Pranav Pasricha, CEO of Intellect SEEC and Adam Poole, Founder and CEO of The Safety Compass were at DIA Amsterdam for a show-and-tell of Intellect Risk Analyst. The big data and ML based risk assessment platform is now powered by Safety Compass, an app that uses augmented reality and interactive mapping to communicate hazard information to workers in the field. Watch a video of the demo.
It’s 2018, and the insurance landscape is changing. Cloud is no longer just the purview of IT; it’s all-encompassing and is shifting the way businesses operate on a global level.
Cloud can help insurers prioritize both agenda – operating models as well as innovation. Cloud allows your customers to experience a broader range of products tailored to their individual needs.
Getting on to the cloud really does bring in a feeling of democracy, because now any insurer can build products on the fly, innovate exponentially and reduce the speed-to-market without affecting the bottom line.
Configure per need
Insurers want to commit to innovation to provide engaging customer experience while also complying with emerging regulations. This is a fine balancing act considering the monolithic nature of legacy insurance technology.
Cloud helps carriers configure per need by moving toward an API-based ecosystem. By developing a service-led architecture, insurers can manage connections with regulators, partners and different parts of their businesses seamlessly which means opening up of new channels of growth and newer opportunities.
Speed per need
In today’s world, where digitization has become the go-to strategy for every business, firms need to respond to market needs by building products rapidly. Achieving this can be highly challenging in itself, but insurers must do it while also maintaining a high quality of service for all applications. There’s a lot to do, but very little time to do so.
A cloud-native solution offers an approach based on micro-services that allow companies to be agile and release new changes regularly. This enables them to review and make modifications as required, so that they can bring high quality applications and services to market at incredible speeds.
Innovate per need
As consumers, we’ve become far too reliant on technology and what it can do for us. The best just doesn’t cut it anymore, because we are always looking for something better.
With cloud, insurers can provide a more wholesome and engaging customer experience that will help attract and retain customers. Think of the possibilities – insurance-trained chatbots, location-based services and using social media to build business relations. This gives your customers 24/7 access to you, 365 days a year.
And that’s just the beginning. This collaborative technology can make customer information available at any point in time, and combine the know-how of multiple experts across multiple locations. What does that mean? Better understanding, better service.
Scale per need
Cloud gives insurers an opportunity to break apart their own value chain – be it underwriting, product development or claims adjustment. In each case, this means an insurer can re-configure their business quickly and flexibly by sourcing from several service providers.
Cloud also helps insurers team up with other parties such as a retail chain to provide access to consumers with whom the insurers have no existing relationship, and who can be difficult to reach. In supporting such collaborations, the cloud offers insurers an alternative growth strategy, such as providing wholesale insurance services outside their core geography without having to create a presence in the new region by acquiring an established brand.
Optimize per need
Operations are the key to any insurance company, and digitizing them only skyrockets your efficiency and helps gain real-time insights. But then again, this requires a well-oiled infrastructure and a set of processes that run in the background.
This is where cloud computing comes in, by helping improve the efficiency of operations, especially ones like DevOps. They can then achieve continuous delivery with continuous operations, optimizing operations to unimaginable levels.
So, is the cloud for you?
If you plan to make the shift to the cloud, here are a few tips for you:
Establish a clear governance structure for cloud computing.
Define who inside and outside of your IT function should be involved in making cloud decisions.
Inspect what you expect
Because all your service agreements will be greatly reliant on third parties, choosing a service provider that meets SLAs is important.
Keep your cloud efforts on track
Cloud computing requires a lot of focused thinking, planning and follow-ups. Understand that it’s a journey you need to be on for more long-term business goals.
Provide the necessary support
Financial and technical support aside, you might also need to set up a cloud program office or a community to develop/build skills.
Set the standards for success
Make sure that the goals and deliverables are well understood, and projects aligned with business needs.
Is sky the limit with cloud computing?
It really isn’t.
Although we are still early in the timeline of cloud computing, insurance companies have a big opportunity to get into the stream and realize its massive benefits.
Cloud computing is a force that is both, transformational and disruptive. That is why there’s a need for insurance companies to develop a plan to develop a module that embeds cloud computing in their IT strategies.
This is where we come in. Migration to the cloud is a journey, but we at Intellect SEEC can accompany you every step of the way.
Learn more about our cloud transition plan.
Industries all over the world have faced a digital renaissance. Companies like Amazon and Uber have grabbed the markets with amazing user interfaces (UI) and bespoke user experiences (UX), pushing them to the top of their game.
