Articles

CoIt’s no secret that personalized insurance offerings and services are one of the biggest differentiators for insurers, as some 80% of customers have come to expect from their insurance company. One of the most obvious and essential areas insurers can personalize is the policy lifecycle. It’s important to understand that not every customer’s experience with their insurer during the policy lifecycle will be the same. This means insurers need agile...

Insurance industry can have better cost performance, reduce protectoin gaps, increase customer experience and create transparency with the combination of available data and AI/ML. While some might argue around the latter part, transparency is likely to receive assistance from legislation on these services. As data becomes ubiquitous, Artificial Intelligence and its related technologies will create a seismic impact on many aspects of the insurance industry, from...

Hi, Daniel! A very warm welcome to Modern Insurance Magazine’s Insurtech Editorial Board!   Question – Why don’t we start by talking about Contemi, the solutions you provide and the work you’re up to over there at the moment? Tell me more! Answer –  Contemi is a global fintech house with a primary focus on Southeast Asia, ANZ and EMEA. We have been at the forefront of fintech digitisation...

AI in Insurance Industry The insurance industry is no stranger to innovation, and the use of artificial intelligence (AI) has been gaining traction in recent years. AI is being used to streamline operations, reduce costs, and provide more personalized services to customers. One area where AI is making a significant impact is in the customer experience and broker portals.   AI Insurance for Customer Experience AI is being used in customer...

Med utenlandsk forsikringsgiver skal effektiv forsikringsgivning gi TT Forsikringen utfordrerposisjon i det norske forsikringsmarkedet. TT Group, et familieeid konsern, fikk på tampen av 2022 forsikringskonsesjon av Finanstilsynet. Nå ønsker selskapet, som tidligere kun har vært forsikringsagent, å utfordre de store aktørene i bransjen. – Vi har nå gått samme runde som et forsikringsselskap hva gjelder konsesjon, men vi har ikke samme kapitalkrav som et norsk forsikringsselskap. Vi har lansert...

When I started my studies in Tromsø in 1980, the University had just recently purchased a mainframe computer from Control Data in California. It was very big and very expensive. As a student, we had access via terminals, and we learned to develop programs for several purposes. In the forward-pointing, first object-oriented programming language called Simula (Nygaard & Dahl), we would be designing procedures for...

Traditional incumbents, collaboration and competition The livestock auction at Seljord in Telemark, Norway is an old school meeting place, gathering 80,000 visitors once a year. This is a tradition that goes back a hundred years. Even if the main attraction is animals, you can find a variety of merchandise and service providers. With enjoying multiple entertainments, especially fiddles and accordions. This arrangement is a typical analog...

Asset and wealth management had a major impact of coronavirus in the financial serivices market space. As much of a calamity as COVID-19 has been for the world from a health perspective. It has also had a serious impact on the financial services industry. Given what amounted to a global recession during the summer, it’s hardly a surprise to point this out. However, as we...

Larger insurance companies often consider outsourcing or the use of external capabilities. They consider which parts of their organization they can outsource and which to keep in-house. A crucial question arises: ‘Will outsourcing this system or process provide a cost advantage?’ If affirmative, they proceed to shift the operation outside the organization. Unfortunately, the decision is not that simple.   What is outsourcing in the insurance companies? Let’s first start...

My first memory related to automation is from a school excursion. When I was going to the local shipyard in my hometown, Harstad, Norway. They had some automated steel plate cutters run by a punched card device. It was made by Kongsberg Weapon Factory, enabling any specific shape. We learned that this was safer, faster, and more precise than a manual operation.   During the same time, I had...