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In 2025, insurers face a data deluge driven by expanding third-party integrations and partnerships. Specifically, within the insurance industry, where data is the lifeblood of innovation and operational effectiveness, embracing such a transformative approach is essential for staying agile, secure and competitive.
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.
Next Insurance , a startup that competes in the small business (SMB) insurance market, announced this morning that it has acquired its first company. Next Insurance raised $250 million earlier this year at a valuation of $2 billion , making it one of the richest startups to compete in the broad insurtech niche.
Planck , the AI-based data platform for commercial insurance underwriting, announced today it has raised a $20 million growth round. Planck said it currently works with “dozens of commercial insurance companies in the U.S.,” including more than half of the top-30 insurers. It will use its new funding to build its U.S.
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. Simultaneously, major decisions were made to unify the company’s data and analytics platform.
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.
In today’s data-driven world, large enterprises are aware of the immense opportunities that data and analytics present. Why data distilleries are a game-changer: Insights from the insurance industry Traditionally, managing data in sectors like insurance relied on fragmented systems and manual processes.
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.
Cybercrime is on the rise, and today an insurance startup that’s built an artificial intelligence-based platform to help manage the risks from that is announcing a big round of funding to meet the opportunity. “Underwriting cyber insurance for SMEs is a more dire prospect than for large enterprises,” he said.
Founded in 2018, New York City-based Level says it’s “rebuilding insurance from the ground up” via flexible networks and real-time claims with the goal of helping employers and employees get the most out of their benefit dollars. . Insurance is confusing and often feels unfair.
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. Simultaneously, major decisions were made to unify the company’s data and analytics platform.
“Challenger” startups in banking and insurance have upended their industries, and picked up significant business, by building more customer-friendly tools and services — more personalized, easier to access and usually competitively priced — than those typically provided by their bigger, incumbent rivals.
Pervasive BI remains elusive, but statistics on the category reveal that about a third of employees use BI tools for analytics to inform strategy. The big data and business analytics market could be worth $684 billion by 2030, according to Valuates Reports, if such outrageously high estimates are to be believed.
Whether it’s a financial services firm looking to build a personalized virtual assistant or an insurance company in need of ML models capable of identifying potential fraud, artificial intelligence (AI) is primed to transform nearly every industry.
The company wants to make it easier to access life insurance products in Europe. There are many reasons why you would want to subscribe to a life insurance product. For instance, if you’re worried about the future of your loved ones once you’re gone, life insurance could be a way to make sure they won’t face financial difficulties.
Before that, Shaw helped start insurance software outfit Guidewire. Again, he helped the company grow to a different level with his engineering, analytics and marketing chops before it went public in 2012. This means they can realize five-10x more value from their life insurance during their lifetime,” Shaw told TechCrunch.
It orchestrates AI models alongside human expertise and analytics to help businesses harness AI without getting slowed down by technical complexities, Kapoor said. The Insurance LLM is trained on 12 years worth of casualty insurance claims and medical records and is powered by EXLs domain expertise.
For some, it might be implementing a custom chatbot, or personalized recommendations built on advanced analytics and pushed out through a mobile app to customers. How does a business stand out in a competitive market with AI? are creating additional layers of accountability.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry, empowering clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global risks.
” The product is pretty neat; you pay for its insurance policy, and if the snow is too watery, your outdoor concert is washed out or your dreams of escaping with drinking pina coladas while getting caught in the rain are squashed, they’ve got your back. (The
Organizations across every industry have been and continue to invest heavily in data and analytics. But like oil, data and analytics have their dark side. According to CIO’s State of the CIO 2022 report, 35% of IT leaders say that data and business analytics will drive the most IT investment at their organization this year.
What is data analytics? Data analytics is a discipline focused on extracting insights from data. The chief aim of data analytics is to apply statistical analysis and technologies on data to find trends and solve problems. What are the four types of data analytics?
The virtual event also highlighted EXLs Insurance LLM , a purpose-built solution for claims adjudication and underwriting, and EXLerate.AI , which combines AI agents and domain-specific large language models (LLMs) to manage and automate complex business workflows.
In September, we organized the 11th edition of the Analytics Engineering Meetup. Dumky de Wilde and Ricardo Granados kicked off with an in-depth exploration of “ The Fundamentals of Analytics Engineering ,” covering essential concepts and advanced techniques crucial for driving success in data analytics.
As private health insurers weather industry headwinds, strategic transformation priorities remain firmly centered on operations and patient-centric experiences that accelerate efficiencies. health insurers as industry leaders work to improve operations, efficiency, and effectiveness. Leading Digital Transformation for U.S.
