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What makes Convr’s data lake such a valuable resource? It’s not just the data itself, but the insights we offer as we pull all the information together for our users. Read how our data is commercial P&C insurance industry specific, organized for the purpose of insurance evaluation and as reliable as any single primary source here in our latest blog post.

🚀 𝗘𝘅𝗰𝗶𝘁𝗶𝗻𝗴 𝗻𝗲𝘄𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆! 𝗧𝗼𝘂𝗰𝗵 𝗥𝗶𝘀𝗸 𝗶𝘀 𝗿𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝗶𝘇𝗶𝗻𝗴 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘄𝗶𝘁𝗵 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗺𝗲𝗲𝘁 𝘁𝗵𝗲 𝗲𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝗻𝗲𝗲𝗱𝘀 𝗼𝗳 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀. Founders Mirela Dimofte and Veysel Sinan Geylani share their journey and vision for the future in a recent interview. 🌟 From developing next-generation insurance products to using advanced AI/ML technology for proactive risk management, Touch Risk is at the forefront of change. With a focus on financial inclusivity and cutting-edge solutions, they are reshaping the industry landscape. 💡 Join the conversation and learn more about how Touch Risk is transforming the insurance market. Touch Risk's commitment to innovation and forward-thinking is evident in their approach to tackling challenges in the insurance industry. By leveraging technology and data analytics, they are able to offer personalized solutions that cater to the individual needs of each customer. Their dedication to financial inclusivity ensures that no one is left behind when it comes to accessing quality insurance products. Joining forces with Touch Risk means being part of a dynamic and progressive movement that is revolutionizing the way insurance services are delivered. 🚀 Stay tuned for more exciting developments from Touch Risk as they continue to shape the future of the insurance market. #Innovation #FutureOfInsurance #thebroker

An interesting read in The Fintech Times last month which spotlighted the transformative role of advanced data analysis in the insurance sector as businesses look at the latest innovations in insuretech to help with a myriad of challenges they face across a dynamic, and changing landscape. From enhancing risk assessment accuracy to personalising products and services, industry experts have weighed in on how data is reshaping insurance operations and strategies globally, highlighting its impact on risk assessment, fraud detection, policy management, and enhanced customer interactions, insight and servicing. David Bairstow chief product officer at EagleView a provider of aerial insights for insurance companies in the US, also emphasises the pivotal role of data and analytics in addressing key challenges in the sector such as talent retention, population density shifts in disaster-prone areas, and economic pressures. Bairstow states that by leveraging data-driven insights, insurers can proactively assess climate risks, model property portfolio exposure, and enhance customer service efficiency, particularly in the aftermath of large-scale events. #bigdata #advancedanalytics #powerbi #insurancesector #insuretech

The latest World Property and Casualty Insurance Report found that 62% of insurance executives acknowledge that AI and machine learning enhance underwriting quality and reduce fraud in the insurance industry. The study also found that, despite the benefits, only 43% of underwriters consistently trust and act on automated recommendations from predictive analytics tools, primarily due to concerns about complexity and data integrity. Some of the key barriers faced by insurers include outdated legacy systems (51%), insufficient data access (54%), and a shortage of skilled personnel (47%). With two-thirds of policyholders willing to share more personal data for benefits like transparency and discounts – our industry must prioritise data security and to ensure a more seamless customer experience fuelled by intelligent technologies. #AI #insurance #dataprivacy

Data Trust Monitors Are Like Insurance Policies, my interview ith CDO magazine. Seth Rao, CEO of FirstEigen, speaks about the deployment and role of data trust monitors, the prime organizational skill sets for #datatrustability, the powerful human-AI combination, and real-world consequences of using inaccurate data. #dataquality #datavalidation #dataobservability #datahealthcheck https://lnkd.in/gTH4Cvcg

Join us for this upcoming webinar on: 'The Future of Insurance Customer Risk Profiling with Innovative Data & Analytics' Register now! https://lnkd.in/eKY7W7hc Here's the background to the piece: It is becoming increasingly clear that generalized and zonal approaches to measuring risk are inadequate. Simple surveys and questionnaires do not describe a customer’s environment and their habits. We have to do better than that. Technology dictates that we can be granular in our understanding of the insured; going beyond simple measures and working towards a real-time and dynamic comprehension of how the customer is viewed inside their everyday life. The question is how are we as an industry making positive strides towards granular understanding? Let's discuss! - To what extent do we understand the insured and the risk they represent to the insurer? - Non-invasive approaches to a granular understanding of the insured: What can we reveal about the landscapes and customers we serve, without asking anything more of our customers? - From a carrier perspective, what are the operational benefits of having a deeper understanding? How can the customer experience be improved simultaneously? - Tech deep dive- What is available to insurers to improve risk profiling? Let’s discuss capabilities, integration, and synchronization between carrier and new partners Thank you to: Tammy Nichols Schwartz - Sr Director of Analytics, Guidewire Software and Brian Suzuki, Chief Insurance Officer, Bamboo Insurance We hope you can join us! Register Now! https://lnkd.in/eKY7W7hc #data #analytics #insurance #insuranceinnovation #insurancerisk #insurancecustomers #insuranceriskprofiles #underwriting #propertyandcasualty #insurtech #guidewire #bambooinsurance #insurancewebinar Cc: Cecilia Bautista-Sablan, LIIFT Media

