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    Editor's Pick (1 - 4 of 8)
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    InsurTech and the Benefit to the Business

    Brendan Mills, CIO, nib Group

    Diverse Environment Presents Challenges, Opportunities

    Helen Attenborough, CIO, Asia Pacific & Latin America, QBE Insurance

    Establishing Trust from Business Stakeholders

    Ash Shah, Regional P&C CIO and Chief of Staff, AXA, Asia Region

    Reinventing Capabilities Across Insurance Value Chain

    Raymond J Oral, CIO, CNA Insurance

    Innovation challenges and the Insurance Broker

    John Petersen, CIO, Heffernan Insurance Brokers

    Technology as Key Driver for Reduced Insurance Cost

    Paul Brady, VP & CIO, Arbella Insurance Group

    Enterprise Mobility: Still Needs a Sound Business Case

    Henkten Bos, CIO, Ageas Insurance Company (Asia) Ltd

    Consumer Insight, Experimentation and Other Winning Strategies for the Insurance Disruption Game

    Louise Billmeyer, VP & CIO, Principal Financial Group

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    Insurers to Thrive Ahead with the Latest Insurtech Trends

    By Apac CIO Outlook | Tuesday, August 04, 2020
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    The insurance industry is all set to welcome a significant revolution as insurtech implementation enters a new stage.  

    FREMONT, CA: Dramatic tech-transformations are reshaping the insurance space by empowering the insurers with features such as enhanced pricing, higher operational efficiencies, and customer-centricity. There are several trends and tools that the insurance sector is well-aware of to address the ever-evolving consumer expectations. Here is a compilation of the latest insurtech trends.   

    Internet of Things (IoT)

    Many new cars have security technology built-in with semi-auto-driving options. More and more cars can interact with each other on the highway in the coming years to reduce traffic accidents and deaths. Some add-on devices enable insurers to gather and charge data about riding practices. Nearly $1.5 trillion of extra income could be produced by 2030 from on-demand mobility and data-driven services, according to McKinsey report.

    Check This Out: Top Insurtech Companies

    Use of Connected Technology

    A large number of vehicle insurance businesses will quickly be providing vehicle insurance based on usage. The mobile phone applications and other sensors will monitor how driving happens in a UBI scheme and calculate the price charged by the businesses accordingly. Along with more and safer for-driver discounts to avoid accidents, this usage-based insurance will also be impacted by when, where, and how you drive. It's not just established businesses that will profit from this trend as many startups are entering the UBI game.

    Tech-Empowered Insurance Agents

    Sensors, robots, algorithms, and machines are equipping modern insurers. The emerging innovative techniques will empower the insurance agent to serve their customers more effectively.

    The above developments show that the insurance sector can create a billion-dollar value. The key is to know how and when to use current and new techniques to unleash the essence of insurance technology to the fullest.

    See Also: Top Insurance technology Companies

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