The COVID-19 pandemic has affected everyone. Businesses, families, and individuals have all experienced the repercussions of the pandemic and considered what the role of insurance, ranging from business to health and life insurance, should be during this time.
I sat down with our very own Will Sellenraad, Insurance Principal, to understand the impact of the pandemic on the insurance industry and how insurance providers are dealing with the changes.
Listen to Jay Sarzen, Senior Analyst at Aite Group, and Will Sellenraad, Insurance Principal at Pyramid Solutions, to hear how P&C providers are using RPA to focus their claims departments more on customer interactions by automating necessary low value added tasks with RPA.
Technologies like digital applications for clients and other advanced forms of product delivery dramatically changed insurance industry standards in 2018. In 2019, insurance CIOs should be paying attention to additional technologies such as machine learning and blockchain.
Advancements in technology have allowed insurance CIOs to step back and look at the way the business is operating and how products are being delivered.
Just released today and the only one of its kind, Medical Extraction is clearing the way for life insurers and reinsurers to obtain accelerated underwriting programs by leveraging optical character recognition (OCR), natural language processing, AI and more.
“The pace of change has never been this fast before and it’ll never be this slow again.” This quote nails the impact technology is having in all industries as the digital revolution matures. Technological impacts and the pace of change does vary from one industry to another and many single out insurance for being slower and behind.
“The conservative reputation the industry enjoys has served to camouflage a tremendous track record of innovation.” – Deloitte | Despite its longstanding conservative, stoic persona the life insurance industry has always experienced innovation. The difference now is that insurance innovation has become the new face of the industry because of the adjective that’s been tacked on to it: disruptive.
Gambling and life insurance – a surprising yet oddly appropriate pair. That’s what I thought as I walked through The Bellagio doors on a sunny, April day in Las Vegas. I wasn’t there to play games of chance though – I was at the 2016 LIMRA Life Insurance Conference to learn about disruptive innovation examples in insurance and how Pyramid Solutions can help the industry with advanced case management and analytics – honestly.