In traditional auto insurance, policies are priced based on certain parameters such as garaging address and the number of drivers. However, parameters such as driving behavior, terrain, time of day, traffic, and weather are not considered. The...
chapter in this book (page 17) details telematics powered by real-time data analytics, so insurance providers can offer policies that are personalized and priced in real time based on usage, driving behavior, etc.
Get more than an insight a day, to keep the fraud away. Here are three innovative methods and a ten-step approach to kick-start your initiative. Insurance companies are...
harnessing digitization — using data analytics for fraud detection. If you are conditioned to think about analytics in terms of sales or marketing, think again. Today, analytics can reinvent your enterprise technologies to crack down on financial offenders.
If banking has taken a lead in capitalizing on the tablet, can the insurance industry be far behind? It’s not just the retail customer who is lapping it up but businesses too. Apple has...
launched the mini iPad. Samsung is to launch the new line of Expresso tablets. And, Toshiba to make quad-core Android 4.0 tablets in 7, 10, and 13-inch sizes. Has your insurance organization been tabletized yet? If not, get ready to.
Here's a step-by-step primer to accelerate your digital journey. If you are a financial services enterprise looking for opportunities to unlock the business value in digital transformation platforms, this article will give you...
a preview of how you can add the 'digital edge' to differentiate your services and create a sustainable advantage. What is the twin-pronged approach enterprises are using to achieve this? Find out.
As financial industries look to increase their 'producer' workforce several fold in the next few years, they face the challenge of crunching their recruiting and on-boarding time for new...
staff. Limitations remain. Producer lifecycle management (PLM) in insurance lacks standardization at almost every step. But it looks like producer lifecycle management is still going to change the rules of the game. Can this mantra make magic in producer lifecycle management?
Solvency II was introduced with a view to protect policyholders by setting stronger requirements for processes like capital adequacy, risk management and...
governance. This has far-reaching implications for insurers in the European Union (EU) in terms of the models they employ for capital calculation, setting and streamlining supervisory processes, as well as keeping abreast with reporting requirements.
Customer expectations and demands have quadrupled in the recent years while new customer segments have gained importance. These factors coupled with a highly competitive landscape have resulted in carriers having to deal with impressive product...
and service offering challenges. Traditional distribution channels must be redefined and digital channels need to be exploited. On the other hand, regulatory changes across the financial sector, healthcare and consumer protection are still evolving which puts increasing pressure on the overall operations supporting the Sales to Issue area. A holistic and balanced approach to the five major imperatives discussed in this paper will enable life insurers and wealth management companies to take a leadership position across the Sales to Issue process in the 21st century.
Legacy systems supporting the insurance industry burden it with high operational costs, inflexibility, inadequate technical support and incompatibility with newer systems. Many are inefficient standalone systems that inhibit rapid introduction...
of new products and changes to business workflows. Modernizing these legacy systems can enable significant transformation and offer a competitive advantage to insurance companies. Infosys' Insurance Modernization Solution provides a comprehensive set of business and technology components that enable you to achieve this goal faster, better and more cost-efficiently.
Global economic and industrial developments have changed the risk profile of insurance companies. They have realized the importance of a risk-sensitive system in managing scarce capital. To deploy scarce capital...
effectively and to maximize economic value, they need to move towards risk-based capital wherein the company's capital requirements are based on the risks that it faces. Regulatory changes have also compelled insurance companies to move towards risk-adjusted return. Many companies have moved from a silo-based approach to a holistic approach for Enterprise Risk Management. The paper discusses ERM implementation challenges and recommends a structured approach to implementation.