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  2020 was a crazy year! The business world had to quickly adapt to unheard of challenges; and technology helped many to survive the crisis. Whatever will be the new normal in 2021, organizations know that they must optimize their tech stacks to continue to meet the  challenges.   The insurance sector has historically  been cautious when it came to new technology  but 2020 has made it imperative to take learnings from the year and make smart investments in technology. However, many companies might not have the resources to invest in full scale modernization. This will require insurance providers to prioritize flexible technologies that can integrate with existing systems. A  KPMG study  titled  The COVID-19 catalyst: Insurers race to digitize  found that 85% of insurance CEOs said that the pandemic was the reason they took to next-gen operating models.  Yet, not all companies investing in tech upgrades are actually on the path to digitization. A  Forrester report  suggests that approxi

  Insurance is one of the most document-heavy sectors, processing huge volumes of physical customer forms, claims applications, and more. Insurance carriers know they need to digitize to keep up with the threat of insurtech start-ups but most feel hampered by the stringent regulations of the industry as well as the legacy systems they have built up over the years. The irony is that without modernization, it is a lose-lose situation. When an insurance company implements a well-designed digitization program it can deliver up to 65 percent in cost reduction and a 90 percent reduction in turnaround time on key insurance processes. Harvard Business Review A 65% reduction in cost and 90% reduction in turnaround time are compelling reasons for digitization. Yet not all insurance companies that have migrated to digital Policy Administration and Servicing(PAS) systems are reaping these benefits. It comes down to the fact that  all insurance workflows are not created equal. One of the key challe

  The insurance sector has been sitting on a largely unused treasure trove of big data because it lies scattered across disparate systems. Lately, data management tools using artificial intelligence in insurance have been gaining accelerated adoption to build business intelligence. Specifically, artificial intelligence in insurance has gained popularity in claims processing and efficient underwriting, as well as risk evaluation and fraud detection. During the pandemic, companies realized the benefits of their AI/ML applications, including natural language processing. By being able to standardize hitherto unstructured documents, it made it easier to figure out the exposure within insurance portfolios for sudden events like COVID-19. Areas for transformation With the  global AI market  estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027, AI and machine learning use in insurance are only bound to grow. Based on current trends, here are 6 ways in which AI and machine learning ma