Property and casualty insurers are profoundly affected by climate events like hurricanes, wildfires, and floods, which can cause extensive damage and lead to substantial claim payouts. As a result, insurers must continually reevaluate and adjust their risk models, pricing, and technology strategies to adapt to the evolving climate landscape. The [...]
Floods are the most common natural disaster worldwide. A flood is demarcated as an overflow of water that submerges land that is usually dry. Flash flooding befalls when heavy rainfall over a short period hits areas with inadequate drainage. Other causes of flood events comprise high tides, storm surges, [...]
What Is a Catastrophe Hazard? A catastrophe hazard is a severe and widespread event that causes significant damage and financial loss. These events are frequently natural disasters or large-scale human-made incidents that affect expansive and contemporary claims. Catastrophe hazards pose substantial trouble to insurers, as they can lead to a [...]
Generative artificial intelligence represents a category of AI that utilizes generative models to produce text, images, or other forms of media. These models grasp the intricacies and structure of their input training data, enabling them to generate new data with similar characteristics. Generative AI in insurance plays a pivotal role [...]
IFRS 17, an International Financial Reporting Standard promulgated by the International Accounting Standards Board, supersedes IFRS 4 regarding insurance contract accounting. Its effective date is January 1, 2023. IFRS 17 introduces a comprehensive revamp of the treatment of insurance contracts, entailing novel prerequisites for data, systems, and procedures that [...]
There has been much hype in the media surrounding language models like ChatGPT because they have the potential to revolutionize our interactions with computers and enable the automation of various tasks. ChatGPT is a natural language processing (NLP) platform driven by Artificial Intelligence (AI). It is trained on a [...]
The insurance industry plays a vital role in protecting businesses and individuals against potential losses. However, with technological advancements, customers expect faster and more personalized services, leading to increased complexity and challenges for traditional insurance systems. Blockchain technology offers a promising solution that improves cost efficiency, transparency, fraud prevention, compliance, [...]
Digital technologies fundamentally shift how businesses across all industries operate and serve their customers; insurance is no exception. Many insurers today offer innovative digital technologies to meet the needs of their consumers. So, whether looking for health, life, auto, or home insurance, a handful of insurance companies can help [...]
The metaverse is steering the next wave of digital transformation, which will provide insurers with powerful technology tools for differentiation as well as challenges to navigate. In the years ahead, the rise of the metaverse will begin to influence every facade of insurance, from the workforce experience to distribution, [...]
Fraudulent insurance claims are one of the biggest preventable losses that hurt insurers worldwide. The P&C segment accounts for the most fraudulent insurance claims, with auto insurance and workers’ compensation making up the biggest percentage of fraudulent claims that annually impact the insurance business. Traditionally, insurers have detected fraud manually. [...]
