While the digital transformation has opened up new possibilities for insurance companies, it’s also opened up companies to new and more sophisticated security threats designed to take advantage of vulnerabilities and exploit unknown weaknesses. And they’re everchanging.  In the first episode of the “Top Tech Trends From Insurance Leaders” podcast series sponsored by OneShield Software, we’ll join Chad Galgay, CISO at OneShield, on the potential risks and the best ways to protect against them. He’ll discuss what insurers should consider as they move along the digital transformation path, and share insights about what’s next in the future and steps to get prepared. 

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As cyberthreats get more sophisticated, a new tool is emerging for carriers to fight the risk: behavioral biometrics. Find out more in this podcast with LexisNexis Risk Solutions.

Digital transformation was already taking hold in the insurance industry, and it’s had some in the industry asking “What’s next?” According to Reid Holzworth, IVANS CEO, the correct answer may be “What’s now?”

We recently spoke with Holzworth to understand how the key to digital success may lie outside the tech, how consumers are being enabled by these advancements, and how an insurer can future-proof themselves as technology marches forward.

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In recent years, customer expectations have evolved, with people expecting faster and more convenient experiences. This trend accelerated during the pandemic, partly driven by customers wanting to minimize unnecessary in-person interactions. As a result, customers became more comfortable with — and even prefer — online transactions. Carriers responded to this demand in many ways, but generally by using additional data and reducing unnecessary process steps.

We recently spoke with Kelly Rush, Director, Home Solutions, at LexisNexis Risk Solutions, to discuss the role of data solutions in improving the customer experience. He also explains why data is critical to better understanding changes in exposure and risk.

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The market is undergoing rapid changes — experiencing everything from rising inflation to increased costs of goods and supply chain issues. Many insureds reduced maintenance and repairs during the pandemic, and now getting these tasks completed is a challenge. Carriers need the ability to rate and underwrite based on accurate and up-to-date information, but evaluating risk continues to be difficult due to market changes, which are moving targets. 

We recently spoke with Kelly Rush, Director, Home Solutions, at LexisNexis Risk Solutions, to discuss how carriers can access the information they need to understand evolving customer risk better. He further explains the role of data solutions in improving overall coverage accuracy with new business and annual changes during renewal. 

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We recently spoke with Frank Cesario, Director of Claims LexisNexis, and Megan Hunsucker, Senior Vertical Market Manager, Claims, to learn how emerging technologies support adjusters, freeing up time and resources to focus on more critical and higher-level tasks.

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The pressure to deliver on rising customer expectations has never been higher. Up to 32% of customers report they are prepared to walk away from a poor experience, and this comes at a time when digital adoption is rapidly increasing. MGAs that leverage intelligent document processing enable faster times to market and unlock touchless processing capabilities, both important elements to improving customer satisfaction. 

We recently spoke with Mladen Subasic, Head of Product and Innovation at OIP Robotics, and Nemanja Jokic, Director of Business Technology at OIP Robotics, to explore how the use of clean, reusable and enriched data can improve underwriting decisions. Additionally, they discuss the role of AI and how to transform from transactional underwriting to portfolio management.  

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MGAs are navigating a highly competitive market and require tools and strategies to keep pace with rapid changes. With underwriters spending at least half their time on tedious tasks such as rekeying data, recovering that lost time with an intelligent document process and data automation is important.

In this podcast episode, Mladen Subasic, Head of Product and Innovation at OIP Robotics, and Chris Sylvester, Chief Information Officer at XS Brokers Insurance Agency, join Nicki Howell to discuss how an innovative approach to data helps build a 360-degree view of the MGA portfolio, risks and markets. They discuss how XS Brokers took the journey with insurtech, which moved them from being product focused to being data enabled.

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