To look through past editions, feel free to view our blog. This week we look at how insurance claims organizations are applying the benefits of AI, we’ll share some news related to acquisitions and partnership in the P&C ecosystem over the past few weeks, and highlight some key trends which are changing many facets of the Insurance Industry. Finally, we’ll finish it out with an article on counting the costs of Hurricane Laura.
1. How Insurers Are Applying AI
Strategy & Innovation
Claimatic Team
AI is everywhere. Insurers are piloting various AI projects, insurance technology vendors are building it into their solutions, many insurtech startups are 100% AI-powered and horizontal tech vendors are creating AI platforms that sit underneath it all. Insurers that haven’t experimented with AI yet are benefiting from the technology through third-party relationships, even if they don’t realize it. Unfortunately, the broad scope covered by the umbrella term “AI” can cause confusion for insurers — especially because some technology providers use this label to better position their offerings in the marketplace.
2. News from around the P&C insurance industry – Sept 2020
Strategy & Innovation
Claimatic Team
One, Inc acquired Invenger Technologies, Inc. including its flagship digital claims payment product, Invenger-InsurPay.
The CDI launched remote testing for license examinations.
CFC has expanded is suite of products with a fintech solution.
MGA Systems, Inc. has merged with NetRate Systems, Inc. to integrate their provider programs.
These stories and more throughout the industry are covered in the linked article
3. Key Trends Changing the Facets of the Insurance Industry
Technology & Preparedness
Claimatic Team
New-age Insurers are adopting new technologies like AI & ML to automate and simplify the processes for getting insurance or a claim. Some emerging insure tech companies are scrambling to simplify insurance processes to regain the customers trust. This article takes a closer look at the key trends in the industry.
4. Counting the cost of Hurricane Laura
Technology & Preparedness
Claimatic Team
The strongest hurricane to hit the northwestern Gulf Coast in over 160 years swept through parts of Louisiana and Texas on Thursday (Aug. 27), knocking out power to hundreds of thousands of residents and creating fears of what government officials described as an ‘unsurvivable’ storm surge. Hurricane Laura thundered onto the coast as a Category 4 storm and traveled inland, decimating the town of Lake Charles, where it blew down buildings, bent trees in half like they were twigs, and caused a fire at a chemical plant. It then continued its trip inland, where it left extensive wind damage and flooding in its wake. So far, six deaths have been attributed to the storm.
