Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Digital Transformation

Insuretech News Roundup: The Insurance Industry’s Top Trends of 2019

by Heidi Bullman
January 2, 2020
in Digital Transformation, Insurance, Uncategorized
Reading Time: 3 mins read
A A
Insuretech News Roundup: The Insurance Industry’s Top Trends of 2019
Share on FacebookShare on Twitter

Fintech Today curates the latest news and trends in the financial technology industry including the insuretech sector. In this roundup, we focus on the use of artificial intelligence to improve the claims process, the impact big data is making in the insurance industry, and the use of IoT technology to revolutionize smart homes.  

IMPROVING THE CLAIMS PROCESS USING ARTIFICIAL INTELLIGENCE

The claims process can be both lengthy and tedious. However, artificial intelligence (AI) refines business operations in claim processing to reduce costs, enable re-investment, and improve the customer experience. According to Venkatesh Srinivasan, Venture Leader for Cognizant Property Insights, AI can improve processing for about 40 to 50 percent of claims involving exterior damage by eliminating the need to have an adjuster on-site for documentation – this can shorten the claims process from 4 weeks to 5 to 10 days.

Read the full article here.

BIG DATA IS MAKING A BIG IMPACT IN THE INSURANCE INDUSTRY

Big data is seeping into all areas of business and is becoming especially prominent in the insurance industry. “As available data sources multiply, big data is shaping the next wave of [insure]tech technology and has already helped us build better products and experiences,” explained Peter Colis, CEO and Co-founder at Ethos Life. Using risk assessment procedures to estimate the cost of an insurance policy is very much the backbone of the industry and big data is making this easier by allowing insurers to correlate behavior with risk.

Read the full article here.

INTERNET OF THINGS TECHNOLOGY MAKES FOR SMARTER HOMES

Internet of Things (IoT) technology has greatly impacted the insurance industry by revolutionizing the term “smart house.” According to Matt Poll for ITProPortal, “The adoption of IoT by home security systems and [insure]Tech companies has resulted in smarter home security systems. Leak sensors, door and window sensors, and smart fire alarms have been introduced into the home to help minimize damage caused by an unexpected disaster, such as theft, fire and water damage. This gives customers the ability to take proactive and preventative approach when protecting their homes.” With the help of IoT technology, homeowners have improved safety through prevention, –which indirectly cuts costs.

Read the full article here.

Tags: 2019AIartificial intelligencebig dataCognizantinsuranceinsurance industryInsuretechInternet of ThingsIoTnew yearnewsroundup

RELATED POSTS

Contributed Articles

AI: Helping or Hurting Companies in Staying Compliant

March 9, 2023
Contributed Articles

Geopolitical Conflicts Reshape Threat Landscape and the Cyber Insurance Business 

December 2, 2022
Pandemic Relief Fraud
Banking

Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

June 9, 2022

TRENDING NOW

  • fintech news

    How Master Data Management, Alexa, and Blockchain Are Transforming Banks

    524 shares
    Share 210 Tweet 131
  • AI and ML – Considerations for FinTech

    508 shares
    Share 203 Tweet 127
  • Is Another Financial Crisis Lurking in the Shadows?

    494 shares
    Share 198 Tweet 124
  • Natural Disasters Shook the Insurance Industry in 2018

    580 shares
    Share 232 Tweet 145
  • Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

    502 shares
    Share 201 Tweet 126

CONNECT WITH US

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us