Technology was a lifeline during the global pandemic, enabling new ways of working and doing business, creating new interactions and experiences and, I think it is safe to say, technology has forever changed expectations and behaviors across every industry.
This is the first of our new technology themed newsletters, in which we aim to bring you the latest updates in technology innovation in the insurance space.
Listen to a message from COVER’s editor and chief, Tony van Niekerk .
Creating a performance management culture
According to Martin Pieterse of Ellipsys Technologies, performance management needs to have clearly defined measurements that are transparent to the staff member, so that they can evaluate their own performance and adjust their behaviour so that the actual performance review is never a surprise.
Intelligent automation providing fresh opportunities for customer-centricity in insurance
The global intelligent process automation (IA) market is expected to top $14 billion by 2024. However, the insurance industry has, in some instances, been slow in reacting to the opportunities presented by the technology. Fortunately, the lockdown has contributed to a momentum shift with insurers realising they can no longer rely on traditional, paper-based processes. Instead, the focus has been on digitising as much data as possible, a critical step before any form of automation can be implemented.
The Insurance Tech Ecosystem
Technological advances in recent years have completely shifted the way insurance eco-systems operate. These systems can bring together insurers and UMAs in ways that weren’t possible before, giving them a whole new scope of opportunities. For the first time, you’re able to control and automate different functions across the ownership journey in a centralised way without running the risk of human error across the value chain, says Owls Software.
Unlocking the value of healthcare data with effective data management
Healthcare data has always been a target for cybercrime, but we have seen huge increases in attacks as a result of the pandemic. The data stored within the healthcare sector is more valuable than it has ever been, and the volumes have also increased dramatically. Best practices around data management are the only answer, with high availability, effective backups and disaster recovery forming the crux.
Exciting problems to solve in the innovation space
Premium collection is a crucial part of how we do business in the insurance industry, there are a lot of people involved and a lot of processes involved. In this article Ian Thompson, CEO of QSure, unpacks the premium collections environment and gives his take on innovation in the insurance industry in general.
July 2021 – Insuring the Wealthy: Why the focus?
We take a look at the broader insurance needs of the wealthy, the opportunities and challenges and our contributors comment on the specific needs of this segment and the best way to harvest the opportunities.
Be sure to read our High Net Worth feature in this months edition for more on the latest developments in this niche.
June 2021 – Construction & Engineering
The Construction segment of the industry, on all levels, usually signals the health of a countries economy and the prosperity of its people. The building of infrastructure is a key facilitator of economic growth. We can read so much into the activities that come out of it and protecting all stakeholders is crucial.
The associated risks for firms that undertake projects in this segment can be as sizeable as the civil, building and mechanical engineering projects themselves. The importance of having the correct insurance protection in place, should something unforeseen occur, can not be overstated enough.
Be sure to read our Construction and Engineering feature in this months edition for more on the latest developments in this sector.
After the Shock: Insurance in 2021 and Beyond
“There are moments in history that mark significant turning points for an industry. We are coming towards the end of one of those moments”, says Stephen Richardson, Market Consultant at SSP. COVER spoke to Stephen about their recently released whitepaper titled “After the Shock: Insurance in 2021 and Beyond”, which talks about the competitive advantages that lie within each segment of the insurance market and the high-level technology trends we are seeing in the market.
The art of partnering & collaboration in insurance technology
The days of all the technology and technology skills sitting inside insurers, are long over. And even the biggest of global insurers are moving more and more towards partnerships and collaborating with people that have very specific skills, that have markets, and that can provide them with access to markets. Andre’ Symes, MD Genasys Technologies UK, and collaboration expert, shared some secrets with us.
Every business a technology business
According to the Accenture Technology Vision 2021 , technology was a lifeline during the global pandemic – enabling new ways of working and doing business, creating new interactions and experiences, and improving health and safety. Technology forever changed expectations and behaviors and created entirely new realities across every industry.