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machine learning insurance

How is machine learning transforming the insurance industry?

The world of insurance has always been dependent on data to calculate risk and come up with personalized ratings. Today, the sector is undergoing a profound digital transformation thanks to technologies such as machine learning.  Insurers are using machine learning to increase their operational efficiency, boost customer service, and even detect fraud. And there is a plethora of insurtech startups, eager …

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How are tech and data paving the way for the future of insurance

How are tech and data paving the way for the future of insurance?

In this blog post, we are going to share with you a summary of important points obtained from a webinar from AXA called “AXA Future of Insurance: How are tech and data reshaping the insurance sector?”.  What is tech and data applied to today’s insurance industry?  Hassan: Technology and data make people’s life easier every day. …

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cybersecurity for insurance

Cybersecurity in the insurance landscape

When it comes to cybersecurity in the insurance industry, there has recently been a dramatic rise in the number of successful cyber attacks.   This striking increase in attacks comes as insurance companies migrate toward digital channels to create sticky customer relationships, offer new products, and expand their share of their customer’s financial portfolios.   It is predicted that attackers have penetrated this sector to exfiltrate …

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insurance technology revolution

How are new technologies revolutionizing the world of insurance?

When traditional business and operating models stop delivering sought-after results, the logical next step is to of course explore alternatives with greater voracity and risk appetite. In other words, the insurance industry should disrupt itself before a newcomer does it for them.  Hundreds of InsurTechs have appeared on the global insurance scene over the past …

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virtual reality insurance

How can insurance firms grab the AR and VR opportunity?

It’s thought that augmented reality (AR) and virtual reality (VR) are expected to become multi-billion dollar industries. In turn KPMG estimates risks arising from AR and VR could result in annual net losses of around US$20 billion, presenting a new growth opportunity insurance.   So what is augmented reality (AR)?  Oxford Dictionaries defines AR as a technology that superimposes a computer-generated image on a user’s view of the real world, thus providing …

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accept bitcoin as payment

Which insurance companies accept Bitcoin for premiums and claim payments?

Cryptocurrencies such as Bitcoin are a very hot topic these days. While buying and selling cryptos is becoming increasingly mainstream, the opportunities to spend digital currencies are somewhat limited in comparison because its price is volatile.  There are, however, a growing number of companies across a wide range of industries who are embracing cryptocurrencies. They let customers use them as an official method of payment for …

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artificial intelligence for insurance

How can insurance companies prepare for rapid AI-related changes?

Deep learning (DL) tools like convolutional neural networks which contain millions of simulated neurons structured in layers enable artificial intelligence (AI) to imitate the learning, reasoning, perception and problem solving of the human brain.  This technological change is revolutionizing every dimension of the insurance industry. While insurers, suppliers, insurance brokers and consumers are getting better at implementing DL and AI tools for the improvement …

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blockchain technology insurance

Why is blockchain important for the insurance industry?

Blockchain is a new technology that has swiftly become an obsessive interest in the financial services industry because it enables disintermediation, improved reconciliation of data and the efficient transformation of business models.  The insurance industry is uniquely positioned to benefit from blockchain technology which can help deliver on key digital opportunities to cut costs, increase efficiency, enhance customer experience, and improve data quality, collection and analytics. Through innovation, insurance companies can grow market share, gain competitive …

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