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Guest blog with Microsoft's Srikanth Madani: EMEA insurers have their heads in the cloud, and that's a good thing
In this blog, Srikanth Chander Madani, Industry Advocate, Worldwide Financial Services, Microsoft Corporation, shines a spotlight on the cloud migration trend among EMEA insurers, and the key factors shaping their technology demands in 2023.
Customer retention: Mind the gap
Acquiring a new customer is between five and 25 times more expensive than retaining an existing one. Within insurance, the average customer retention rate is just 84%.
The bottom line on prescriptive analytics
Insurers will need to leverage data-driven insights to augment human intelligence to deliver superior business outcomes across various functions including pricing, claims and underwriting.
How can insurance providers gain more flood risk insight?
Analysis by the Environment Agency indicates that there could be a large increase - of up to 50% - in the number of houses built on flood plains over the next 50 years.
Eight ways to improve claims processes and handling
Even the smallest of inefficiencies within an insurance company’s claims process can jeopardise the customer relationship, which is why it’s imperative that insurers dedicate themselves to improving the claims process and handling.
Data insights into rising climate risk and climate scenarios
Evidence is mounting that the insurance industry will soon need to reshape its business models in response to climate change, but only a few stakeholders have taken meaningful action.
Seven insurance technology trends that will transform the P&C industry in 2023
The development and implementation of new insurance solutions in the P&C insurance industry are already well underway in 2023.
Insurance challenges creating the frictionless customer experience in the real world
The difference between insurance and assurance provides a useful illustration about insurance and peace of mind in today’s digital world.
Future of insurance claims is a 'data first' approach
There is little doubt the insurance industry will need to adopt a ‘data first’ approach to provide effective claims management processes in the future.
Five key KPIs in insurance fraud detection and why you should be tracking them
Preventing, detecting and recovering payments on fraudulent claims are key objectives for SIU teams.
Breaking the barriers to insurance innovation
Insurance continues to push for modernisation and innovation but meeting the customer’s continually rising expectations for a seamless digital experience is no easy task.
Embedded insurance: Are insurers ready for a new business model?
Embedded insurance offers the potential of a rich seam of new business and lower-cost distribution. But, as a recent roundtable revealed, insurers are still figuring out how to get comfortable with their new partners.
Embedded insurance and cyber security
Embedded insurance is a hot topic in many insurer boardrooms across EMEA for all the right reasons. However, it is remiss to consider exploring embedded insurance innovations without considering security risks.
Evolving from systems of record to systems of insight and action
According to a recent study by McKinsey, “insurance market shapers,” those who boldly innovate, create significantly more economic value than their peers.
New data sources to enrich the insurance claims experience
Customer data management and identity solutions have emerged to allow insurance providers to process claims quicker from verified parties while adding appropriate review processes for high-risk claims.
Four questions with Marc Jones, CTO, Shift Technology
In this Q&A, Marc Jones, chief technology officer at Shift Technology, discusses the biggest challenges and opportunities facing insurers, and how machine learning and artificial intelligence is enabling insurers to derive insights from data in order to…
IoT drives innovation in insurance
The number of IoT connected devices is expected to increase to over one trillion devices by 2025, providing an enormous data set for insurance analysis.
Misstatements and errors: Opportunistic home insurance claims fraud adds up to millions
Two-thirds of home insurance consumers think it is somewhat, or completely acceptable to manipulate the information they provide to price comparison sites to keep prices down.
Embedded insurance meets pet insurance: What's the potential?
Embedded insurance has scope across different insurance lines and pet insurance has been identified as a market in need of a radical shake-up.
Alternative ways to resolve tenancy disputes
Alternative dispute resolution has been on something of a rollercoaster ride in recent years. While formal mediation meetings come first to mind, numerous ADR mechanisms have been developed to suit different legal processes.
How can data enrich the property claims journey from FNOL to payments?
A recent roundtable hosted by Insurance Post in association with LexisNexis Risk Solutions saw an expert panel discuss how data enrichment can be used from a post-loss perspective and what this change could mean for the future of property claims.
How can data enrich the motor claims journey from FNOL to payments?
Insurance Post in association with LexisNexis Risk Solutions gathered an expert panel to discuss how motor insurers can leverage data to improve the customer journey post-loss, improve efficiency and, ultimately, create a seamless claims process.
Digital claims - how can insurers best reap the benefits of digital claims for customers?
Digital claims processing offers significant benefits for insurers and policyholders.
Christmas party tips for employers
2022 seems to be seeing the return to festive partying that the hospitality sector so desperately needs. This content provides Christmas party guidance for employers and highlights the importance of taking a few sensible precautions.