The wave of digitization across industries, including insurance, is creating opportunities for captives to invest in technology innovations that can reduce administrative expenses. As digital experiences reshape consumer expectations, businesses are taking cues to deploy technologies that make it easier for users to find information and complete transactions.
In a recent report, Pace Of Change: Critical Drivers Impacting The Transformation Of Insurance, our colleagues at Celent surveyed property & casualty carriers.
As a part of AIG, Blackboard is helping the company to modernize and transform its middle market insurance business—by wiping out inefficiencies and old processes and adding the latest digital technology, data analytics and automation.
A lot of small and medium sized businesses go bankrupt because their invoices are unpaid or remittances are extremely late. But what if small and medium sized companies could insure their invoices, so payments were guaranteed? That's what the new insurtech company Hokodo seeks to do. Co-founded by Richard Thornton, an Oliver Wyman alumnus, Hokodo is a business-to-business company that allows its clients to ask their clients a very important question: "Would you like to receive a quote to protect this invoice against non-payment?"
Tractable, based out of the UK, is simplifying and automating the accident and disaster recovery claims process. From road accidents to hurricanes and floods, the company uses its artificial intelligence (AI) technologies to quickly look at the disaster damages and predict the repair costs.
Groundspeed is a data analytics company that is tackling a problem faced by many property and causality brokers, carriers and managing general agents. Oliver Wyman’s Matt Leonard catches up with Jeff, on how Groundspeed is helping clients gain valuable insights about operations, pricing and market trends.
Embroker, a leading digital commercial insurance agency, offers on-demand expertise and technology that takes the pain out of insurance, so companies can focus on growth. The insurtech is increasingly creating its own products and finding new opportunities in more complex, specialty lines of business, areas that had been notoriously tough for customers to navigate.
The vision for Life.io was to help carriers rebuild their relationship with customers. Founder and CEO of Life.io Jon Cooper spoke to Oliver Wyman’s Farooq Sheikh about how carriers can differentiate themselves in an industry of evolving consumer expectations and new competitive threats.
