Sage-Tips

What is disrupting the insurance industry?

Machine learning, artificial intelligence technology and robotic process automation are the most disruptive technologies in the insurance industry today. More and more companies are adopting mobile-based AI technology for fraud surveillance and prevention, claims process and overall process efficiency.

What is the largest source of income for life insurance companies?

While underwriting and investment income are far and away the largest sources of revenues for insurance companies, they have other avenues to profit, as well.

What are the main sources of risk for insurance companies?

According to a recent study from the NAIC, the core risks facing an insurance company are, “underwriting, credit, market, operational, liquidity risks, etc.” The study also lists the types of data that must be protected via risk management, and classifies such data as “nonpublic” information.

What challenges does the life insurance industry face in the next 5 years?

The Life insurance industry faces five key trends: evolving demographics, consumer behaviour change, harsh economic environment, technological shift, and regulations tightening.

What industry needs disruption?

When Customers Drive Disruption

Industry	Incumbent	Disruptor
Video game	Electronic Arts	Twitch
Hospitality	Four Seasons	Airbnb
Mass retail	Walmart	Alibaba
Electronics retail	Best Buy	Amazon

What is Insurtech?

Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. Insurtech powers the creation, distribution, and administration of the insurance business.

What is risk management in life insurance?

Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in the customer’s world that require settlement by the insurer; and the ability to spread the risk of these events occurring across other insurance underwriter’s in the market.