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 [...]
The insurance industry has always been one of the most data-intensive industries. With customer data, claims data, and other information, insurers have adopted artificial intelligence (AI) to streamline their processes and provide better customer experiences. AI/ML-powered technologies have enabled insurers to automate claims processing, fraud detection, and underwriting, among other things. Here [...]
According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, [...]
