Meeting the Challenges Facing Today's Insurers

Alexander Makeyenkov, Senior Vice President, Finance Practice at DataArt, discusses the challenges faced by insurance companies today and outlines the steps to secure a lasting success in the future.

“While insurance companies still rely heavily on brokers and dedicated sales partners, delivering a more efficient partner chain would bring significant time and resource savings to insurance firms. Two areas that can help in this effort are distributed ledgers (blockchain) and digital channels. 

Every second, smart devices are collecting data that is relevant to insurance policies. Big data analytics will allow insurance firms to process this to uncover patterns, correlations and gain other insights into risks. This provides a clear base for more accurate risk prediction, greater fraud detection and elimination, improved claims management and other operations efficiency enhancements… The next logical step after utilizing big data and IoT for insurance companies is the expansion of AI driven platforms. In the next year, the insurance industry will create intelligent decision support systems (IDSS) and use artificial intelligence to asset decision-making.

Blockchain will also make its mark in the next year. Using this technology will allow insurance companies to improve and even automate their entire supply chain management.”

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