PwC highlights the top four technologies shaping InsurTech
In its article ‘’, the organisation notes that, while pre-existing technology such as artificial intelligence (AI) and IoT (internet of things) adoption has increased generally, it is emerging tech which is providing the lion’s share of innovation:
“Two-thirds of applicants with businesses based on underwriting and risk management are deploying an emerging technology – such technologies clearly have the potential to drive change at the very core of the insurance operating model,” said the article.
PwC’s top four technologies in InsurTech
- AI: Within a highly data-centric sector, the predominance of AI is, perhaps, not surprising; it is an effective analytics engine which can provide valuable insights with speed and accuracy.
Uses for AI include claims management, pricing, sales and distribution, underwriting, risk management and more. PwC notes that the “vast majority” of entities within the InsurTech space utilise some form of the technology, which may, in turn, yield an industry focused on ‘prevention’ rather than ‘protection’.
- Robotics: Specifically, robotics process automation (RPA) and intelligent process automation (IPA) are being used to streamline process-driven aspects of the insurance process. This could facilitate a more qualitative customer experience as human staff can refocus their energies on value-adding tasks.
- IoT: Although PwC notes that IoT is a less popular underpinning technology in InsurTech currently, it still calls the inherent potential to be exciting. Wearable devices for patients with health insurance could redefine the industry and lower premiums through more accurate data.
- Blockchain: Despite the seemingly logical combination of insurance and the secure transparency enabled by blockchain, PwC claims that the technology remains underutilised despite its potential.
Turning innovation into profitability
PwC intimates that, although InsurTech is rightly recognised as innovative, it is an industry still in the grip of economic uncertainty because of its fledgeling status.
“While InsurTechs are naturally keen to be understood for the commercial value they could drive rather than the intricacies of their primary technology, the large numbers of start-ups making compelling use cases for emerging technologies means the broader industry must get to grips with such tools.”
The goods news is that this recognition will most likely be a case of ‘when’ and not ‘if’; there is no reason to suspect that InsurTech will lose any of its accrued momentum, particularly as COVID-19 anxieties flood the insurance sector with activity.
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)