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Business models

The move to complex problem solving with data, analytics, and AI

In these excerpts from Oliver Wyman’s sister company Celent, Craig Beattie, Nicolas Michellod and Zao Wu provide a compelling overview of the kinds of problems AI (artificial intelligence) is being used to tackle in insurance.

Insurtechs putting the puzzle pieces of resilience together

It seems that not a day goes by where we don’t read about some catastrophic natural disaster, somewhere: hurricanes in the Caribbean, earthquakes in Mexico or Taiwan, wildfires in California, and now volcano eruptions in Hawaii and Guatemala.

What are the implications of a blend of digital and human capabilities?

The recent report from Oliver Wyman and the Chartered Insurance Institute (CII), “The Underwriter of the Future Six Years On,” makes clear that in many areas of corporate and commercial insurance, much of the current “artisan” business model will get a “bionic upgrade” – not 100% machine, but an inseparable blend of digital technology and human capabilities.

From the Oliver Wyman / ZhongAn survey of the technology shaping the insurance industry.

With the commoditization of insurance products and the shift in sales channels, cloud computing and its promise of converting fixed capital expenditures into variable operating costs have captured the attention of most insurer CIOs and, by extension, CFOs. Insurer-owned data centers, accustomed to delivering mission-critical services 24 hours a day, seven days a week, are more likely to have the…