital technology is creating new frontiers for insurers. It outlines how digital channels will play an increasing role in sales and customer experiences can become more insight-based. It also discusses how roles like agents are changing and new ecosystems are forming. Case studies on companies like The Climate Corporation and peer-to-peer insurance models are provided. The document argues insurers must evaluate their IT systems, digitize customer relationships, and shift to algorithmic risk assessment to transition to the digital insurer of the future.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
Participated in Razer Fintech Inaugural digital hackathon from 15 - 17 May 2020. Competed with a crowd of 300 (100 teams) to emerge as top 20. Proposed a community-focused Insure tech solution, utilising gamification, rewards and community spirit to increase uptake of insurance products.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Outlines the regulatory, privacy and security risks faced by FinTech companies and Financial Services firms if their digital strategy is not thought through.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
Participated in Razer Fintech Inaugural digital hackathon from 15 - 17 May 2020. Competed with a crowd of 300 (100 teams) to emerge as top 20. Proposed a community-focused Insure tech solution, utilising gamification, rewards and community spirit to increase uptake of insurance products.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Challenges in Insurance: Customer Clarity in ClaimsPrecisely
In insurance, the claims process and risk of customer churn always go hand in hand. According to Forrester, more than 30% of customers who endured a bad claims experience switched insurers within one year of the incident. This churn due to declining loyalty and poor customer experiences can represent as much as $470 billion in Life, Property, and Casualty premiums globally. Not to mention the cost to your staff and time spent working through claims inquiries.
What if there was a way to reduce costs, to reduce second and subsequent calls to your claims center, and to drive digital adoption…all while increasing your claimant’s satisfaction throughout the experience?
Watch our on-demand webinar as we discuss some of today’s toughest challenges in the insurance industry.
Transformation & Tradition: Reimagining the Customer-Agent Experience in Insu...Cake and Arrow
With the digitization of the insurance industry now fast underway, insurance companies are faced with the unique opportunity to leverage advances in technology to reclaim something of the bygone simplicity of the once trusted agent-customer experience, free from the mounds of paperwork, clunky technology, and complicated underwriting processes that have come to characterize buying insurance.
In this webinar, we will discuss how the insurance industry can re-imagine its own tradition of the agent-customer experience to usher in a new era of digital transformation built on trust, transparency and customer needs.
Every insurance company is defining the strategy and action plans to implement Digital Insurance. In most boardrooms there is an agreement on the necessity of Digital Insurance. However in many cases there is no clarity on the content of Digital Insurance, time frame of implementation, dependencies with other ongoing projects and strategic activities and the scope of the organizational transformation.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
To meet customers’ needs and deliver profitable growth, insurers must embrace the potential of digital underwriting. Ninety percent are investing in the function, but are they making the right investments? This report proposes a practical plan to set underwriters on the path to digital transformation. It includes the attributes they need, how they can make better use of analytics, and new technologies worth considering.
The Digital Insurer speaks at AIA's inaugral bancassurance seminarThe Digital Insurer
The Digital Insurer was pleased to talk about how to think digital and transform face -to-face bancassurance models in Asia.
visit the-digital-insurer.com for more information on the conference.
The 1:1 Experience™ is a service offered by Fuji Xerox to enable companies to create a personal connection with customers, using the best of traditional CRM techniques combined with new marketing intelligence, all enabled with capabilities of high technology.
Combining targeted messaging based on customer profile and contextual information with an integrated multi-channel approach across web, print, SMS and social media platforms, the 1:1 Experience delivers increased ROI efficiency.
Please find here our first Insurance Review on Digital Disruption of the Insurance sector. We've put together the best, most shared and liked articles on this topic. All articles have been published before on our Financial Services blog
Challenges in Insurance: Customer Clarity in ClaimsPrecisely
In insurance, the claims process and risk of customer churn always go hand in hand. According to Forrester, more than 30% of customers who endured a bad claims experience switched insurers within one year of the incident. This churn due to declining loyalty and poor customer experiences can represent as much as $470 billion in Life, Property, and Casualty premiums globally. Not to mention the cost to your staff and time spent working through claims inquiries.
What if there was a way to reduce costs, to reduce second and subsequent calls to your claims center, and to drive digital adoption…all while increasing your claimant’s satisfaction throughout the experience?
Watch our on-demand webinar as we discuss some of today’s toughest challenges in the insurance industry.