Now imagine a world where insurance is effortless, something that tirelessly works in the background, while you enjoy your everyday life. A world where insurance is easy, but most importantly, a world where insurance is not intimidating. How do we ensure that?
Insurance, say hello to Advanced User Experience!
Is now the right time?
Until now, the actual user has not been given the required importance in digital strategy planning. But responsive design has flourished over the past few years, giving birth to a new era of device friendliness. The web, as a whole has experienced a shift in consciousness. Online services have become easier to use, apps have become more intuitive to navigate, and products have been even more delightful and engaging to interact with (because this isn’t an episode of Black Mirror).
While a visually attractive user interface might be important, customers would rather get the right information delivered to them at the right time and through the right channel – whether they are researching, purchasing or servicing. Some work has been done by many insurers on customer journeys and persona mapping, but the true marriage of big data, deep learning technologies and behavioral analytics for a ‘here and now’ experience has not been successfully achieved by most.
The influence of the retail industry is on every user – customer, home office staff and the field force. Users expect a ‘data-driven’, ‘contextual’ and ‘simple’ experience at the right time, at the right place and through the right medium. Insurers are realizing that true digital transformation not only takes into account the end customer experience but also requires an inclusive strategy for talent attraction and retention.
In most of the current environments, field force often struggle to find the right data in CRM and other systems of record, let alone utilize it quickly and effortlessly. Meanwhile, insurers are burdened with business silos, disparate technologies, form-driven user interfaces and limited analytics that keep their user experience in the dark ages. ‘Keeping the lights on’ still takes priority, time and resources, hindering insurers’ ability to strategize and optimally implement transformative technologies to support business growth and sustain their competitive edge. Therefore, the need for digital transformation driven by design thinking is at an all-time high!
Let the transformation begin!
According to Gartner, artificial intelligence will be a mainstream customer experience investment in the next couple of years. 47% of organizations will use chatbots for customer care and 40% will deploy virtual assistants.
Basic chatbots are a thing of the past. Can they sense the user sentiment in real time? No. Are they smart enough to understand complex insurance and wealth management terms contextual to the user? No. Are they capable of interjecting a home office staff in the process when necessary, while keeping the customer engaged in conversation? No. Are they capable of understanding drop patterns and immediately engage retention strategies? No.
Conversational platforms with natural language processing and deep learning algorithms are opening the doors to the next generation of virtual assistants. Domain-trained chatbots (type, click or voice), with intrinsic abilities to analyze customer sentiments in real time while funneling intelligence about the customers holistic portfolio and suitability make way for the new age customer experience. This is current conversational technology at its best, because it’s intuitive and empathetic.
In the next three to five years, interactive and immersive technologies (mixed reality) embedded into business operations will be a disruptive norm. Other forms of virtual assistants such as Robotic Process Automation (RPA) have proven to reduce operating costs, enabling key resources to focus on complex scenarios and providing a way to scale without additional cost. When implemented with the right supporting technologies, RPA exceeds expectations by accurately deciphering structured and unstructured information contextually.
Let advanced technologies do all the heavy lifting. The end result?
We find ourselves with insurance that’s less intimidating, and more accessible – as we steer to a brighter future. A future where filing a claim doesn’t take longer than a voice request or a single click and agents have deep insights to better manage and grow their books of business. A future where user experience is all about the finer details, where exploring the virtual canvas is the norm, and where simple day-to-day experiences inspire, engage and excite users in new and unexplored ways.
As we spearhead into 2018, it becomes important for us to stay ahead of this digital transformation wave, because staying put is no longer an option!
With Intellect SEEC, insurance companies get the chance to say hello to ML-based interactive technologies, smart automation software and low (or no) code app development as an opportunity to kick start their operations, create an amazing user experience for their customers, AND give their staff the essential tools to make the process as seamless as possible. That’s three birds with one stone.
But wait a minute, that’s not it. Our native cloud application means you can ‘Configure Per Need’ to make our software your own, quickly and cost effectively. You can evolve it over time, no matter how end user technology or the industry evolves. Here, you get your ‘intelligence’ in packets, and you decide how you want to optimize it.
According to Bureau of Labor Statistics, in 2015, 4,836 American workers  went to work and did not come home. The Safety Compass, a company that’s pioneering workplace safety technology is all set to change this.
