Break-in Period in Vehicle Insurance
Your vehicle is not just a mode of transportation; it’s an essential part of your life. So, it is extremely important to know what break-in periods are and why to avoid that from happening. Understanding Vehicle Break-In Insurance Break-in period is the time gap between the last date for renewal of car insurance and […]
Streamlining the Insurance Claims : A Guide
In the complex world of insurance, efficient claims processing is essential for customer satisfaction, cost savings, and maintaining a competitive edge. Streamlining the insurance claims lifecycle involves optimizing processes, leveraging technology, and fostering collaboration across departments. In this guide, we will explore actionable steps to enhance the efficiency of your insurance claims lifecycle. Embrace […]
Unveiling MACH Architecture: Empowering the Future of Digital Solutions
In this rapidly evolving digital landscape, businesses are constantly seeking innovative ways to deliver seamless, scalable, and flexible digital experiences. Enter the MACH architecture – a groundbreaking approach that revolutionizes how applications are designed, developed, and deployed. In this comprehensive blog, we’ll dive deep into the world of MACH, exploring its core principles and how […]
5 Effective Ways to Improve Claims Processing
In the dynamic world of insurance and healthcare, claims processing plays a vital role in ensuring smooth interactions between providers, insurers, and policyholders. Efficient claims processing not only benefits customers but also enhances the overall operational efficiency of organizations. Let’s explore five effective ways to improve claims processing, leading to faster turnaround times, reduced errors, […]
What Is Policy Management System: Why Your Business Needs It
In this rapidly evolving insurance business landscape, staying compliant with industry regulations and internal policies is vital for every organization’s success. The increasing complexity of insurance policies, from HR guidelines to safety protocols and data security measures, demands an efficient and streamlined approach to policy management. Enter the Policy Management System (PMS) – a supreme […]
How Legacy Systems are Holding Back Insurers?
A great number of insurers are operating on antiquated legacy systems characterized by outdated technology stacks and neglected architecture. While a few national insurance companies have adopted the direct-to-consumer approach, a significant portion of insurers either haven’t initiated the modernization process or face uncertainty regarding the initial steps. As time goes by, they encounter increasing […]
5 Ways in which InsurTech Creates Cost Saving Opportunity
Insurtech is pivotal due to its potential to enhance customer experiences, drive cost savings, improve risk assessment, combat fraud, foster innovation, expand market access, and facilitate industry collaboration. By leveraging technology, insurtech provides convenient digital platforms and personalized services, reducing administrative costs, streamlining operations, and optimizing pricing models. It has the capacity to harnesses advanced […]
The Role of APIs in the Digitalization of Insurance Companies
The Insurance sector is truly dynamic, and thus the insurance companies are on a constant mission to untangle legacy systems. In order to go “beyond”, there is a necessity for a digitalization of the industry to maintain its pace with the changing customer expectations. Along with that it is important to keep in mind that […]
What is NO-Code Insurance Software
It is safe to say that tech advancements have been a boon to the Insurance industry. However, an over-dependency on digitalization can create backlogs. Excessive reliance on technology might sometimes reduce flexibility, especially when there is a lack digital assets. No-code insurance platform allows software companies and non-technical companies to create apps and automate workflow […]
How is Cloud Technology Transforming Insurance Industry
The surge in digital transformation, digital interactions, digital tools, has made technology an all important element in this competitive world of insurers. Cloud, in that context, has come to the fore as a leading constituent in the insurance industry. It is THE opportunity for leading insurers who want to serve their customers faster, better and […]
Trends in Insurance Claims Management: Know Everything About It.
Insurance claim management is the procedure in which an insurance carrier takes the responsibility to ensure they are paying claims in accordance with rules and regulations. They make sure to resolve disputed claims quickly and make the payments swift. Insurance claims management solutions therefore help manage claims process more efficiently. These solutions automate various aspects […]
How Insurtech helping the Insurance companies?
