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March 17, 2022

Twitter: Antonio Grasso emerging technologies influencing insurance industry top tweet Q4 2021

Life Insurance International lists five of the most popular tweets on insurtech in Q4 2021 based on data from GlobalData’s Insurance Influencer Platform.

The top tweets are based on total engagements (likes and retweets) received on tweets from more than 150 insurance experts tracked by GlobalData’s Insurance Influencer platform during the fourth quarter (Q4) of 2021.

1. Antonio Grasso’s tweet on emerging technologies influencing the insurance industry

Antonio Grasso, founder and CEO of technology company Digital Business Innovation, shared an infographic from technology company Capgemini on how technologies such as artificial intelligence (AI) and automation can influence the insurance industry in the future. The infographic highlighted that automated underwriting using AI is expected to increase from $1.3bn in 2019 to $20bn by 2024. It also mentioned that the use of AI and chatbots in auto, life, property, and health claims management can help in saving $1.3bn a year by 2023 compared to $300m in 2019.

According to Capgemini, 91% of insurance providers are using advanced technologies for automated data transmission, while 76% are using advanced data for a 360o view of clients, and 68% are using advanced analytical approaches for data processing. Furthermore, 64% of insurers are using intelligent automation systems for data transfer and 38% are using real-time observations from customer Internet of Things (IoT) systems.

Username: Antonio Grasso

Twitter handle: @antgrasso

Likes: 110

Retweets: 64

2. Florian Graillot’s tweet on the digital trends in insurance in 2022

Florian Graillot, founding partner of astoryaVC, an investment firm, shared an article on the four digital trends that will transform the insurance sector in 2022. The article highlighted that digitisation and legacy modernisation will help in reducing costs, improving client experience and keeping up with the ever-changing marketplace trends. Furthermore, cloud uptake in the insurance industry is expected to increase with end-user expenditure on public cloud services projected to reach $482bn this year.

A transition towards customer-centricity is another trend highlighted in the article. Insurers will need to provide better customer experience to beat competition and ensure customer loyalty through services such as user-friendly self-service portals. Furthermore, insurance providers can reduce their workload by 80% by using automated technologies, which can reduce paperwork by 80% and accelerate insurance claims processing by 50%, the article highlighted.

Username: Florian Graillot

Twitter handle: @FGraillot

Likes: 51

Retweets: 30

3. Dr. Robin Kiera’s tweet on the applications of machine learning in insurance

Dr. Robin Kiera, CEO of a marketing agency Digitalscouting, shared an article on how machine learning (ML) can be applied in the insurance industry. ML can be used in insurance advising, fraud protection, claims processing and risk mitigation. Machine learning algorithms, for example, can be used to examine data to assist in the resolution of issues related to claim processing and addressing basic questions through chatbots on messaging platforms.

ML technology can also detect and alert potential claim scenarios, which can help insurers to correctly identify whether a claim is real or fraudulent. Furthermore, insurance adjusters can save time and money by utilising ML for claims processing, which can be labour-intensive and time consuming. ML can also help in risk management by gathering data and building algorithms that can rapidly detect possible inconsistent activities related to usage-based insurance devices such as telematics, the article highlighted.

Username: Dr. Robin Kiera

Twitter handle: @stratorob

Likes: 36

Retweets: 41

4. Mike de Waal’s tweet on the use of wearables and IoT in insurance

Mike de Waal, CEO of AI-based group insurance procurement technology platform Global IQX, shared an article on how wearables and IoT are helping insurance companies to understand their customers and provide an improved experience. Wearable technology can provide useful information to insurers, which can be used for the development of interactive life insurance plans. Insurers can monitor the fitness and health data of clients through wearable devices and mobile phones. Furthermore, insurers can detect fraudulent claims and communicate data in real time to notify customers of potential threats with the help of wearable technology.

The use of wearables, however, comes with the risk of infringing on privacy. The information that is available through wearables to insurers can be at risk of being leaked to other parties. Insurers, therefore, need to handle the data from wearables carefully and with complete confidentiality. The data from wearables should also be monitored for accuracy as wearable devices may not always accurately measure health data. Combining data from wearable devices with data from other sources such as telehealth tools and smart home devices can offset some of the inaccuracies and improve the risk assessment process.

Username: Mike de Waal

Twitter handle: @globaliqx

Likes: 34

Retweets: 26

5. Xavier Gomez’s tweet on the applications of AI in insurance industry

Xavier Gomez, founder and chief operating officer at technology services firm INVYO, shared an article on how AI is providing a competitive advantage to insurers. AI is expected to automate 25% of the insurance market by 2025, which will include 50% to 60% of all manual works. The applications of AI in the insurance industry include customer-centric services, insurance risk mitigation, target market identification and intelligent customer care, according to the article.

Digital automation and human intervention, for example, can be integrated to provide improved customer experience. In addition, AI can be used to analyse digital data such as location, preferences and online browsing history in order to provide personalised products and services to customers, including recommendations and purchasing options.

Username: Xavier Gomez

Twitter handle: @Xbond49

Likes: 21 Retweets: 24

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