Adam Poole, the Founder, and CEO of The Safety Compass
Adam Poole, the Founder and CEO of The Safety Compass, himself sustained a significant injury when he was working as a motor mechanic. He knows firsthand the toll a workplace hazard takes on an individual and the family. The passion and energy Adam and the team at Safety Compass have toward workplace safety is palpable. Intellect SEEC partnered with The Safety Compass in 2017 to provide access to workplace safety data for our clients. We believe that as workplace safety becomes increasingly preventative, workers’ compensation insurance too will change dramatically. By rewarding safety data with lower premium prices, insurers have an opportunity to prevent workplace accidents and save increasing number of lives.
Adam shares his vision with us to create a world where everyone comes home from work. In our discussion with Adam, we dive in to understand how technologies as novel as augmented reality (AR) and as familiar as the smartphone are making workplaces safer.
Intellect Exchange: Tell us about the inspiration for The Safety Compass Adam: Despite complex health and safety management systems, audits, inspections, training, inductions, safe operating procedures and many other forms of information people still go to work and sustain injuries. And workplace injuries are traumatic by nature—lacerations, crush injuries and being hit by moving objects are common. In the U.S., no less, private industry particularly, nonfatal occupational injury and illness incidence rate is 2.9 cases per 100 full-time workers!  And the United Nations states that a safe place to work is a fundamental human right, so what are we doing to help in this space?
The Safety Compass is designed and built for people at the frontline—people operating chemical plants, people working on railroads, people providing power to cities and neighborhoods, people everywhere! It provides the link between the complex systems used to manage risk at the conceptual level and the people who are actually at risk. It gives context to the information by breaking it into bite-sized pieces and giving it to people when and where they need it the most.
Safety Compass was one of the first products to use augmented reality to keep people safe. We custom built an AR platform and tested it on oil fields in southern Iraq, wind farms off the coast of Denmark, and manufacturing sites all over North America. Using existing hardware – our smartphones – we launched a product that’s as easy to use as holding your phone up to a work area.
“Managing workplace safety is as easy as holding up the phone to a work area”
Intellect Exchange: What are the opportunities to collect different types of hazard information in a manufacturing company?
Adam: Hazard identification and management already occurs in many manufacturing environments, we’re making the access tvvo that detailed information much more accessible for those people at risk – frontline workers – and allowing hazard information to be almost crowdsourced using smartphones. Hazard information can include specific mac hinery information via our beacon integration, energy sources and their operation or site wide risks such as chemical storage areas or areas with noise restrictions. The Safety Compass app is customizable to an individual site, so the amount of data you can engage with is huge.
Intellect Exchange: What kind of results have you seen with The Safety Compass app?
Adam: We’ve seen that The Safety Compass can be deployed almost anywhere, from wind farms in the North Sea to restaurants in New York. We’re looking at how people engage with safety information via our analytics engine, and we can see that people are logging into Safety Compass, adding hazards, viewing hazard detail and acknowledging the information presented most of the time. We have seen some gaps between the number of hazards viewed and the number of hazards acknowledged so it’s very easy to set a baseline for improvement in these situations. We are working toward improving workers’ engagement with hazard information, which consequently reduces the number of workplace injuries.
Intellect Exchange: AR is currently a novelty. How can you put this technology in the hands of real workers and make them safe?
Adam: We have always had the people working on the frontline in mind, so a lot of research and experimentation goes into the design and functionality of Safety Compass’ features to ensure they have suitable use in the field. Part of our research has been the identification of additional features our audience would like to see, so research and development is an ongoing practice. We’ve already made enhancements to Safety Compass based on direct input from frontline workers. By using smartphone hardware, we can also deploy at scale anywhere in the world to reduce the barriers of hardware accessibility and cost.
Intellect Exchange: How are new AR technologies/SDK making the user experience better?
Adam: We built Safety Compass from scratch, and there have been restrictions in the types of devices you could use as additional sensors were needed in the hardware itself. The accuracy of GPS information has also been an issue on a case by case basis – we use assisted GPS and have recently integrated beacon hardware to alleviate this but it took a lot of work!
As a term, wearable technology indicates microcomputers that can be comfortably carried as a part of our clothing or as an accessory. Did you know wearable tech was used as early as the 17th century? Developed in China, Abacus Rings allowed wearers to accomplish complex mathematical tasks.
Today, Apple smartwatches are being flaunted as a style statement, but in fact, they are defining the way we interact with ourselves and the world around us.
Corporates in the health, fitness and insurance industry are waking up to the massive potential of wearable tech and its positive impact on life and general insurance premium.