Transformation & Tradition: Reimagining the Customer-Agent Experience in Insu...Cake and Arrow
With the digitization of the insurance industry now fast underway, insurance companies are faced with the unique opportunity to leverage advances in technology to reclaim something of the bygone simplicity of the once trusted agent-customer experience, free from the mounds of paperwork, clunky technology, and complicated underwriting processes that have come to characterize buying insurance.
In this webinar, we will discuss how the insurance industry can re-imagine its own tradition of the agent-customer experience to usher in a new era of digital transformation built on trust, transparency and customer needs.
Every insurance company is defining the strategy and action plans to implement Digital Insurance. In most boardrooms there is an agreement on the necessity of Digital Insurance. However in many cases there is no clarity on the content of Digital Insurance, time frame of implementation, dependencies with other ongoing projects and strategic activities and the scope of the organizational transformation.
The transformation to a Digital Insurer is complex as it changes the foundation of the organization. Complicating factor is the fast speed of digital innovation in the market and the current digital structure of the organization not able to deal with these changes. The digital transformation is however inevitable and mistakes will create a bigger gap, resulting in business deterioration. In this presentation a vision on Digital Insurance transformation is explained and more information is available to support a digital transformation process in a specific organization.
To meet customers’ needs and deliver profitable growth, insurers must embrace the potential of digital underwriting. Ninety percent are investing in the function, but are they making the right investments? This report proposes a practical plan to set underwriters on the path to digital transformation. It includes the attributes they need, how they can make better use of analytics, and new technologies worth considering.
The Digital Insurer speaks at AIA's inaugral bancassurance seminarThe Digital Insurer
The Digital Insurer was pleased to talk about how to think digital and transform face -to-face bancassurance models in Asia.
visit the-digital-insurer.com for more information on the conference.
The 1:1 Experience™ is a service offered by Fuji Xerox to enable companies to create a personal connection with customers, using the best of traditional CRM techniques combined with new marketing intelligence, all enabled with capabilities of high technology.
Combining targeted messaging based on customer profile and contextual information with an integrated multi-channel approach across web, print, SMS and social media platforms, the 1:1 Experience delivers increased ROI efficiency.
Modern SEO: Integrating Programs for Success - A Farmers Insurance Case StudyMike Corak
How a national insurance company is building its brand, and improving its bottom line, through an integrated, content strategy and user experience driven, SEO program designed to delight its visitors:
Hear from senior level Farmers Insurance marketing executives about their journey, significantly lifting web and local traffic, while improving engagement and conversion, through an integrated digital marketing approach to search centered in strong audience understanding, content strategy and user experience, guiding execution of organic and local search, social and content marketing. Learn how a mix of internal teams and agency partnerships help the Insurance firm innovate to maximize brand awareness and grow the customer base.
Attendees of the session will take way the following:
Why program integration is a must, from the user and search engine point of view
What true integrated program looks like, satisfying user and search engine needs.
A methodology for aligning staff and partners
How to measure the impact, and the potential program improvements that can be achieved
CaféX Live Assist and Kickstart banking and insurance case studies 2016CafeX
Learn how CaféX’s real-time collaboration software, Live Assist and Kickstart, is used by many of the world’s top retail banks and insurance companies to accelerate delivery of personalized, customer-centric services within an omnichannel environment.
Online Marketing Strategy for Travel Insurance case study of indian travel in...Foresight Opticals
Online Marketing Strategy for Travel Insurance case study of indian travel insurance market with statical figures on market size,competitor analysis,distribution Channel and how to go online Strategy and marketing plan the slide contains comprehensive study on Travel insurance Market in india includng overall market size Offline and online and online Marketing plan to tap Online Travel insurance Market indindia
An extensive product portfolio analysis on market requirements for developing, launching and positioning new products with a comparative case study for Porsche and Ferrari in branding strategies according to market opportunities and threats of luxury automotive industry in Europe.
AIA Present iPOS tablet toolkit at Transform 2015 ConferenceThe Digital Insurer
AIA are possibly the global leader in their use of tablet toolkits at the point of sale for life insurance. This short presentation gives a status update. Visit The Digital Insurer for more informaiton on the use of tablet toolkits in insurance and to join our community of professionals who are interested in the digital transformation of insurance
Listen to an experienced, global panel of insurance professionals present, discuss and answer your questions on the theme of “Peer-to-Peer Insurance & Community”.
