online gambling singapore online gambling singapore online slot malaysia online slot malaysia mega888 malaysia slot gacor live casino malaysia online betting malaysia mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 THE INSURANCE INDUSTRY NEEDS TO ACCELERATE ITS DIGITIZATION

摘要: The lengthy and prone-to-failure communication between the provider, intermediary, and customer in the insurance industry makes the advancement of digitization a crucial debate.


The lengthy and prone-to-failure communication between the provider, intermediary, and customer in the insurance industry makes the advancement of digitization a crucial debate. In the German insurance market alone, more than 500 insurance companies and over 45,000 brokers are in operation.

The several branches are in charge of managing policies totaling 1.7 trillion euros. However, the insurance industry uses a lot more paper documents than almost any other industry.

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▲圖片來源:dataconomy

Long-term success is ensured through foresight and adaptability

Insurance firms can no longer limit themselves to handling and processing claims that have already happened. Long-term success is ensured through foresight and adaptability. Additionally, hackers and cyberattacks are increasingly focusing on the massive volumes of data gathered. And the insurance industry is not the only one at risk; we’ve also discussed how rising cybersecurity risks threaten the healthcare industry.

Established insurers can succeed in keeping up with market demands and winning customers’ trust by embracing digitization and the newest information technologies.

The measures also impact the internal structure in the form of cost savings and process improvement, in addition to the favorable impact on the client.

More than 15 years ago, the business initiative for process improvement (BiPro EV) was established. Their ultimate objective is to standardize processes and interfaces while streamlining interaction between brokers and insurers.

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▲圖片來源:dataconomy

The insurance industry uses a lot more paper documents than almost any other

The project is supported by a sizable number of insurance providers and producers of brokerage products. Together, standards are formed and defined to digitize cross-company procedures eventually.

The 430.0 standard is one of the most well-known standards. The correspondence to the brokers as well as to the end clients was effectively automated with the cross-company mailboxes. Documents, policies, and other correspondence are processed independently of the different portals inside a single interface.

THE ROLE OF DATA ANALYTICS

Data is at the heart of every insurance policy. They are practically worthless if they are left unfiltered. The subject of data analytics is receiving a lot of funding as a result of digitization and big data. This division’s responsibility is to make the data useful.

They must be used to develop decision templates, risk analyses, and the ability to assess contract and damage data. However, due to the extremely heterogeneous structure of the current system landscape, interfaces between the systems must first be developed.

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▲圖片來源:dataconomy

Data is at the heart of every insurance policy

Big data is futuristic from a variety of angles. Based on repeating trends, a working piece of software can identify incidents of fraud early on and sound the alert. Security is boosted by automatic image recognition and database comparison.

On the other hand, the pricing may be more flexible and individualized for each client. It is feasible to divide the previous insurance industry history into several risk or damage classes by examining it.

Last but not least, using artificial intelligence and data analysis benefits customers. Response times lengthen as the manual processing of questions requires less effort. Insurance providers can take far more initiative and offer lasting value.

轉貼自: dataconomy.com

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