A real game-changer for insurance
Insurance companies such as AXA, Esurance, Phoenix and John Hancock have introduced wearable technology for their customers. The tribe sure is growing. In this light, we examine how wearables are impacting insurance.
Prevention over reaction
A good number of diseases of the modern world—diabetes, hypertension, sleep apnea, etc. are associated with well, the modern lifestyle. These can be managed or prevented altogether with appropriate diet and exercise. Over the last couple of years, consumers have become savvy of measuring different aspects of their lifestyles including food intake, workout regimen and sleep quality to be able to make suitable modifications.
Few insurers are experimenting on the fringe to adopt consumer-generated wearables data by incentivizing insureds who are making changes in their physical activity and nutrition levels, thereby improving their own health. A celebratory trend, no doubt. However, it needs a greater push, so that wearables data becomes as mainstream if not more as data from upfront forms and cursory blood-urine tests.
Upfront vs. Continuous learning
Presently, a majority of the data insurers collect from their customers is through static forms prior to issuing the policies. Either these forms are still paper-based, or are digitized ‘as-is’ with no intelligence built into them in. They are every bit as tedious and user unfriendly as their paper equivalents.
The other significant learning about the customers is through perfunctory blood-urine tests, the results of which are indeterminate as there are too many handlers between the collection of samples and the final analysis. Plus, some of the advanced tests required in certain cases can be invasive.
This is no endorsement to replace existing methods of collecting data with wearables altogether (there is a lacking as of now in terms of data validity). However, wearables combined with direct-to-consumer genetic tests will give rise to a robust data framework in the near future. When insurers start using wearables data, not only do they get a head start in using a dynamic form of data, but they also get more opportunities to learn about their insureds throughout the policy lifecycle. Carriers can dynamically adjust premium as per the real-time picture of an individual’s health.
Corporates to go all in
An all-around healthy employee is a happy employee and corporates know this. What with an increasing number of them taking workplace satisfaction surveys seriously?
But here’s the surprise. Insurers, not employers are better placed to enable wellness initiatives. Imagine a wellness program driven by an insurer at the behest of a corporate. The insurance company can start the employees off with a non-invasive annual health test and a wearable device to monitor progress on test results in real-time. The non-invasive health tests can even be a pro-active test like higi—simple and accessible where users’ vital signs are captured on their own initiative and can even be shared on social media.
Wellness presents an opportunity like never before for insurers to build their brand loyalty in a market that is highly commoditized and fragmented. It also allows for products to be bundled together. For example, offering customers a hybrid option of life and health insurance policy.
How trustworthy is wearables data?
Even as wearables track gym attendance and workout routines, there are always the odd customers who game the system. For these cases, appropriate measures need to be put in place. For example, in addition to tracking wearables data, customers can be incentivized with grocery coupons and the supermarket data can be tracked in correlation with gym attendance data. The degree of accuracy increases when private data from wearable apps and devices is intersected with data such as weather data, geographic data, data from social media, etc.
The triangulation of the different data sets will not only help curb instances of fraud, but also help determine the rewards and benefits a deserving customer has to get.
Ensuring data privacy
When it comes to confidential health data, privacy needs to be completely accounted for. Insurance companies need to be transparent in their data management practices. They need to assure customers that unauthorized disclosures about their lives will not be made. There has to be a clear procedure to opt out of the program if a customer feels uncomfortable in it.
Then, of course, insurers need to ensure compliance with Health Insurance Portability and Accountability Act (HIPAA) in the US. We have to bear in mind that HIPAA regulates certain types of organizations that hold the data, not the ‘data’ itself. The act does not apply to life insurers as they are not covered entities.
It’s a data game, now make your move
It’s increasingly difficult for the laggard insurance systems to adapt to this exponential tech landscape as compared to new-age startups that are more nimble and cost-effective. Asking the right questions right now can help one tide over this dynamic tech shift.
Your action plan
- Create a holistic data strategy.
- In tandem with hiring data scientists, invest in a solid data aggregation platform.
- Make sure that the platform is scalable to accommodate not just today’s data sources but future sources as well.
- By 2020, you will have 44ZB of data at your disposal, so it’s imperative to deploy AI to scan such massive amounts of data, match, validate and flag risks within seconds.
- Rather than investing in a four-year plan of implementing a core system that is already outdated when fully implemented, moving to a cloud-native system will save valuable time, money and energy. In addition to 99.99% availability and speeding up time to market by tenfold, companies have reduced their IT costs by 60% and reduced IT management time by 85%.