How to grow your insurance business using Predictive Analytics? In the realm of insurance, the strategic application of predictive analysis has been a cornerstone for decades. Initially constrained by limited datasets, insurers often relied on intuition for policy pricing. Now, the landscape has shifted dramatically. With customer expectations soaring and risks becoming more complex, more than traditional methods are required. Advanced predictive analytics tools offer a comprehensive analysis of myriad data points, enabling insurers to make well-informed decisions regarding policy pricing and personalization to meet specific client needs. According to a survey, more than 80 percent of life insurers that leverage predictive analytics reported a positive business impact. Let’s discuss a few challenges the insurance industry faces and how embracing predictive analytics can pave the way for success. What are the challenges in the insurance industry? ❌ Legacy systems hinder agility and responsiveness. ❌ Rising customer expectations demand personalized solutions. ❌ Escalating fraud risks threatens financial stability and reduces trust. ❌ Inefficient underwriting practices lead to missed opportunities and increased costs. ❌ The wealth of available data overwhelms decision-makers, impeding strategic initiatives. Ways to Grow Your Business Using Predictive Analytics: ✅ Risk assessment, allowing insurers to price policies accurately. ✅ Personalized experiences strengthen customer loyalty and retention. ✅ Identify suspicious patterns and behaviors, mitigating risks. ✅ Early detection of fraudulent claims streamline claims processing, minimizing losses. ✅ Actionable insights for informed decision-making. How KMG can help? We harness the latest advancements in data science and machine learning to empower insurers: 💡 Comprehensive predictive modeling as per your unique business needs. 💡 Advanced fraud detection systems to safeguard against emerging threats. 💡 Customized analytics platforms for data-driven insights and strategic decision-making. 💡 End-to-end support throughout the implementation journey, ensuring seamless integration and maximum ROI. Learn more: https://lnkd.in/gw_zgtr5 #KMGInsights #PredictiveAnalytics #InsuranceInnovation #DataDrivenInsights 

The Challenge: Utilizing external data presents a unique set of challenges for insurance carriers. The sheer volume and variety of data can be overwhelming, from weather patterns and property data to social media insights and beyond. Ensuring the accuracy, relevance, and compliance of this data with stringent industry regulations adds another layer of complexity. Moreover, integrating this external data seamlessly into existing systems without disrupting workflows can seem like a Herculean task. Demyst's Solution: Enter Demyst – the beacon in the fog for insurance carriers struggling to harness the power of external data. Here’s how Demyst makes the difference: Quality and Compliance at the Forefront: Demyst ensures that the data not only meets the highest quality standards but also aligns with global compliance requirements, mitigating legal and reputational risks. Streamlined Integration: With Demyst, the integration of external data into existing systems is seamless. This means carriers can enhance their analytical capabilities and decision-making processes without the usual headaches of data integration. Innovative Risk Assessment: By leveraging a vast array of external data, Demyst enables insurance carriers to develop more accurate and dynamic risk models. This leads to better pricing strategies, improved customer segmentation, and a significant reduction in fraudulent claims. The Bottom Line: For insurance carriers, the path to leveraging external data efficiently is fraught with challenges. Yet, with Demyst as your ally, navigating this complex terrain becomes not just manageable but a strategic advantage. How are you navigating the external data landscape in your insurance operations? Have you faced challenges in data integration or compliance? Share your experiences and insights below! #InsuranceIndustry #ExternalData #DataIntegration #Compliance #IHS2024 #Innovation #Demyst #insurtech

Leveraging Data for Insurance Agency Growth In today's digital age, data is key – even for insurance agencies. Here's how leveraging data analytics can propel your agency forward: Customer Insights: Dive deep into client behaviors, preferences, and needs. By understanding your clients better, you can tailor your services, personalize marketing efforts, and boost client satisfaction and retention. Risk Assessment: Predictive analytics is your ally in identifying risks early. By analyzing historical data and trends, you can optimize policy terms, negotiate more competitively, and minimize losses, ultimately improving underwriting profitability. Operational Efficiency: Streamline your internal processes and workflows with data-driven insights. Automate routine tasks, optimize resource allocation, and identify bottlenecks to improve operational efficiency, reduce costs, and deliver a superior client experience. Marketing Optimization: Analyze customer demographics, purchasing behavior, and market trends to target your marketing efforts effectively. Attract new clients, drive revenue growth, and increase client value through additional coverage options and personalized offerings. Fraud Detection: Utilize data analytics tools to detect and prevent fraudulent activities. By analyzing patterns and anomalies in data, you can identify potential fraudsters, mitigate risks, and protect your agency's bottom line. Continuous Improvement: Foster a culture of continuous improvement within your agency. Regularly monitor key performance indicators (KPIs), analyze outcomes, and adapt your strategies to stay agile, responsive, and ahead of competitors in the dynamic insurance landscape. Data analytics is a game-changer for insurance agencies looking to thrive in today's competitive landscape. How is your agency leveraging data to drive growth? Share your insights and success stories in the comments below or reach out for personalized strategies! #Insurance #DataAnalytics #InsuranceAgency #GrowthStrategy #Insurtech #DigitalTransformation #SalesOptimization #DataDrivesGrowth

In this Risk & Insurance article, Swiss Re Corporate Solution's Katie McGrath addresses ongoing and emerging trends in the insurance industry, the potential of AI and the challenges of modeling the costs of cyberattacks. https://ow.ly/UMFC30sCJpV