Fadata

🚢 𝐓𝐡𝐞 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐢𝐬 𝐁𝐫𝐨𝐤𝐞𝐧: 𝐈𝐭'𝐬 𝐓𝐢𝐦𝐞 𝐭𝐨 𝐌𝐨𝐯𝐞 𝐟𝐫𝐨𝐦 𝐂𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 𝐭𝐨 𝐒𝐩𝐞𝐞𝐝𝐛𝐨𝐚𝐭𝐬 🚤 The lengthy procurement processes we see today go against the very goals they’re attempting to achieve. In the rapidly evolving landscape of insurance, where cost efficiency, operational efficiency, automation, speed, flexibility, agility, and dynamism are paramount, we simply cannot afford to wait 2, 3, or 4 years for technology replacements. The traditional procurement model is outdated, and it's time we challenge the status quo. We need a procurement process that is as innovative and dynamic as the technology it seeks to implement. Let’s push for a shift towards more agile, responsive processes that enable us to innovate across the entire industry. At DIA ITC Europe Amsterdam I had the honour of presenting on this topic. Message me to find out how we deliver this at Fadata? 🚀 #Procurement #Innovation #DigitalTransformation #Insurance #Agility #Technology #ITCDIAAMS #ITCDIAEU

🚀 𝐇𝐚𝐫𝐧𝐞𝐬𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐀𝐈 𝐢𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐚𝐥 𝐔𝐬𝐞 𝐂𝐚𝐬𝐞𝐬 🧠 The insurance industry is undergoing a transformative shift, driven by the adoption of AI. From streamlining operations to enhancing decision-making, AI is unlocking new levels of efficiency and accuracy. Here are some key areas where I believe AI is can have a significant impact: 🔵 𝐂𝐥𝐚𝐢𝐦 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠: Using AI to automate claim assessments, reducing turnaround times and improving customer satisfaction. Intelligent algorithms can quickly analyse documents and assess damages, ensuring faster settlements. 🔵 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: By automating routine tasks, AI frees up human resources for more complex and value-added activities. This not only boosts productivity but also reduces operational costs. 🔵 𝐅𝐫𝐚𝐮𝐝 𝐃𝐞𝐭𝐞𝐜𝐭𝐢𝐨𝐧 & 𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐨𝐧 𝐌𝐨𝐝𝐞𝐥𝐢𝐧𝐠: AI excels can excel in detecting patterns of fraud that might go unnoticed by human analysts. Machine learning models continuously evolve, identifying new fraud tactics and preventing losses before they escalate. Risk prevention modelling can be used as an educatory roadmap for both insurers and policyholders alike - identifying the risk before the point on claim. 🔵 𝐔𝐧𝐝𝐞𝐫𝐰𝐫𝐢𝐭𝐢𝐧𝐠: AI-powered underwriting processes enable more accurate risk assessments. By analysing vast amounts of data, AI can predict outcomes more reliably, ensuring fair pricing and reducing risk. 🔵 𝐃𝐚𝐭𝐚 𝐄𝐱𝐭𝐫𝐚𝐜𝐭𝐢𝐨𝐧 & 𝐑𝐢𝐬𝐤 𝐌𝐨𝐝𝐞𝐥𝐢𝐧𝐠:  AI enhances data extraction from various sources, enabling more accurate and comprehensive risk models. This leads to better decision-making and more tailored insurance products. As AI continues to evolve, its integration into the insurance industry will only deepen, driving innovation and delivering better outcomes for both insurers and customers. 🌐💡 I will stress, however, a clear strategic path of implementation is imperative to deliver these benefits. AI in itself is not a solution, understanding the problem and then identifying the benefits of where AI can assist is the key to successful application 🔑 #AI #Insurance #DigitalTransformation #OperationalEfficiency #FraudDetection #Underwriting #RiskModeling #Innovation

WE'RE BACK! Read the brand new September edition of InsurTech Digital for deep dives into Responsible Underwriting and DORA, Blockchain's Transparency & Efficiency A Tool For Insurance and more! FEATURING:  - May Govender from Old Mutual Limited - Matt Kulangara from Woodruff Sawyer - Sean Dyon from HID ALSO:  - The top 10 InsurTech Platforms - Executive insights from Liselotte Munk - A lifetime of achievement spotlight on Daniel Schreiber Read the full edition here: https://lnkd.in/g9KX-cyr #InsurTech #BlockChain #Efficiency

After a summer break I am back with a topic that sits really close to my heart: 🌟 Leveraging Data to Insure the Previously Uninsurable: A New Era in Insurance 🌟 Through advanced data analytics, insurers are now able to cover conditions that were previously excluded, offering more inclusive and dynamic policies. Conditions like diabetes, certain heart diseases, and mental health disorders, are now being insured with greater accuracy and fairness. 🔑 The key? Data. 📈 By harnessing vast amounts of health data, insurers can better understand the nuances of these conditions — not only helping in pricing policies dynamically but also in tailoring them to meet the unique needs of each policyholder. This allows us to provide real value long before a claim is even made, empowering customers with preventive care insights and personalised health recommendations. However, to make this possible, insurers must refine their ability to process and structure data effectively. Only then can this wealth of information be filtered back to provide meaningful benefits, ensuring the right support and interventions at the right time. Data is reshaping the future of insurance for the better, creating a world where coverage is accessible to all. 🚀💡 #InsuranceInnovation #DataAnalytics #LifeInsurance #HealthInsurance #Insurtech #PersonalizedCare #DynamicPricing #InclusiveInsurance #DataDriven