
Changing Insurance with Next-Generation Technology
The proliferation of big data in the insurance industry has transformed the dynamics of formulating policies that would help businesses prosper. Actuarial calculations are being done by analyzing the data sources--making them more accurate and responsive. Moreover, big data provides reports on weather, transport strategies, the introduction of new technology, and other vital information from countless sensors and tracking bots, which can be leveraged by the insurance industry to investigate claims during a disaster. These data are leveraged by insurance companies to assess the real-time risk associated with the dynamic industrial environment.
Check This Out: Top 10 InsurTech Startups
Moreover, insurance companies are applying data analytics to decipher the structured and unstructured data updated every second to predict the future, detect negative or positive anomalies as well as trends in the market. Machine learning is being introduced in the insurance landscape to automate the analytics and form an algorithm that will navigate properly through these new sets of data.
Artificial Intelligence, deep learning, neural networking, and machine learning would make data mining easier for insurance industries. These new technologies will transform insurance investigations by implementing a far more agile and accuracy focused system. Additionally, predictive analytics and machine learning can be used to determine customer expectations and drive the individual satisfaction rate to its optimum. Giving in to the growing tide of data, insurance companies have to constantly update and enhance their analytics system to mine data beyond reporting and stay competitive in the market.
See Also: Top Insurance Technology Companies
ON THE DECK
Featured Vendors
Claim Connect IQ: A Digital Marketplace that Connects Insurance Professionals with the Best Service Providers
FastTrack Disability Risk Management Solutions & Services: Robotics Driven Claims Adjudication Processes
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