Brought to you by The Digital Insurer and sponsored by KPMG.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
When you hear of “insurance”, the words “innovation” and “technology” would not come to mind intuitively – but they should now. At this day and age, insurance technology has the potential to affect nearly every essential insurance function, ranging from distribution methods to actuarial number crunching. InsurTech is now being implemented across every stage of the insurance value chain.
InsurTech 2016 Conference is a global gathering of the world's leading thinkers and doers in Insurance innovations and technology. It's a gathering of the planet's businesses, large and small, who are being impacted by new innovations to want to meet the demands of the insurance market.
This year, over 300 attendees will make the trip from all corners of the globe to hear from 80 industry thought leaders who will deliver the knowledge you're looking for to succeed in this arena.
InsurTech 2016 will assure that you meet the top insurance and technology professionals - leading 22 interactive and insightful sessions across all the insurtech spectrum, including:
Digital distribution channel
Blockchain
Data Analytics
Wealth Management
IoT & Telematics
Auto Tech
Health Tech & Wearables
Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
100 insurance companies were surveyed to understand how they view their journey to operations maturity.
Our experience indicates that operations maturity can translate into tech-savvy ways to acquire customers faster or discover new revenue growth.
This means combining data, technology, processes and people into an intelligent, data-driven— and more resilient—operating model.
Employing Telematics to Transform Workers' CompensationCognizant
Various pressures like heightened competition, rising costs and tougher regulations are compelling workers' compensation insurers to automate their systems, connect their people, processes and devices, and distill accurate, real-time information from the digital data that that encircles people, processes, organizations and devices. Telematics - technologies that integrate telecommunications and information can be the key to achieving these goals, all through a proactive, smarter, tightly connected environment.
Insurance Digital Claim Journey – Analytics OverlayIndusNetMarketing
As the Claims Business is undergoing a radical digital transformation, eliminating frauds across all levels has become a business imperative. Here’s how the power of Analytics can deal with it.
What to expect?
1. The Changing Face of the Insurance Sector in the Digital Era
2. Insight protecting Insurance Claim Management against Fraud using Analytics
3. Streamlined Customer Journey through Digital Ecosystem
A presentation a friend and I worked on while brainstorming ideas for a technology startup. Our objective was to explore opportunities in industries we're familiar with and industries we believe are ripe for disruption. The presentation lays out key industry metrics and profiles successful companies (somewhat startup-focused) within each industry.
IoT is a terrific opportunity for the insurance sector.
But the average understanding of this opportunity in the different markets is low, and it is common to hear superficial comments by analysts in the various markets.
Let's demystify some myths!
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Reshaping Underwriting Landscape With Focussing On CX – WhitepaperIndusNetMarketing
80% of customers lost interest in buying life insurance due to the poor underwriting process. These top 3 strategic solutions are imperative to enhance CX.
Have auto insurers to die? ..or to become irrelevant?
It is not their inevitable destiny; it is only a choice.
Auto insurers can be proactive, take the bull by the horns, stay relevant and become frequent in the life of their customer
How an insurer can stay relevant in the age of dataMatteo Carbone
Irrelevancy is only a choice for an Insurer, not his inevitable destiny. Insurtech can make the insurance sector stronger and therefore more capable of achieving its strategic goal: to protect the way people live.
Selling has always been something that you "do to a customer". A sale does not take place till a customer buys. Traditional selling is relegated to the history books. How about exploring a new paradigm? The buying game!
Connect with me on LinkedIn (https://linkedin.com/in/kalpeshdesai) should you wish to have a copy of this deck.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Pushing the limits of ePRTC: 100ns holdover for 100 daysAdtran
At WSTS 2024, Alon Stern explored the topic of parametric holdover and explained how recent research findings can be implemented in real-world PNT networks to achieve 100 nanoseconds of accuracy for up to 100 days.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
The Metaverse and AI: how can decision-makers harness the Metaverse for their...Jen Stirrup
The Metaverse is popularized in science fiction, and now it is becoming closer to being a part of our daily lives through the use of social media and shopping companies. How can businesses survive in a world where Artificial Intelligence is becoming the present as well as the future of technology, and how does the Metaverse fit into business strategy when futurist ideas are developing into reality at accelerated rates? How do we do this when our data isn't up to scratch? How can we move towards success with our data so we are set up for the Metaverse when it arrives?