The wearables are ready to talk, make sure you’ve got the right strategy to listen in and action on all that chatter.
Stuff of dreams just got real in 2017. AI bots invented their own language, large corporations revived the Space Race of yesteryears with their plans for crewed and robotic missions, consumers welcomed home voice assistants letting them listen in to their entire lives! DIYers have a new power tool – the 3-D printer.
Technology truly rode the Xponential curve this year, and insurance will soon have to come face-to-face with many of the potential implications. At Intellect SEEC, we’ve been up to some pretty cool stuff to help you tackle them.
Here’s to 2018.
While the paradigms shifted, we were busy making Xponential the new normal in insurance.
Insurance that’s agile: From a cold-start to a full self-service portal, we digitally transformed one of the world’s largest insurers (with by far the largest customer and agent base) in just 9 months.
Insurance should be about safety and loss avoidance: We teamed up with folks at The Safety Compass to make workplaces safer with IoT and augmented reality. What’s in it for insurance? Fewer accidents, less risk and a healthy book of business.
Insurance that’s immediate: We started working with some of the world’s largest and most sophisticated carriers to make SME direct insurance a reality through real-time data enrichment using unstructured sources.
What’s not to like about precise and effective underwriting: We transformed commercial underwriting by deploying business-specific data validation and underwriting alerts at major carriers and achieved 3%+ loss ratio reduction within months.
A world of good customer engagement: We used ML based NLP to power conversational UI for hairy insurance transactions. So your customers can go, ‘Alexa, compare the premium prices for my house.’
Getting the foundations right: We launched the industry’s first-ever ‘Ubiquitous Insurance Platform’ with a string of firsts. It’s the first cloud-native platform in insurance, first to leverage unstructured data and ML, gives insurers the ability to build their own apps, and is first out-of-the-box with 10 complete pre and post issue applications for both Life and Pamp;C.
Big or not, good technology is for all: We enabled some of the largest insurers in the world, and launched digital transformation programs for some of the small carriers in the US. We delivered the same technology sophistication and functional footprint for companies of all sizes.
Setting new benchmarks for agility and cost efficiency: Amazon Web Services, the gold standard for the technology industry profiled us as a case study for building cloud-native applications and for delivering extreme efficiency and technical advancement.
Spreading our wings, going beyond insurance: Historically, insurance has been considered a laggard in adopting technology. And here we are, exporting technology incubated for insurance into domains as diverse as banking, wealth management and even media.
Spreading the fire of insurtech revolution: Being the InsurTech zealots that we are, this year saw us hosting 3 events of our own, speaking on the use of AI and ML in insurance at 10+ events, and enabling multiple startup InsurTech entrepreneurs.
Building momentum, multiple new clients across 3 continents: Of what use is building new technology if clients don’t want it. We are thrilled that within the last 7 months we have already signed on 7 new clients on the new cloud-native platform across the us, Canada and Europe!
Keep them awards coming: In the last 7 months, we have won 4 prestigious industry awards and were featured in multiple analyst reports and leading global insurance publications. What an honor!
Few weeks ago on LinkedIn, a post of ours gave rise to a heated debate among insurance professionals. All that the post said was, ‘Yelp will soon be used as one of the major sources of data for underwriting’.
Insurance experts chipped in to say how bots have taken over the reviews on Yelp and fake reviews and ratings run rife across most of the social sites. They had a point – ‘How can big data sources be credible?’.
The other day, we even chanced upon this video that shows you five different ways in which you can manipulate wearables data! An insurer’s nightmare.
Small wonder then that insurers are wary of big data sources as their numbers continue to grow phenomenally.
What if all of big data is wrong?
Fake reviews in social media sites and instances of jailbreaks of devices are no reason to avoid using big data in insurance. Because fraudsters always slither into any system.
Data scientists and big data engineers are known to swear by ‘Veracity’ of big data. And for this reason insist of cleaning data sets. However, with streaming big data, the longer you wait to clean the data, the more quickly it decays.
Instead of donning hand gloves and masks to clean and sanitize data, a better way to ensure its credibility is to assume that all of it is wrong! Yes, that’s right, assume that all of the big data you are working with is infected and work backwards from there.
Essentially, your focus is NOT on establishing a single source of truth, but rather on identifying those strains of truth which are likely present in the data by using a method called triangulation. To illustrate further, just because you trust revenue from source A, does not mean you should trust employee count from the same source.
