Insurers are often ill-prepared for ecosystem partnerships

Ecosystem partnerships offer insurers huge opportunities to strengthen their businesses and drive up profits during the next five years. By combining their operational expertise, technology resources and industry knowledge with strategic partners, insurance providers can capitalize on the digital disruption that is sweeping all sectors of business. They can increase their capacity to innovate, access new markets, reach additional customers and boost revenues.

Continue readingInsurers are often ill-prepared for ecosystem partnerships

Improving the Wellness Value Chain: Using data to create better outcomes

Traditionally, treatments such as massage therapy, yoga classes, or even acupuncture, were rarely considered an important part of the wellness chain—and getting insurance providers or employers to pay for them as a preventative measure was difficult. In recent years, however, more understanding has emerged about the value of these types of wellness treatments, both in terms of injury prevention and claim avoidance.

Continue readingImproving the Wellness Value Chain: Using data to create better outcomes

Data built for advanced analytics

Data is the lifeblood of insurance. But the enormous potential of this key resource is outstripping insurers’ current capabilities. It’s no longer just about prioritising data for management information (MI) and business intelligence (BI) applications. Of course, these remain vital functions. But it’s data’s role in machine learning that will increasingly define winners and losers in this industry – powering the prescriptive analytics that allows firms to pinpoint ‘next best actions’.

Continue readingData built for advanced analytics

Putting Predictions to Work: How Structured and Unstructured Data Come Together with AI

When we think about the vast amounts of patient health data, it tends to be in the abstract—a complex matrix of information that is difficult for a human to decipher in a short timeframe. It is simply too much information to consider. But with AI, there is an opportunity to combine several different sets of health data, from several different sources, then analyze them for trends or patterns that can drive improved return-to-health outcomes and help prevent claims.

Continue readingPutting Predictions to Work: How Structured and Unstructured Data Come Together with AI

Time for insurers to jump from digital platforms to ecosystems

Insurers were among the first companies to recognize the huge potential of platform businesses. They quickly saw the benefits of working with digital platform operators to extend their marketing reach and engage with new customers. Carriers and brokers were early users of Google’s AdWords platform, for example, and in the UK, automotive insurers soon signed up with emerging on-line aggregators.

Continue readingTime for insurers to jump from digital platforms to ecosystems