Insurtech refers to technological advancements created and implemented in the existing insurance industry. It helps in a different kind of formation, distribution, administering insurance businesses and cater to insurance companies. With the changing demands from customers, the insurtech market ventures into the disruptive and innovative distribution and creation of technology. 5 Ways in which […]
InsurTech & its Contribution towards Insurance Companies
The InsurTech industry is postulated on the sole belief that the insurance industry is all ready for upheaval. it is exploring different routes in this dynamic market and creating waves. The new companies have come up with new and customized policies and offerings, digitalized assistance, and internet enabled devices in the insurtech industry. Insurtech works […]
Benefits of Health Insurance
Health insurance is a type of insurance that cover medical expenses which occurs during illness. These expenses might include hospitalization costs, consultation fees, operational costs, and medicines. With a rapid growth in costs of healthcare sector, expensive treatments are inevitable. Therefore, it is always a good idea to purchase a health insurance to attenuate these […]
Challenges in the Insurance Broking Industry
“If you are not taking care of your customer, your competitor will” — Bob Hooey The insurance industry is ever flourishing. In this dynamic sector, constant change is an unwavering part of the same. With huge technological advancements leading to workflow inefficiency for businesses who cannot grasp the concept, changing customer expectations, uncertainty in the market […]
How to become an Insurance Broker
The term “Insurance” holds great value in this fueled economy. To simply put it out there, Insurance is a legal agreement which is created between two parties – the insurance company (insurer) and an individual (insured). This legal contract declares that an individual or a company receives financial protection or reimbursement of damages from the […]
Digital Insurance: Simplifying the Value Chain
The InsurTech have constantly been evolving towards digital insurance platform to becoming a steadfast place. However, the COVID-19 pandemic, as tricky as it was to get through, accelerated the change and renewed many industries. The insurance industry is one of the industries which was swept by changes and transformed itself digitally. New landscape forced the […]
A Hyper-Personalization in the Insurance Industry
Personalization is important for insurance companies to improve their customer service, retain existing customers and acquire new ones. In the modern world, the extent of personalization is reaching new levels leading to hyper-personalization products and services. It is true for all industries and the insurance industry is no exception. In the current market scenario, customers […]
Adapting to the Post-Pandemic World for Insurance Brokers
With the vaccination drives around across the globe, the world is nearly at the end of the pandemic. During the pandemic, however, it seemed very difficult for all industries to cope. The insurance brokers industry was also in an unpredictable landscape. However, with recent developments, the insurance industry is expected to recover faster than […]
The Embedded Insurance Transforming Insurance Industry
Lately, embedded insurance has become the industry buzzword. More than mere jargon, the concept is changing the dynamics of the insurance landscape around the world. In the financial market in general, there is a high demand for embedded finance and the insurance industry has also caught up. Insurtech companies are increasingly tuning into embedded insurance […]
Bancassurance – Ways to Win & Retain Customers
Bancassurance has allowed banks to expand their portfolio in addition to enabling insurance companies to increase their reach. Today, customers too prefer a consolidation and delivery of all financial services at their fingertips. Banks that place the highest priority on customer service and satisfaction have a competitive edge. So, it’s no surprise that many banks […]
How Will a Good Insurance Broker Software Set You Apart?
Today’s digital innovations have significantly changed the Indian insurance landscape, this has not left behind the insurance broker market. The drastic changes due to digitalization have changed how brokers interact with insurance companies and their customers. The market is particularly driven by the integration of IT Solutions and Analytics. As the role of insurance brokers […]
How SaaS transforming the Insurance Companies best?
SaaS technology has penetrated nearly all industries, across all strata of businesses. The SaaS industry has increased in size by around 500% over the past seven years. So, what is the role of SaaS in the insurance companies? Firstly, it enables insurance companies and intermediaries around the world to improve productivity and reduce cost of […]
Embedded Insurance – A Quick Guide to Understand
In the insurance industry today, embedded insurance is a new buzzword. It is one of the most important innovations bringing about growth and transformation in insurance distribution. The embedded technology is expected to grow steadily over the forecast period, recording a CAGR of 20.7% during 2022-2029. Meanwhile, embedded insurance is part of a broader movement called […]
How to Achieve Best Health Insurance Claims Experience?
