Insurance Technology News: August 28, 2023
In the latest edition of “Insurance Technology News: August 28, 2023,” PropertyCasualty360 provides an overview of the latest advancements in insurance technology. The article highlights the use of innovative tools by companies such as Gradient AI, INSTANDA, and Origami Risk to enhance claims management outcomes, improve decision-making processes, and refine reserve management. These technological advancements enable insurance companies to identify trends and outliers, build and implement complex products quickly, and efficiently automate surplus tax calculation and tax filing. This article explores how these advancements are reshaping the insurance industry and improving operational efficiency.
Insurance Technology News: August 28, 2023
In the world of insurance technology, there are always new developments and partnerships happening. This article will cover the latest news and updates in the industry, including Farmers Insurance’s recent reorganization and layoffs, as well as the partnerships and collaborations between Gradient AI and MEMIC, and INSATANDA and InsCipher.
Farmers Insurance announces a company-wide reorganization with layoffs
Recently, Farmers Insurance made a major announcement regarding a company-wide reorganization that will result in layoffs. While the details of the reorganization and the exact number of layoffs are not yet known, this news has shaken the industry. It is important for insurance professionals to stay updated on this development and its potential impact on the market.
Who’s using what in P&C insurance: August 28, 2023
In the world of property and casualty (P&C) insurance, it is crucial to stay informed about the latest technologies being used by industry leaders. This section will highlight the companies that are making waves in the insurance technology space, including Gradient AI, INSTANDA, Origami Risk, and more. By understanding which companies are using which technologies, insurance professionals can stay ahead of the curve and adapt to the changing landscape.
Partnerships and Collaborations
Collaborations between insurance technology companies are becoming increasingly common as the industry continues to evolve. In this section, we will explore two noteworthy partnerships: Gradient AI and MEMIC, and INSTANDA and InsCipher.
Gradient AI has partnered with MEMIC, an A.M. Best “A” rated workers’ compensation insurer, to enhance its claims management outcomes. By leveraging Gradient AI’s Claims Benchmarking and Total Incurred Prediction solutions, MEMIC can identify trends, improve decision-making, and refine reserve management processes. This partnership will ultimately benefit MEMIC’s customers by ensuring that sufficient funds are set aside to address claim costs.
INSTANDA has partnered with InsCipher, a Utah-based insurtech corporation specializing in surplus tax automation. Through its no-code software, INSTANDA enables carriers, MGAs, and others in the insurance industry to quickly and efficiently build and implement complex products. By automating surplus tax calculation and tax filing processes, InsCipher will enhance INSTANDA’s offerings and streamline operations for insurance professionals.
In the ever-changing landscape of insurance technology, it is vital to stay informed about the latest advancements. This section will highlight two notable advancements: Gradient AI’s Claims Benchmarking and Total Incurred Prediction solutions, and INSTANDA’s no-code software for building complex insurance products.
Gradient AI’s Claims Benchmarking solution is designed to empower insurers to identify trends and outliers in claims data, improve decision-making, and optimize reserve management. By leveraging advanced analytics and machine learning, insurers can make more informed decisions and allocate resources effectively.
INSTANDA’s no-code software is revolutionizing the way insurance products are built and implemented. With this software, carriers, MGAs, and other insurance professionals can create complex insurance products without the need for coding expertise. This not only speeds up the product development process but also allows for greater flexibility and agility in adapting to market demands.
Digital Reader Membership
PropertyCasualty360 offers a digital membership that provides numerous benefits to insurance professionals. Members gain access to comprehensive news coverage, best practices, and in-depth analysis of the industry. In addition, they have access to educational webcasts, resources from industry leaders, and informative newsletters. This membership also includes access to other award-winning websites, such as BenefitsPRO.com and ThinkAdvisor.com.
Assessing Sales Prospects
Assessing sales prospects is a crucial aspect of any successful sales strategy. In this section, we will explore 15 ways to better assess a sales prospect. These strategies include conducting thorough research, utilizing social media, asking the right questions, and understanding the prospect’s needs and pain points. By implementing these strategies, insurance professionals can improve their sales effectiveness and increase their chances of success.
Auto Insurance Updates
Auto insurance is a constantly evolving area of the industry. In this section, we will highlight a recent update: supplemental spouse coverage now being included in all N.Y. auto policies. This update, which went into effect on August 1, 2023, requires insurers to include supplemental liability coverage for spouses. However, policyholders have the option to opt out of this coverage if they wish.
AI and Employment Discrimination
As artificial intelligence (AI) becomes more prevalent in the insurance industry, it is crucial to address potential issues related to employment discrimination. In this section, we will explore the guidance provided by the Equal Employment Opportunity Commission (EEOC) on Title VII discrimination claims related to AI programs. It is important for insurers to be aware of these issues and take proactive measures to ensure fair and unbiased AI algorithms and practices.
Closing the Gaps in Technology Ecosystems
In order to thrive in today’s digital age, insurance companies must enhance their technology ecosystems. This section will provide strategies for closing the gaps in technology ecosystems within the insurance industry. By leveraging third-party applications, enhancing customer and agent experiences, and implementing automation and predictive risk modeling, insurance professionals can gain a competitive advantage and meet the evolving demands of the market.
AI and Underwriting
Artificial intelligence (AI) is transforming the underwriting process in commercial insurance. In this section, we will explore the impact of AI on commercial insurance underwriting. From automating manual processes to enhancing risk assessment and pricing, AI is revolutionizing how underwriters operate. It is crucial for insurance professionals to understand these advancements and adapt their underwriting practices to stay competitive in the market.
In conclusion, PropertyCasualty360 offers a membership that provides exclusive benefits to property and casualty insurance businesses. Members gain unlimited access to comprehensive news coverage, best practices, and in-depth analysis of the industry. They also have access to educational webcasts, resources from industry leaders, and informative newsletters. By joining PropertyCasualty360, insurance professionals can stay informed, gain a competitive edge, and thrive in an ever-evolving industry.