Future In.Sight: Insurance evolution through technological revolution

Future In.Sight: Insurance evolution through tech

KPMG shares how the insurance companies can exploit new tech innovations such as machine learning, robotic automation and blockchain

Also on KPMG.com

Future insight

To many companies in the insurance industry, machine learning, robotic automation and blockchain are merely buzzwords. However, these transformative technologies are now being used by new market players to offer consumers more agile and customer-friendly products that focus on prevention rather than prevention. If traditional firms do not take note, they will lose out on exciting business opportunities that could define the future of insurance. 

 

Robotics and digital labour

  • Using basic process automation (BPA) to carry out repetitive tasks can reduce business processing costs by between 30 and 40 percent.
  • Enhanced process automation (EPA) will eventually allow insurance companies to approve and reject customer claims by robotics.

 

Blockchain

  • Insurers could build a “Know Your Customer” blockchain with records of client addresses, employment details and qualifications.
  • Through its cryptographic audit trail, blockchain will help insurers to detect and prevent fraud, and also speed up insurance claims handling. Machine learning
  • Statistical algorithms could model the relationships between data – such as location or claim frequency –to maintain optimum pricing or service levels.
  • Whilst machine learning tips the balance of power towards the insurers, the onus must be on insurers doing the right thing.

Machine learning

  • Statistical algorithms could model the relationships between data – such as location or claim frequency –to maintain optimum pricing or service levels.  
  • Whilst machine learning tips the balance of power towards the insurers, the onus must be on insurers doing the right thing

 

 

Harnessing disruptive technologies in the insurance sector

Harnessing disruptive technologies in the insurance sector

Video insights explaining the power of disruptive technologies on insurance and how they can help insurers thrive in the future.

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