Why More Insurers Need IT Infrastructure Modernization
Although 60% of insurers believe improving customer experience (CX) would have the highest impact on their competitive positioning, many don’t pursue progressive CX strategies because they are shackled by legacy IT infrastructure.
via Everest Group
How AI will Transform the Financial Services Sector
Artificial intelligence (AI) is in the process of transforming a variety of models in the global financial services industry, a global survey jointly conducted by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum suggests.
The Upside for Fintech Adoption in North America
While the adoption of fintech services has skyrocketed globally, adoption rates in Canada and the U.S. are some of the lowest in the world. Is this good news for legacy financial institutions or a warning sign for the future? Here’s the answer.
via Financial Brand
Fintech and AI Will Transform Financial Services
“63% of GlobalData survey respondents in banking, financial services, and insurance currently prioritize investments in artificial intelligence (AI), compared to only 54% of companies across all vertical markets.”
via IT Connection
Artificial Intelligence will Transform the Insurance Sector
According to the latest worldwide market study by Juniper Research, the value of artificial intelligence (AI) underwritten insurance premiums will exceed $20 billion by 2024 — that’s up from an estimated $1.3 billion in 2019.
Telematics in Insurance Creates Upside Opportunity
“We expect the market for usage-based insurance (UBI) to grow substantially at a CAGR of ~40 percent during 2018-2020, with an estimated 35-40 million UBI policies in force by the end of 2020. This is certainly impressive growth.”
via Everest Group
Future of Fintech Platforms: Innovation and Disruption
The new study from Juniper Research found that roboadvisor platform revenues will reach $25 billion by 2022 — that’s up from an estimated $1.7 billion in 2017, as the automation of wealth management revolutionizes the way individuals invest.
Data Security Breach: Why Insider Threats are Pervasive
Willis Towers Watson’s cyber insurance claims data show that two thirds of cyber breaches are caused or enabled by employee negligence or malfeasance, including losing laptops, the accidental disclosure of information or actions of rogue employees.
How Cognitive Systems will Transform the Insurance Sector
Insurance industry is currently on a digital mission to offer contextual and value-centric products and offerings to its customers driven by the change in customer and market expectations, technological disruptions, and the emergence of new kinds of competition.
Source: IDC Community
Insurtech Platform Revenue to Reach $235 Billion in 2021
Fintech platform revenues derived from supporting the insurance industry (Insurtech) will reach almost $235 billion globally by 2021, that’s up by 34 percent y-o-y from an estimated $175 billion this year, according to Juniper Research.
Source: Digital Lifescapes
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