Benefits of syncing data flows in insurance

"The State of #DataStreaming for #Insurance in 2023" => My latest blog post with case studies from Allianz, Generali, and more. Including a slide deck and interactive lightboard video. This blog post explores the state of data streaming for the insurance industry in 2023. The evolution of #claimprocessing, customer service, #telematics, and new business models requires real-time end-to-end visibility, reliable and intuitive B2B and B2C communication, and integration with pioneering technologies like AI / #machinelearning for image recognition. Data streaming allows integrating and correlating data in real-time at any scale to improve most business processes in the insurance sector much more cost-efficiently. I look at trends in the insurance sector to explore how data streaming with #apachekafka helps as a business enabler, including customer stories from Allianz, Generali, Policygenius, and more. A complete slide deck and on-demand video recording are included: https://lnkd.in/e9_d3mr3

The auto insurer of the future will apply extensively AI to a constant flow of #telematics data‼️ Do you agree with our assessment of the impact? 🔴 game changer 🟢 impacted 🔵 marginal impact 🔴Product management “The design and maintenance of a telematics product that provides more frequent interaction with policyholders is completely new compared to the traditional insurance model, which uses static rating features. The days of the “one-policy-fits-all” approach to auto insurance are over.” 🔴 Marketing “As these programs become more innovative, shifting how we market the value proposition to customers will be vital. Marketing activities need to focus on customer engagement through improved communication and transparency.” 🔴Policy acquisition and servicing “Telematics data is changing the entire customer journey from issuing a quote to the policy contract, how the policy is serviced, including billing, and finally, the impact on renewals.” 🔴 Underwriting and risk management “Risk analysis, inspection, monitoring and loss control—typically core and addressed at the policy level in middle and large commercial risks—can be performed at scale on the personal auto book, applying algorithms to the telematics data” 🔴 Sales and distribution “telematics offers new ways to acquire customers, such as using the driving score at point of sale.”“Pre-existing data allows companies to offer the most accurate rating/discount upfront, replacing the need to capture driving data during the introductory period. The insight collected about policyholders and their risks has the potential to unlock further opportunities for upselling and cross-selling.” 🔴 Claims management “Claims activity is ripe for a deep redesign fueled by using telematics-based insights to detect crashes and proactively reach out to policyholders, assessing the crash dynamic and the overall anti-fraud process.” 🔴 Support functions. “From an IT, organizational and data management perspective, the amount of data received with telematics is new for most insurance companies, and the skills required will be broader than the traditional insurance skillset. Investing in the right infrastructure, data foundation and people is vital because nothing happens in telematics without data. The better a carrier is at managing this dataset throughout the customer value chain, the greater their chances of success—as this fuels the pricing models that determine if a discount is warranted, powers the customer experiences, impacts future strategies and innovations, and ultimately unlocks the larger benefits.” #iotinsobs #insurtech

With a new role, comes a new job headline...but there's one word that stands out for me in 2024... 𝗜𝗡𝗧𝗘𝗥𝗢𝗣𝗘𝗥𝗔𝗕𝗜𝗟𝗜𝗧𝗬. Put (relatively) simply, interoperability, refers to the capability of different systems and software applications to communicate, exchange data, and use the information that has been exchanged effectively and efficiently. More simply...a lack of interoperability is why you're double keying policy information between two systems and then tapping that customer's details into bordereaux. But if you master interoperability you get... 🔄 Seamless Data Exchange: The insurance world is interconnected more than ever. From hospitals to regulatory bodies, the ability to efficiently exchange data is not just a convenience – it’s a necessity. Interoperability in insurance software ensures that this data flow is smooth and error-free. 🔗 Integrated Systems: Imagine multiple software applications working in harmony – from underwriting and claims processing to customer relationship management. This is what interoperability brings to the table. It's not just about having various systems; it's about these systems working together like a well-oiled machine. 💡 Enhanced Customer Experience: At the end of the day, it's all about the customer. Interoperable systems mean faster, more accurate responses to customer queries and claims, leading to a significantly improved customer experience. 🛡️ Regulatory Compliance: With ever-changing regulations, interoperable software can adapt more quickly, ensuring compliance and reducing the risk of penalties. And more than anything else, you get a perfect platform from which to truly innovate and build an ecosystem for the future that can grow with you and your business for many years to come, without burdening your team with legacy software that is too troublesome to rip and replace. So....let's make 2024 the year that we finally prioritise interoperability as an industry so that we can truly be at the forefront of tech innovation and operational efficiency. (𝑨𝒏𝒅 𝒚𝒆𝒔...𝒕𝒉𝒆 𝑨𝑰 𝒕𝒉𝒖𝒎𝒃𝒏𝒂𝒊𝒍𝒔 𝒂𝒓𝒆 𝒈𝒐𝒊𝒏𝒈 𝒕𝒐 𝒃𝒆 𝒓𝒆𝒅 𝒂𝒏𝒅 𝒃𝒍𝒖𝒆 𝒏𝒐𝒘 ) #insurance #insurtech #interoperability #technology #insurancesoftware