As a term, triangulation has its origins in qualitative research. And, in the context of big data, it is used to verify the accuracy of a data source by corroborating it with two similar or disparate elements.
And of course, in the case of big data, triangulation can only be implemented with a machine learning algorithm. Machines alone can handle the volume and complexity of the data, and become smarter over time.
Examples of data triangulation include:
Fixing a bad address by verifying the data from static forms with addresses found on social media, news websites and GPS data.
Revealing the safety practices of a manufacturing company using data sources such as Enforcement and Compliance History Online (ECHO), news mentions in Google, independent third party data sources such as HazardHub.
Detecting red flags in leadership of businesses by using a combination of sources—social media such as Glassdoor, news websites and paid sources such as Damp;B.
Uncovering financial irregularities of a risk with the help of Paydex sources, review websites and news mentions.
How can you rest assured (well, relatively) with triangulated big data?
- Ensure the bedrocks of underwriting are solid: To start from the fundamentals, you will have to ensure that all the data for your base rates for risks are correct. This includes simple validations that need to be performed on full-time equivalent (FTE), insured location (we have seen latitude/longitude being off by even 100 miles), SIC/NAIC codes, year founded, who the directors are of the company, etc. The problem however is that they are off systematically by 15-20% based on the books we have run. So, before even trying to get an edge on unstructured data, the basics of triangulation can help you straight away.
- Confirm loyal customers and reward them: Insurance has been notorious when it comes to rewarding loyal customers. With the use of big data that has been verified over time, repeat customers can finally get their dues.
- Establishes a culture of evidence and enables transparency with customers: The current underwriting and claims payout mechanism are mired in a lot of manual verifications and involves blind faith on the part of customers as well as insurers. By using reliable big data, insurers can procure evidence in a non-invasive manner and enable a better customer experience.
To truly experience triangulation, get on to Intellect Risk Analyst today.
During the fall launch of Apple’s products this year, iPhone X with its Face ID and Animoji features dominated the presentation, leaving very little spotlight for the truly revolutionary ARKit, an API that allows third-party developers to build augmented reality (AR) apps.
Launched as a part of iOS 11, ARKit brings three major capabilities of augmented reality to the world: user motion tracking, plane detection, and light estimation. Combined with TrueDepth Camera built into the iPhone X, ARKit promises to be the perfect springboard for wider market adoption of AR.
We see two significant ways in which insurance can be transformed by this development.
Finding Pokemons at Workplaces and Making Them Safer
Conventional workplace safety management involves maintaining registries and conducting a cursory safety audit. This reactive approach has not reduced the risk exposure of insurers, and has consequently not improved loss ratios. Importantly, the number of fatalities have not come down.
By using AR in a factory environment, equipment and machinery can be overlaid with labels and captions helpful to a worker. The AR object can recall and retain the coordinates and light information of the environment. Few examples include identifying if gas valves are working, the last operated time of industrial machines, last maintenance date, power consumption information, etc.
AR overlays user’s reality with helpful captions and labels. Image courtesy: The Safety Compass
The combination of IoT devices and AR will help prevent losses, and insurers will have to reduce premium for the proactivity displayed by workplaces. The lowering of premium will be offset by lower expenses in hiring third-party safety auditors and lower claims, leading to a better underwriting profit.
Also read: How IoT, AR and machine learning will transform worker’s compensation?
TrueDepth – not just for Snapchat Stories, for insurance claims too
The current claims process is mired with paperwork and the only technology boost it got was the digitization of forms, and to some extent the use of chatbots in settlements. A far cry from real transformation.
Imagine this – when an insured reports at the first-notice-of-loss, the TrueDepth camera records the facial features with greater accuracy than any camera available in a smartphone today. Within a short period of time, insurers can accumulate a huge volume of high quality training data that can be fed into machine learning. Eventually the training set will make the machine capable of fraud checks.
Despite having more access to customer data than ever before, insurers remain stuck in the past. To thrive in today’s big data-driven marketplace, legacy insurers must digitally transform their operations.
Here’s a look at the five steps that will help carriers transform their operations.
Pranav Pasricha, CEO, Intellect SEEC presented a talk at NAMIC Annual Convention, 2017. The talk was focused on how incremental changes can never bring about a transformation in the insurance industry. Pranav argues that smart machines, new paradigms, non-traditional competition and non-traditional talent will cause disruption.