How can you help your company evolve, adapt, and succeed using Artificial Intelligence and the Metaverse to stay ahead of the competition? What are the potential issues, complications, and benefits that these technologies could bring to us and our organizations? In this session, Jen Stirrup will explain how to start thinking about these technologies as an organisation.
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
Rapid and secure feature delivery is a goal across every application team and every branch of the DoD. The Navy’s DevSecOps platform, Party Barge, has achieved:
- Reduction in onboarding time from 5 weeks to 1 day
- Improved developer experience and productivity through actionable findings and reduction of false positives
- Maintenance of superior security standards and inherent policy enforcement with Authorization to Operate (ATO)
Development teams can ship efficiently and ensure applications are cyber ready for Navy Authorizing Officials (AOs). In this webinar, Sigma Defense and Anchore will give attendees a look behind the scenes and demo secure pipeline automation and security artifacts that speed up application ATO and time to production.
We will cover:
- How to remove silos in DevSecOps
- How to build efficient development pipeline roles and component templates
- How to deliver security artifacts that matter for ATO’s (SBOMs, vulnerability reports, and policy evidence)
- How to streamline operations with automated policy checks on container images
Le nuove frontiere dell'AI nell'RPA con UiPath Autopilot™UiPathCommunity
In questo evento online gratuito, organizzato dalla Community Italiana di UiPath, potrai esplorare le nuove funzionalità di Autopilot, il tool che integra l'Intelligenza Artificiale nei processi di sviluppo e utilizzo delle Automazioni.
📕 Vedremo insieme alcuni esempi dell'utilizzo di Autopilot in diversi tool della Suite UiPath:
Autopilot per Studio Web
Autopilot per Studio
Autopilot per Apps
Clipboard AI
GenAI applicata alla Document Understanding
👨🏫👨💻 Speakers:
Stefano Negro, UiPath MVPx3, RPA Tech Lead @ BSP Consultant
Flavio Martinelli, UiPath MVP 2023, Technical Account Manager @UiPath
Andrei Tasca, RPA Solutions Team Lead @NTT Data
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Welcome to the first live UiPath Community Day Dubai! Join us for this unique occasion to meet our local and global UiPath Community and leaders. You will get a full view of the MEA region's automation landscape and the AI Powered automation technology capabilities of UiPath. Also, hosted by our local partners Marc Ellis, you will enjoy a half-day packed with industry insights and automation peers networking.
📕 Curious on our agenda? Wait no more!
10:00 Welcome note - UiPath Community in Dubai
Lovely Sinha, UiPath Community Chapter Leader, UiPath MVPx3, Hyper-automation Consultant, First Abu Dhabi Bank
10:20 A UiPath cross-region MEA overview
Ashraf El Zarka, VP and Managing Director MEA, UiPath
10:35: Customer Success Journey
Deepthi Deepak, Head of Intelligent Automation CoE, First Abu Dhabi Bank
11:15 The UiPath approach to GenAI with our three principles: improve accuracy, supercharge productivity, and automate more
Boris Krumrey, Global VP, Automation Innovation, UiPath
12:15 To discover how Marc Ellis leverages tech-driven solutions in recruitment and managed services.
Brendan Lingam, Director of Sales and Business Development, Marc Ellis
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
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YOUR LOGO
Digital Technology :
The New Frontier For Insurers
Kalpesh Desai
CEO
Agile Financial Technologies
kalpesh.desai@agile-ft.com
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"In a time of accelerating turbulence, the
valuation of a company will be strongly
affected by how it executes change."
