Digital trust is paramount for growth and sustainability in the Banking, Financial Services, and Insurance (BFSI) industries. As organizations rush to embrace digital transformation, the significance of digital trust cannot be overstated. Establishing digital trust involves a multifaceted approach encompassing robust cybersecurity, stringent data privacy measures, unwavering transparency, and ethical [...]
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 [...]
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, [...]
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, [...]
As per the Global Insurance Outlook by Ernst & Young for 2015, “Many insurers are investing in digital platforms that strengthen their relationships with customers across all product classifications and geographies. Their goal is to empower both businesses and consumers to better shop for insurance, making products more transparent, [...]
[Tweet ““New Technologies and Business Models Will Drive Digital Disruption in Insurance” – Gartner’s predictions for 2016”] Technology is evolving fast and many insurance organizations are challenged to keep up the pace. These technological advancements are driving the demand for software developers to acquire new skills and capabilities in the [...]
Before we get there, we need to understand what is causing the whole turmoil and disruption in the banking industry. Yes, you guessed it right. It is FinTech. But what really is FinTech? Per Wiki, ‘Financial technology, also known as FinTech, is an economic industry composed of companies that use technology [...]
In a sector like insurance that is marked by its inherent complexity and diversified structure, development of new features and maintenance of the insurance application is a challenge. But a bigger challenge is test data management as the data in such applications tend to be sensitive, interdependent and often [...]
