Rising costs, volatile markets, and increasing consumer demand for digital services show no sign of abating. The industry is expected to embrace an end-to-end digital customer cycle.

Digital transformation isn’t a new topic in insurance, but coming on the back of a pandemic a lot has changed. Insurers are investing in digital technologies that will help them achieve their top three business priorities: enhance customer experience, improve the ability to innovate, and reduce costs.

According to Accenture’s 2021 analysis of economic and demographic trends on the insurance industry, and the revenue opportunities these trends create for insurers —
of the…

As observed by insurers and consumers alike, a decrease in driving has made usage-based insurance solutions like pay-per-mile coverage popular, pushing insurers to adjust their strategies to this new consumer demand.

Pandemic induced lockdowns that swept the world have created markets for newer auto-insurance products. A surge of interest has been observed in offerings that let customers pay auto insurance premiums only for the amount of driving they actually do. This accelerated demand for usage based insurance or UBI, and increased adoption of pay-per-mile and telematics is because a lot of people realized that they are not driving as much.

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In addition to getting the auto industry closer to delivering a product that will truly assist autonomous driving, Vehicle-to-everything or V2X, is all set to change the way we drive, make transportation safer, reduce traffic congestion, and climate impact of vehicles.

As the automotive industry undergoes a series of transformations, thanks to accelerated digitization and connected mobility, conventional vehicles are becoming intelligent vehicles, equipped with advanced communications systems.

Vehicle-to-everything or V2X, has evolved into an integrated communication system for vehicles that is making a smart vehicle, which is always connected to its environment — a mainstream reality now. …

When buying a new car, don’t just look at the price tag. There’s maintenance, insurance, and the fuel cost per year to consider. We all know that these costs add up, but a few of us know exactly how much it really costs to own a car.

Cars are expensive. Most of us will evaluate all costs and understand our budget restraints when making this decision. But staying realistic is key to choosing a good deal. …

Onboarding is all about making sure that new teammates feel comfortable with their role, their team, and confident in their decision to work at your company.

Onboarding is the process of welcoming, educating, connecting, and acculturating new employees. Consider this, 91% of employees stay for at least a year when organizations have efficient onboarding processes. 69% of them stick around for at least three years where well-structured onboarding programs are employed.

Opting to improve the onboarding process gives new hires the incentive and motivation they need to succeed — and successful, happy employees are more likely to stick around. Satisfaction…

Big tech has made a dazzling entry onto the turf of legacy automakers by investing in technologies that have the potential to upend automakers’ business models. Electric vehicles, autonomous driving, connectivity, and shared mobility are challenging major OEMs to adapt to the fast-evolving consumer space.

Tech giants are now active in the automotive space at a momentous pace. With recent massive investments in startups across the auto and mobility sector by Amazon, Apple, Google, and Microsoft, their services are getting integrated across virtually every automaker. …

The Open Algorithms or OPAL paradigm wants to address the increasing need for individuals and organizations to share data in a privacy-preserving manner. Participants in the ecosystem will be able to obtain better insights through a collective sharing of algorithms, secured through a trust network.

Our digital world is fuelled by a massive generation of data from billions of digital devices, cameras, credit cards, and satellites. The collection and storage of digital information now encompasses a key aspect for all services and businesses. This mass datafication involves the physical world — be it weather, climate, the biosphere, human activity, which…

The role of emerging technology in creating business value for insurers is vital. By helping insurers sell more, manage risk better, and achieve operational efficiency, advanced tech is triggering agile and profitable business models.

Today’s fast-paced innovations are enabling companies to tap into the full potential of data-driven prediction modeling and machine learning. Insurers are actively utilizing emerging technologies — chatbots, IoTs, robotic process automation, telematics, and code platforms to improve loss ratios, risk selection and pricing, and operational efficiency.

But, the inclusion of emerging technologies to improve processes requires a steep learning curve, raising three major concerns — How…