Articles

New Consumer Duty Regulations   The Impact on the Insurance Industry, and the Tech Revolution In today’s digital age, consumers wield unprecedented power and influence, often driving market changes through their choices and demands. Recognising this, governments and regulatory bodies are increasingly enacting new Consumer Duty regulations to protect and empower individuals. Consumer Duty regulations encompass a broad range of laws and standards. Aiming at safeguarding the rights and interests of...

Social Mobility promotion through technological advancements is recognised to be important. As the software company has employees spread across nine diverse countries. We are committed to fostering Social Mobility, and working towards the benefits it brings to individuals and communities worldwide. In today’s rapidly evolving world, Social Mobility is a crucial issue that demands attention across various industries, including insurance. For software companies, delivering innovative solutions to the insurance sector...

Insurance software vendors, standing at the intersection of technology and risk management. By all means play a crucial role in facilitating insight and seamless processes. In effect, helping to rebuild the lives and homes of those affected by catastrophic weather events. It’s no secret that global climate conditions are shifting. We are seeing an increasing number of extreme weather events and natural disasters across the globe –...

The insurance industry is undergoing a major transformation as technology continues to reshape the way businesses operate. Digital disruption is a norm in the era. Insurance companies are recognizing the need to embrace technology and modernize their operations to stay competitive in the market. This article explores the significant investments being made in tech modernization within the insurance industry. Also, the impact they have on improving customer experiences, operational...

CoIt’s no secret that personalized insurance offerings and services are one of the biggest differentiators for insurers, as some 80% of customers have come to expect from their insurance company. One of the most obvious and essential areas insurers can personalize is the policy lifecycle. It’s important to understand that not every customer’s experience with their insurer during the policy lifecycle will be the same. This means insurers need agile...

Insurance industry can have better cost performance, reduce protectoin gaps, increase customer experience and create transparency with the combination of available data and AI/ML. While some might argue around the latter part, transparency is likely to receive assistance from legislation on these services. As data becomes ubiquitous, Artificial Intelligence and its related technologies will create a seismic impact on many aspects of the insurance industry, from...

Hi, Daniel! A very warm welcome to Modern Insurance Magazine’s Insurtech Editorial Board!   Question – Why don’t we start by talking about Contemi, the solutions you provide and the work you’re up to over there at the moment? Tell me more! Answer –  Contemi is a global fintech house with a primary focus on Southeast Asia, ANZ and EMEA. We have been at the forefront of fintech digitisation...

AI in Insurance Industry The insurance industry is no stranger to innovation, and the use of artificial intelligence (AI) has been gaining traction in recent years. AI is being used to streamline operations, reduce costs, and provide more personalized services to customers. One area where AI is making a significant impact is in the customer experience and broker portals. AI Insurance for Customer Experience AI is being used in customer...

Med utenlandsk forsikringsgiver skal effektiv forsikringsgivning gi TT Forsikringen utfordrerposisjon i det norske forsikringsmarkedet. TT Group, et familieeid konsern, fikk på tampen av 2022 forsikringskonsesjon av Finanstilsynet. Nå ønsker selskapet, som tidligere kun har vært forsikringsagent, å utfordre de store aktørene i bransjen. – Vi har nå gått samme runde som et forsikringsselskap hva gjelder konsesjon, men vi har ikke samme kapitalkrav som et norsk forsikringsselskap. Vi har lansert...

When I started my studies in Tromsø in 1980, the University had just recently purchased a mainframe computer from Control Data in California. It was very big and very expensive. As a student, we had access via terminals, and we learned to develop programs for several purposes. In the forward-pointing, first object-oriented programming language called Simula (Nygaard & Dahl), we would be designing procedures for...