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Have you ever wondered why full-scale automation in India’s insurance sector remains a distant reality, even with rapid technological advancements? Or how InsurTech can address challenges like legacy systems, fragmented customer data, and regulatory complexities? In his latest Thought Leadership article, "Unlocking Tech Potential: Bridging the Gaps through Process Transformation," Ganessh S Iyer, CEO of Iyer's Pro-Risk Business Solutions Pvt. Ltd., dives deep into these pressing issues. He explores the gaps that continue to hinder seamless integration of technology in the insurance industry and highlights actionable opportunities to overcome these challenges, including SMART hybrid customer service solutions and advanced risk management processes. 📖 Read the full article now: https://lnkd.in/gV2sam7m Prerak Sethi | Subhajit Mandal, CFA | Shwetank Verma | Nilanjan Roy | Prashant Rao | Shobha Arora | Tanvi Sachdeva | Anu Singh #indiainsurtech #thoughtleadership #insurancetech #insurtech #technology #Saas #insurance

The report "Insurance 2030: Winning moves for group insurers" by PwC highlights that some insurance companies are playing it safe with innovation. While UI enhancements and chatbots are being used, a slow and fragmented approach won't lead to success. Top insurers are taking a transformative approach, redesigning business models through large-scale digital transformations. The top three priorities for insurance groups are: -Customer First: Design activities around employees, offering engaging products to drive company growth. -Strategic Support: Rethink strategies with a focus on digital transformation, using Big Data and technology investments. -Efficiency Boost: Automate basic tasks to let employees focus on valuable services for customers. In a ever-changing world, success lies in embracing digital transformation and optimizing human resources, putting the customer at the center of business strategies. 🌐🚀🤝 #d4next #d4x #yogaplatform #agilitylayer #future #tech #insurance #fintech #startup #business #finance #technology #digital #innovation #software #pwc #insurance2030 #newparadigm

The insurance sector is undergoing a significant transformation as advanced analytics are being integrated into claims management 🚀 According to McKinsey & Company, insurers leveraging advanced analytics can reduce claims processing costs by up to 40% and improve loss ratios by 3-5%. Furthermore, Deloitte 2024 global insurance outlook highlights that the future of insurance lies in the ability to harness data and analytics to optimize operations, deliver superior customer experiences, and mitigate risks. In this article, Petr Stros, Senior Vice President for BFSI at Qinshift, explores the profound impact of advanced analytics on claims management. He explains how this technology transforms insurance claims management, enhances efficiency, reduces costs, and improves customer satisfaction. Discover more here 🔍 https://lnkd.in/dZgQp9Tz #Avenga #Qinshift #AvengaInsights #AdvancedAnalytics #ClaimsManagement #InsurTech  #InsuranceIndustry

What's driving the insurance industry in 2024? McKinsey's recent analysis, provides a sharp lens on emerging trends and innovations in the insurance sector. As executives navigate this year, technological advancements and shifting customer expectations are at the forefront. Innovation is key. Digital transformation continues to be a game-changer, with AI and machine learning enabling better risk assessment and personalized policies. Additionally, sustainability is gaining momentum, with insurers exploring eco-friendly initiatives to align with global environmental goals. As we steer through these dynamic times, it's clear that staying ahead requires a balanced approach of leveraging cutting-edge tech while addressing evolving market needs. #Insurance2024 #DigitalTransformation #SustainabilityInInsurance

Zala Insurtech News: PwC UK achieved a 30% improvement in claims lifecycle efficiency through the implementation of the Appian AI Process Platform. The post Appian and PwC UK Forge Alliance to Drive Innovation in the Insurance Sector appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

The much-awaited LinkedIn Live session 'AI in Insurance – Real Outcomes' with WNS, ALAIKA Advisory and Appian Corporation is just around the corner. Don’t miss this opportunity to hear from industry leaders as they discuss the AI-driven future of the insurance industry and the technology’s role in shaping differentiated CX. Register now: https://bit.ly/INSLL4_L #AI #Insurance #GenAI

[Towards insurance 5.0 - 3/3] Our keys to a successful insurance revolution 👀 In today's insurance landscape, innovation serves as the cornerstone of resilience and a fundamental necessity. At Sopra Steria Next, we believe in a strategic and tailored approach to transformation that embraces new tools and technologies while carefully assessing risks and opportunities. 💥 That’s why we have designed a three-phase deployment, where each step is guided by ethical considerations and data protection principles. In addition, four key levers are to be activated throughout this journey to successfully implement our method: people, partnerships, finance, and technological infrastructure. 👉 By nurturing a culture of innovation and encouraging the adoption of new practices, we empower our clients to effectively enter the Insurance 5.0 era. Ready to embrace the future of insurance with us? #Insurance50 #InsurTech #AI #SopraSteriaNext olivier Hoarau, Philippe Ploteau, Christophe SAGLIO

🌐 𝐓𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: 𝐀 𝐒𝐡𝐢𝐟𝐭 𝐓𝐨𝐰𝐚𝐫𝐝𝐬 𝐋𝐢𝐟𝐞𝐥𝐨𝐧𝐠 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 The insurance industry is gradually evolving, moving from a model focused on premium collection to one centered on proactive protection and risk prevention. According to Genpact’s recent report, several key trends and innovations are expected to shape the industry by 2025. 𝐎𝐩𝐭𝐢𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐚𝐥𝐢𝐭𝐲: With AI and data-driven insights, insurers will begin offering more personalized, real-time coverage. For instance, companies like Neos are using smart-home technology to detect potential risks like water leaks or break-ins before they happen. Drover's subscription-based car ownership model includes not just the vehicle but also insurance and maintenance, meeting modern consumer needs for flexibility. 𝐄𝐭𝐡𝐢𝐜𝐚𝐥 𝐈𝐦𝐩𝐚𝐜𝐭: Consumers are increasingly focused on ethical business practices, which is driving insurers to reconsider their approaches to data use and investment strategies. Companies like QBE are leading the way by investing a portion of their premiums in community-focused, sustainable projects through their Premiums4Good initiative. 𝐖𝐡𝐨𝐥𝐞-𝐒𝐲𝐬𝐭𝐞𝐦 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠: Insurers are becoming more involved in resilience planning, particularly in response to climate change and digital threats. US-based One Concern is using AI to help predict and mitigate the effects of natural disasters like earthquakes and floods, enabling insurers to play a more active role in risk management. These shifts reflect the ongoing transformation of the insurance industry, as it adapts to new risks and consumer expectations. #Insurance #AI #DataDriven #Sustainability #Innovation #RiskPrevention

Insurers must innovate faster than ever to stay relevant. The key question is, are you transformative enough? How quickly can your #technology drive change and enable your team to act on valuable insights? Join PwC UK at the Insurance Innovators Summit to explore how emerging technology and data can propel your business forward, so you can stay ahead: https://pwc.to/3Adwhil #IISummit24 #BeTransformative #Insurance

The insurance industry 🏦 is evolving, with customer demand, affordability, and insurability reshaping the market. In this changing environment, a modern, cloud-based digital core is no longer just an option - it's a necessity. Start your journey towards innovation ✨with Capgemini's Digital Core for Insurance 🌐: https://lnkd.in/gZaHrRBD #InsuranceTransformation #DigitalCore #Innovation #CustomerCentricity #Agility Elisabetta SpontoniSilvia BurgioJanet SmithPriyanka Shendkar Adam D.