TECHNOLOGY
“ Insurers need to prioritise investment in user centric design because people are used to doing everything on a mobile phone ”
MARK COLONNESE , DIRECTOR OF AQUARIUM SOFTWARE
Nentwich explains , “ Insurance companies have massive troves of data managed by many legacy systems : between actuarial , underwriting , claims , payments , investments , etc . which in the end has to be packaged nicely to report back to customers , investors and regulators .
“ As companies look to adopt these new technologies , they will need to look at options for overcoming data silos , and holistically at their whole operation to gain the most automation .
Colonnese argues that the insurance industry has been sluggish to adopt new technologies , mainly because the complexity of the industry has made switching from legacy models to cutting edge technologies more complicated than it would be in other industries . In many cases , the ‘ right ’ technology to carry out an effective transformation has only recently been possible .
“ This [ delay in switching ] mainly comes from the complexity of insurance , where the rules governing automation can be extremely bespoke with large numbers of variables and exceptions ,” he says .
“ Getting the systems and models trained up and tailored to business needs has therefore been a challenge . For example , a key challenge is to support more self-service-style claims applications from claimants . To do this , insurers need to prioritise investment in user-centric design because people are used to doing everything on a mobile phone app now . Part of this is ensuring accurate and real-time data management , made possible using the latest artificial intelligence and machine learning .”
Trending automation technology Machine Learning ( ML ) and Artificial Intelligence ( AI ) are the leading technologies transforming the insurance industry . Experts agree that claims processing is the area most likely to be handled by automation solutions because recent advances in mobile technology has enabled a seamless experience .
66 July 2021