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1
Digital
Technology &
New Frontiers
For Insurers 3
4
2
Digital Technology & Its Relevance To Insurers
The Digital Insurer Of The Future
Digital Technology Disruption – Case Studies
How Do YOU get there
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1
Digital
Technology &
New Frontiers
For Insurers 3
4
2
Digital Technology & Its Relevance To Insurers
The Digital Insurer Of The Future
Digital Technology Disruption – Case Studies
How Do YOU get there
6. Page § 6Confidential
Digital Technology & Its Relevance To Insurers
Insight based customer experiences
The digital “channel”
Changing role of agents
Aggregators
Ecosystems
Internet of Things
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Creating insight based customer experiences
Move from a product
focused sales process
To
Customer focused
sales process
Needs-based
selling based on
real-time data
Dynamic pricing
using customer
data analytics at
the point of sale
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The Digital “Channel”
§ Digital channels will play an increasing role at every stage of the
sales process
§ It is possible today to conclude all lines of business digitally from
start to finish
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Changing roles of agents
Deploymentof
mobile
technology
Redesign of
compensation
models to
allow omni-
channel
environments
Enhance skills
to enable
cross-selling
and advisory
Refocus
agent’s efforts
where they
add most
value
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Aggregators
§ Aggregators are an increasingly important channel
§ Insurers have to tailor products and master dynamic pricing to
compete
§ Insurance companies are participating together to set-up their own
aggregator businesses
§ Carriers expect over 50% of their customers to use aggregators over
the next 3 years
The Digital Policy-Holder
Renewals
Policy
purchase
and
service
Research
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New Ecosystems
Integrate into a
holistic buying
experience
Travel Portals
(Expedia/MakeMyTrip,
Cleartrip)
Social Media platforms
such as Facebook
Blur industry
boundaries and
identify new
ecosystems to
work with
Insurers need to work
with insurance
technology startups
who otherwise can
disrupt the traditional
models
Partner with non-
insurance companies
to offer a broader range
of relevant products
and services
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Internet of Things (IoT)
No longer a “gimmick or a fad”
Auto-
telematics
Environmental
sensors
Wearables Self-drive cars
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Internet of Things (IoT)
Telematics
- Auto insurers use devices to derive driving behavior
such as speed, distance travelled, turning & braking
patterns, time of day, locations travelled to to price and
maintain “usage based insurance” (UBI).
- Responsible drivers get the benefit of lower premiums.
- Carriers are able to effectively improve margins and
reduce loss ratios.
- Weather warnings can be pushed to the car
- Accident alerts on the road ahead can be pushed to
the driver to ensure awareness and reduce risk of
accidents
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Internet of Things (IoT)
Environmental Sensors
- IoT devices today can be installed in homes, offices,
factories and warehouses to detect temperature,
smoke, toxic fumes and hazardous conditions.
- These devices provide predictive alerts to both the
policy owner and the carrier
- Carriers can now price the risk based on actual data
from IoT sensors and improve loss ratios
- Applications : homeowner’s, commercial property,
workmen’s compensation, general liability, agriculture
& weather-linked insurance
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Internet of Things (IoT)
Wearables/Connected Biometrics
- Insurance companies are deploying gaming applications
to encourage healthy behavior and reward healthy
lifestyles documented by their daily activity, calorie burn,
sleep patterns, etc.
- Disability claimants can be tracked for compliance to
rehabilitation protocols thus benefiting the employer,
insured and the carrier by shortening the time to return to
work and reducing loss ratios, and hence providing better
premiums to the plan sponsors
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Digital
Technology &
New Frontiers
For Insurers 3
4
2
Digital Technology & Its Relevance To Insurers
The Digital Insurer Of The Future
Digital Technology Disruption – Case Studies
How Do YOU get there
17. Page § 17Confidential
Case Study 1 : The Climate Corporation
§ Sells weather-linked insurance, traditionally underwritten manually
§ Clients go to its site and outline what range of temperatures and/or
rainfall/weather conditions they want protection from, for a set period
of time.
§ 30 years of geological survey data for the user’s location including
weather patterns, climate trends and soil characteristics is crunched
down to the farmer’s field, within milliseconds, and a policy is offered,
accounting minutely for climate change
§ Farmers work with independent local agents
or directly interact through the website
§ Payouts are triggered automatically without
paperwork when the company’s data shows
that a weather event has caused damage.