The GCC health insurance market size reached US$ 7.2 Billion in 2021. In future, the market is expected to reach 11.1 billion USD by 2027, exhibiting a CAGR of 7.5% during 2022-2027. Given this growth rate, the degree of competition is only set to increase, and customer experience is becoming a key competitive differentiator. Nearly 60% of insurance […]
Should You Build or Buy Insurance Software?
In today’s rapidly growing insurance industry, an insurer will need to update to a flexible, scalable, and highly innovative digital system. While exploring new technology solutions, insurers always face one fundamental question. Is it better to buy an insurance software system or build a new one from scratch? This question applies to many types of […]
Simplifying Insurance Distribution: How to Reshape it?
The insurance industry is hundreds of years old. Ever since its inception it has been a complex yet steadily evolving industry. The field has come a long way in terms of technological advancements in the past few years. This progress has transformed the way insurance distribution in bidirectional. Presently, numerous advancements within Insurtech are reshaping […]
digital Insurance Distribution in Africa: Key Strategies
One of the key constraints when it comes to efficient insurance distribution in Africa is low digitalization. Typically, most insurers use manual processes for onboarding, engaging, and selling insurance to customers. Additionally, the use of legacy systems can result in a significantly high cost of delivery. About 45% of insurers and 44% of brokers stated […]
Top 4 Digital Insurance Industry Trends in 2023
In the past few years, implementing advanced technology has become an integral part of the insurance industry. Today, a customer can buy a preferred policy with only a few clicks on their mobile phones and paper insurance cards are becoming a thing of the past. The digital insurance industry trends are poised to become more advanced […]
How does Microservice Architecture Help Insurers?
Insurance carriers across the globe have started looking into the ways to adopt digital transformation. One way to look at digitalization of the microservice architecture space is through the structure that the domain runs on. Now, one way to look at the architecture that an insurance carrier wants to be built upon to meet […]
Best Way Insurers Benefit from Omnichannel Experience
Today, Omnichannel experience is no longer a tech word. It has become a reality of many industries that are catering to the instant gratification seeking millennial customers. The need for omnichannel in insurance is no different. A key finding of a Capgemini ‘World Insurance Report 2020’the digital divide between older populations and millennials is narrowing. […]
Launching a New Insurance Product? Know the Challenges
We are living in a time where exceptional customer experience become a mode of survival for different industries. Especially in the insurance industry while launching new insurance product. With businesses like Netflix and Amazon raising the consumer experience bar by providing services. Altogether that promise speed, convenience, and personalization, customers have started expecting the same […]
Ways Insurance Company Can Improve Claim Processing
In the low touch relationship that insurance companies and their customers continue to operate in claim processing. This hands-down one of the most important interactions. So, when the insurance company takes 1-2 business weeks – extend to 28 days or comes down to 5 business days. To process a claim, both the stakeholders suffer. Insurance […]
4 ways automation impacts insurance operations
The insurance domain has been slow to adopt to new innovations given the regulations to conduct the business on set principles, complexity of the insurance contracts and significant prevalence of ‘push’ rather than ‘pull’ in sales. The industry, however, is slowly opening itself to digitization and automation due to uber personal nature of customer interactions […]
InsurTech: Easy Insurance Process in Emerging Market
The insurers operating in developed nations are facing some serious challenges. The market is not growing any further, the insurance products have become stagnated, and the cost of customer satisfaction is rising. Meanwhile, these limitations have started pushing the InsurTech towards emerging markets. While the insurers in developing regions have been concentrating on risk management […]
Automated underwriting Insurance: Future of Underwriters
Having realized the need for efficiency and evolving customer expectations, most insurers have been moving steadily towards greater digitization. Automated underwriting insurance solutions with their potential to drive health of a business. It has also have become a key focus area for businesses transforming their IT infrastructure. Underwriting has always relied on human expertise. But […]
Insurance technologies transforming the industry trends
The current pandemic has been providing lessons that can help reshape the future of insurance. Consumers are re-evaluating how they manage their own risks and as a result, many carriers are competing on pricing. Providing competitive price to customer while keeping cost of operations under check. This has emerged as a struggle that many face […]