The insurance industry is opening its doors to innovation. Here’s why it matters. Years ago, Symbility, now a part of CoreLogic, pioneered the concept of an open ecosystem, allowing new tech vendors to seamlessly integrate via API. This move was revolutionary, fostering innovation and collaboration across the industry. We saw a similar approach from #coresystem vendors—many of which have established robust partner hubs to streamline integration and drive innovation. Today, it's exciting to watch giants like Verisk Property Estimating Solutions (Xactware) embrace this approach, creating a more collaborative and efficient ecosystem. What does this mean for our industry? 🏡 For Policyholders: Faster, more accurate, and more transparent claims resolutions. With data flowing seamlessly between systems, policyholders experience quicker claim settlements and clearer communication throughout the process, enhancing trust and satisfaction. 🏢 For Carriers: Increased efficiency and better customer satisfaction. Open ecosystems allow carriers to leverage the best solutions on the market, reducing manual work, minimizing errors, and improving overall workflow. This leads to more efficient operations and a better customer experience, ultimately strengthening the carrier’s competitive position. ⚙️ For TPAs and IA Firms: Streamlined processes, reducing friction. With integrated systems, TPAs and IA firms can handle claims more efficiently, reducing the time spent on data entry and verification. This not only speeds up the claims process but also reduces the potential for discrepancies and errors, ensuring more accurate outcomes. 🔨 For Restoration Contractors: Access to the latest tools, ensuring jobs are done right the first time. Integrated platforms give contractors access to advanced tools and real-time data, enabling them to assess and repair damages more accurately and efficiently. This leads to better service quality, fewer reworks, and stronger relationships with clients and insurers alike. An open ecosystem benefits everyone, driving the insurance industry forward into a new era of transparency, efficiency, and collaboration. It’s an exciting time to witness these changes! #InsurTech #InsuranceInnovation #APIIntegration #ClaimsManagement

🚨 Can open insurance change the game? The insurance industry is on the verge of a transformative revolution with the advent of open insurance. This new approach, centered around sharing insurer-held data and capabilities through APIs (Application Programming Interfaces), is set to deliver significant benefits for customers, insurers, and partners. Let's discuss how open insurance is reshaping the industry: ⚡What is Open Insurance? Open insurance leverages APIs to facilitate seamless data exchange among insurers, third-party developers, and service providers. This interconnected ecosystem fosters innovation and enables the creation of personalized, flexible, and efficient insurance solutions. 🗝Key Benefits - 🔦For Customers: 📍Personalized Experiences: Tailored insurance products that adapt to individual needs. 📍Convenience: Embedded insurance solutions simplify the purchase process. 📍Real-Time Engagement: Faster claims processing and dynamic pricing models. 🔦For Insurers: 📍Enhanced Data: Access to richer data sets for accurate underwriting and risk assessment. 📍Operational Efficiency: Streamlined operations and reduced costs through automation. 📍New Revenue Streams: Opportunities for expansion through partnerships and new products. 🔦For Insurtechs and Partners: 📍Innovation: Access to insurer capabilities to develop new products. 📍Speed to Market: Rapid prototyping and deployment of solutions. 🚦Overcoming Barriers ⛔Regulatory Hurdles: Ensuring data protection and compliance. ⛔Standardization: Developing protocols for data compatibility. ⛔Ecosystem Development: Building robust networks of third-party developers. ☘Ways to harness the full potential of open insurance: 🎖APIs and Cloud Infrastructure: Enable data exchange and scalability. 🎖Data Security: Implement robust practices to protect information. 🎖Talent and Skills: Develop expertise in data analysis and cybersecurity. 🎖Regulatory Collaboration: Work with regulators to foster innovation. 🌟Real-World Impact Leading insurers like Zurich and Swiss Re have already started adopting open insurance principles, driving innovation in health tech, mobility solutions, and risk mitigation. ✴In conclusion we can say that open insurance marks a shift towards a more interconnected, efficient, and customer-centric industry. Embracing this change will unlock new growth opportunities and deliver greater value to all stakeholders. 🔗Refer attached report by Arthur D Little for detailed understanding ⬇ #OpenInsurance #Insurtech #InsuranceInnovation #CustomerExperience #APIs #DataSecurity #InsuranceEcosystem #FutureOfInsurance #LinkedIn