§ The Climate Corp was finally sold to the
Monsanto Group for USD 930 Mn
18. Page § 18Confidential
Case Study 2 : Peer2Peer Insurance
Customers join an online social network to share risk
Portion of the premium contributed by members are
allocated to a mutual pool
Balance of the premium is ceded to an insurer
Members pay small claims from the mutual pool and
hence eliminate claims staff and costs
The insurer funds the excess and provides services
such as policy administration to the pool
Money left in the pool is refunded to members or carried
forward as premium contribution to another year
Hence what would have been an insurer’s traditional profit will
now become the members’ saving
19. Page § 19Confidential
Case Study 2 : Peer2Peer Insurance
§ Guevara
- UK based P2P motor insurance network - Saves members 80% on their
premiums
§ Friendsurance
- German P2P property insurance network – Saves members 33% on their
premiums
20. Page § 20Confidential
1
Digital
Technology &
New Frontiers
For Insurers 3
4
2
Digital Technology & Its Relevance To Insurers
The Digital Insurer Of The Future
Digital Technology Disruption – Case Studies
How Do YOU get there
21. Page § 21Confidential
Physical channels will be replaced
by digital channels
§ The new age Digital Insurer will replace and/or augment physical
channels
§ 40% ~ 50% of physical activities in insurance distribution will be
transitioned to digital processes
§ This transition will require incremental IT and integration
transformation
Proposal
Policy
Issuance
Servicing Renewals
Claims
administration
Customer
feedback &
resolution
22. Page § 22Confidential
The “Millenials” will change all the questions
§ The success of the digital insurer will depend on millenials
§ Millenials only wish to interface digitally
§ Insurance companies will be forced to focus on user experience and
turn their IT systems around
§ Traditional systems were designed for workflow, assuming that
customers were willing to wait for a response
§ These assumptions are NO LONGER TRUE
§ The digital customer
wants information
and service
on-demand
(mobile devices and
the web)
23. Page § 23Confidential
Evaluate your IT systems & infrastructure
§ Identify your technology deficit quickly
§ Partner with a technology provider who is ahead of the curve
§ Start with the end in mind and work backwards to ensure that the
foundation for digital delivery is in place
24. Page § 24Confidential
Digitize Customer Relationships
§ Customer relationship used to be a purely human practice
§ Relationship management is now digital
§ Modern insurance call centers must have a real-time, 360 degree
view of social media engagement, mobile application interaction and
inputs from all digital channels, including IoT devices employed by
the insurer
§ These are not possible to accomplish with archaic or legacy
systems. Modern infrastructure with up-to-date web APIs, cloud
based services, IoT aware systems is required
26. Page § 26Confidential
IoT
§ IoT has led to extensive data being generated and this needs to be
analyzed and acted upon
§ IoT data can allow insurers to offer discounts for behavior and
activity
§ Activity-based products require activity based data and systems,
and require the ability to process massive amounts of streaming
information from devices
§ Investments need to be made in
technology that would help
insurers analyze this streaming
data, and derive usage based
pricing, as opposed to traditional
pricing matrices
27. Page § 27Confidential
Shift to algorithmic risk assessment
Insurance companies will face an inflection point where they would
need to deploy real-time algorithmic systems to make sense of the
data from mobile apps, wearable devices, social media interactions,
geo-positioning systems to
§ Arrive at competitive risk-based pricing
§ Identify cross-sale and up sale opportunities
§ Identify risks and threats and diminish loss ratios
§ Identify fraud or risky behavior
28. Page § 28Confidential
Are insurers ready for driverless cars?
§ Driverless cars pose new forms of risk.
§ Risk management will not be the same in the digital era
§ If automated driver feature has a bug and causes an accident, is the
owner of the vehicle at fault? Will the cover extend to the car
manufacturer ? How will surveyors evaluate forensic data?
§ Will regulators force insurers to evaluate forensic data?
29. Page § 29Confidential
The Actuary Vs The Digital Data Scientist
§ The new digital Data Scientist steps to the forefront.
§ Actuaries used to be the data scientists in the insurance industry
§ In the new era, data science applies to IoT data and forensics,
predictive and historical analytics, location awareness, etc.
§ The modern actuary will have to relearn skills to keep pace with the
digital insurer
30. Page § 30Confidential
1
Digital
Technology &
New Frontiers
For Insurers 3
4
2
Digital Technology & Its Relevance To Insurers
The Digital Insurer Of The Future
Digital Technology Disruption – Case Studies
How Do YOU get there
31. Page § 31Confidential
How do YOU get there?
Move swiftly
and assertively
•The one who waits,
will not have to
worry about a future
Make innovation
and customer-
centricity the
cornerstone of
distribution
strategies
Evaluate your
current IT and
infrastructure
urgently in the
context of what
you wish to
achieve as a
digital insurer
Strive for
simplicity of
access,
transactions and
offerings
32. Page § 32Confidential
How do YOU get there?
Focus agents
on advice,
value add, and
deeper
customer
relationships
Place bets on
chosen
businesses and
distribution
models, moving
beyond a
succession of
pilots
Proactively
define your
position in new
ecosystems,
cooperation
models and
partnerships
Move from
indemnification
to real-time
protection
35. Page § 35Confidential
For more information, write to: info@agile-ft.com
Visit us on: www.agile-ft.com
U.S.A. Ÿ Mauritius Ÿ U.A.E. Ÿ India Ÿ Singapore