Our top picks from the InsurTech world in the past few weeks.

Insurtech: Hype or the Next Frontier?

This article penned by Dietmar Kottmann and Nikolai Dördrechter in Brink looks at financing and investment in Insurtech.

Investment in Insurtech has risen exponentially over the last few years.

This investment is mainly from insurers and reinsurers, a testimony that the insurance industry needs to change and embrace technology to become more customer-centric.

Dietmar Kottmann and Nikolai Dördrechter, however, question whether Insurtech is just hype or the next frontier.

This article presents the results of a study they conducted on the Insurtech industry.

Dietmar and Nikolai identified 19 types of InsurTech business models within three industry value chain segments and compiled a database of more than a thousand InsurTechs and other relevant companies within the Insurance industry

Read up about their findings here.

The Solution To Insurance’s Looming Skills Crisis

This interesting article looks at Accenture’s report, 2017 Accenture Technology Vision for Insurance.
We all know that AI technology and workforce marketplace tools are set to disrupt the way the Insurance industry works.

However, this report highlights the challenges faced by the Insurance industry. The industry is facing a pending skills crisis.

Many insurance executives feel stifled by corporate bureaucratic procedures. In addition, the insurance workforce is an ageing workforce. Many experienced professional insurance executives are set to retire in the next few years.

This global phenomenon needs to be addressed with creativity.

This article looks at the skills and working ecosystems of the future. It also provides Accenture’s  insurance Workforce marketplace predictions.

Find out more here.


How Artificial Intelligence Will Impact The Insurance Industry

This article by Blake Morgan in Forbes magazine highlights the importance AI, (Artificial Intelligence) is set to have in revolutionising the insurance Industry and improve the insurance customer experience. 

Blake highlights how AI could be used to modernise the antiquated Insurance Claims process.

According to Blake’s article, companies that have already started to automate certain aspects of their claims procedures have seen a significant reduction in processing times and quality.

AI is set to be used to identify and fight fraudulent claims, a sector that costs the insurance industry billions of American dollars.

Blake also explores the use of chatbots in the Insurance industry.

AI could also be used to improve the marketing strategy of insurance companies as well as simplifying the underwriting process. AI can analyse a client’s data, predict more accurately a customer’s’ risks and match those customers to the right insurance products.

At Sherpa, we are using AI and other technology to disrupt and modernise the Insurance industry. We use your data to identify your overall risk profile and offer you one simple personalised online insurance account that will only cover what matters to you.

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