When it comes to using algorithms and other formulae to determine what kinds of services you might offer to specific customers and at what price, the insurance industry is one of the oldest in the book. Insurance is a huge industry, with McKinsey estimating back in 2017 premiums of more than €4 trillion globally. Now, a U.K.
Have you ever tried to check your insurance claim status? While some insurance carriers have made significant modifications courtesy of disruptive digitalization (we’ve already discussed this topic in our whitepaper), most companies trail behind. Insurants are not satisfied with their service providers.
Pie Insurance , a startup offering workers’ compensation insurance to small businesses, announced this morning that it has closed on $118 million in a Series C round of funding. Pie began selling its insurance policies in March 2018. We are riding that wave,” said Pie Insurance co-founder and CEO John Swigart. “We
Natural disasters have been increasing in frequency, severity, and diversity in recent years, pressuring insurers to be more efficient and to anticipate event and claim fallout. Second, RDA addresses post-NatCat planning to help insurers’ prioritize property inspections. trillion.
Mike Vaughan serves as Chief Data Officer for Brown & Brown Insurance. Arti Deshpande is a Senior Technology Solutions Business Partner for Brown & Brown Insurance. In this role, she empowers and enables the adoption of data, analytics and AI across the enterprise to achieve business outcomes and drive growth.
The funding was led by Tokio Marine, Japan’s first insurance company, and life insurance leader MetLife through its subsidiary MetLife Next Gen Ventures. Embedded means insurance or protection products that are embedded into the customer experience as they buy a product or sign up for a service.
This means PasarPolis will be able to offer new products and work with partners like Tokopedia, Gojek, Traveloka, Xiaomi and IKEA Indonesia to create custom insurance policies. . PasarPolis is able to underwrite insurance products because of its strategic partnership with Tap Insurance.
Reading Time: 4 minutes Insurance CIOs stand at a pivotal crossroads. Insurance data is vast, complex, and deeply intertwined with risk. The post Developing a Practical, Value-Driven GenAI Strategy for Insurance appeared first on Data Management Blog - Data Integration and Modern Data Management Articles, Analysis and Information.
All said, Assured Allies joins with insurtech companies around the world that did manage to secure some decent funding recently, including Equisoft , Naked Insurance , Turaco and Acko. It has been proven to reduce the cost of long-term insurance claims by roughly 20%, Nahir told TechCrunch. Akilia Partners and Samsung Next.
These near-invisible bits of code are typically embedded in web pages to share information about users’ activity, often for analytics. This information included patients’ phone numbers, IP addresses, insurance information, mental health assessment responses and associated clinical data. In March, U.S. In its disclosure to the U.S.
It uses an integrated process to provide health insurance and telemedicine via partnerships with hospitals and healthcare facilities. RelianceHMO is the company’s health insurance plan for both sets of customers where individuals can select monthly, quarterly or yearly health plans ranging from ?3,500 Our mission is super simple.
They should also implement AI-powered predictive analytics for better decision-making. CIOs should enhance AI-driven customer engagement through hyper-personalization and leverage data analytics to improve customer journeys and boost brand loyalty and revenue growth. Enhance customer experience through AI and data analytics.
This includes developing a data-driven culture where data and analytics are integrated into all functions and all employees understand the value of data, how to use it, and how to protect it. With data central to every aspect of business, the chief data officer has become a highly strategic executive.
EasySend has some 100 enterprise customers today, spanning areas like education, government, financial services and insurance. The latter two are particularly strong verticals for EasySend, with Cincinnati Insurance, NJM Insurance Group, PSCU, Sompo and Petplan among its customers. where revenues grew 10-fold. million to date.
Aside from scaling its security operations further, Upstream also intends to use the fresh funds to expand its offerings in data analytics, insurance telematics, predictive analytics and business intelligence, the company said. The company offers automakers a dashboard with cloud-based analytics. Although the U.S.
Insurance carriers are always looking to improve operational efficiency. To me, this means that by applying more data, analytics, and machine learning to reduce manual efforts helps you work smarter. The next step leads to performing exploratory, descriptive analytics, “why is this happening,” and so on.
Today, a startup that has built a real-time behavioral analytics tool is announcing funding as it sees demand for its services increase. Neuro-ID’s human analytics dashboard. The behavioral analytics also enables customers to see and use behavioral data to optimize existing AI/ML models. Image Credits: Neuro-ID.
It operates an asset-light model, in that it does not buy vehicles but instead has inked rental agreements with OEMs such as Toyota and Volkswagen to offer vehicles to gig workers, including insurance and maintenance. The company also over time has shifted from offering insurance through third parties to offering insurance. “We
Potential use cases spread across vertical industries that are steeped in document-intensive processes, including healthcare, financial services, banking, and insurance. Consider an insurance company corporate inbox that accepts claims, underwriting, and policy servicing submissions.
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