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Transforming the Insurance Industry with OutSystems OutSystems is empowering insurers to revolutionise their operations and customer experiences with the #1 low-code platform. Why Choose OutSystems for Your Digital Transformation? Speed & Safety: Build customised cloud-native and AI solutions faster and with less risk. OutSystems ensures streamlined processes and minimised risks. Customer-Centric Solutions: Elevate your policyholders' experiences with self-service options, omni-channel apps, and hyper-personalised interactions. Automate routine tasks like underwriting and claims to reduce cycle times and boost satisfaction. Innovative Business Models: Pioneer new models such as usage-based insurance and embedded insurance solutions. Leverage open insurance ecosystems to stay ahead of the curve. Regulatory Compliance: Gain the agility to comply with frequent regulatory changes across different lines of business and regions. Automate regulatory and internal reporting to stay compliant effortlessly. Advanced Technologies: Utilise augmented reality, machine learning, and AI-agent chatbots to transform customer interactions and innovate your product portfolio. Join the ranks of forward-thinking insurers using our platform to launch next-gen applications and redefine customer engagement. #DigitalTransformation #InsurTech #LowCode #CustomerExperience #Innovation #Insurance #OutSystems

In today's complex insurance landscape, navigating through technology limitations, compliance issues, and competition is crucial. But fear not, we've got the solution! OutSystems is here to streamline your journey ✨ Rapid Digital Transformation: Embrace technology-driven solutions with a clear roadmap and defined priorities. ✨ Proactive Support: Headfitted Solutions, as a strategic OutSystems partner, offers proactive assistance in addressing key challenges such as process innovation and personalized customer experiences. ✨ Enhanced Capabilities: Stay ahead of customer expectations by enhancing your digital capabilities and developing risk assessment models. https://lnkd.in/gcDgsNiP Ready to transform your insurance business? Schedule a demo with us today! #InsurTech #DigitalTransformation #OutSystems #Headfitted

At Insurtech Insights 2024 in New York, we gained valuable insights into key insurance industry trends and technology adoption. The event, held June 4-5, 2024 at the Javits Center in New York City, successfully connected tech solution providers with both established and emerging insurance carriers, fostering transformation within the industry. Here are some Key Takeaways to Explore Further in Our Blog Article - Manual Processes in Insurance: Complex insurance processes like underwriting and claims are still highly manual, even at large insurance carriers. Too many expert underwriters are handling mundane tasks, which slows them down and increases costs for the organization. These processes are prone to human error. - The Need for Automation: Most insurance carriers understand the pressing need for automation. However, they are hesitant about tech solutions that disrupt existing processes and are not compliant, secure, or explainable. - Current Solutions: Most startups in the insurtech space offer intelligent document processing or other point solutions that automate simple parts of a workflow. - AI's Role in Transformation: AI will be a key force in transforming insurance operations over the next 5-10 years. Companies that choose enterprise-specific end-to-end solutions will gain a competitive edge over those using generic or RPA automation. The goal is clear - using generative AI to eliminate mundane tasks from workflows so teams can focus on complex tasks needing human attention. While many solutions exist for simple task automation like data entry, experts still handle intensive knowledge-based work manually. Ultimately, we want to shape a more human-centric industry where technology empowers experts to make better decisions and drive innovation, benefiting insurers and policyholders alike. Read our latest blog article for more insights! https://lnkd.in/dQuDg9sP #InsurtechInsights #InsurtechInsightsNYC #AIinInsurance #MultimodalAI

#insurtech Roots Automation Raises $22.2 Million to Unlock the Value Held within Unstructured Data across Insurance with #AI. Capital will accelerate growth and build upon Roots Automation's made-for-insurance AI, enabling carriers, TPAs, brokers, and agents to drive significant improvements in overall business performance. Harbert Growth Partners led the round, with follow-on investments from MissionOG, Liberty Mutual Strategic Ventures and Vestigo Ventures. "Six years ago, Roots set out to solve the unstructured data problem that insurers, third-party administrators (TPAs), brokers and agents all face," said Chaz Perera, Co-Founder & CEO, Roots Automation. "Now, by freeing their teams from manual processes, we enable today's top insurance brands to excel in their markets and concentrate on what really matters—delighting clients with impeccable service and exceptional care." "The Roots leadership team brings over 100 years of deep insurance industry and AI expertise, ensuring solutions and products are designed to meet the specific needs of insurance organizations," said Brian Carney, General Partner of Harbert Growth Partners. "We were extremely impressed by Roots' glowing customer feedback and validation of the value created across its customer base. We're excited to have the opportunity to provide Roots with additional capital and guidance as they solve increasingly complex challenges across insurance." https://lnkd.in/dxgHv_wh

What are the Real Insurance Industry Disruptors? 🌟 The insurance industry has seen several waves of transformation over the years. From regulatory reforms to technological advancements, certain disruptions have redefined the way we operate, innovate, and serve customers. 🕰️ Past Disruptors: Deregulation in specific markets. The shift to bancassurance distribution channels. The rise of TPA-driven health insurance services. 📍 Present Disruptors: Growing influence of InsurTech startups. Increased regulatory scrutiny and reforms. Adoption of AI and big data for underwriting and claims processing. 🔮 Future Disruptors: Embedded insurance ecosystems integrated into e-commerce and fintech. Parametric insurance with automated payouts for predefined events. Climate and ESG-focused products addressing urban flooding and renewable energy risks. Insurance coverage for emerging risks like cryptocurrencies, digital identities, and the gig economy workforce. I’m reaching out to all insurance professionals and thought leaders here: 👉 What do you think were the real disruptors in the past, present, and future? 👉 How can we prepare to stay ahead of these disruptions? Looking forward to your insights and expertise! Let's brainstorm together.

📊 The insurance sector is undergoing a profound and rapid transformation. Companies that fail to keep up risk losing market share, but those who embrace change stand to gain tremendous opportunities. Here are 5 key trends that every insurance player should be aware of: 1️⃣ Cultural shift: Insurance is becoming more personalized, with new products and services like on-demand and usage-based insurance. 2️⃣ Humanized and seamless experiences: Customers increasingly expect high-quality, personalized services. Trust and loyalty are built along every step of the customer journey. 3️⃣ Innovation and digital transformation: Advanced technologies, including AI and automation, are transforming risk management, operational efficiency, and decision-making. 4️⃣ Bridging the gap between legacy systems and new tech: Modernizing existing systems and integrating #AI is a crucial challenge for traditional insurers. 5️⃣ Growth in the non-life segment: Technological innovation is enabling new products like parametric and pay-per-use insurance. At #Konecta, we are at the forefront of supporting insurance companies and #Insurtechs in navigating these trends. We're ready to help you overcome the challenges and capture the opportunities these shifts bring. 🌐 Want to learn more about how we can support your transformation? Get in touch 👉  https://lnkd.in/dFSmiJuf 💬 What do you think? Share your thoughts in the comments below!

Insurance Business has unveiled its Global 5-Star Technology and Software Providers of 2024, spotlighting the top players driving efficiency and transformation in the industry. With the insurtech market projected to hit a staggering US$336.5 billion by 2032, it's clear this sector is shaping the future of insurance. Don't miss the spotlight on standout companies like Grappler, InsCipher, and Bentek, leading the charge in streamlining processes, enhancing customer experience, and embracing cutting-edge technologies like AI. Read more about these game-changers here: https://hubs.la/Q0305H9q0

Discover how Agentforce is helping insurance organizations go beyond assistive AI to incorporate AI Agents that autonomously makes decisions within Salesforce, execute actions, and adapt based on real-time data. https://bit.ly/4gwR14c #salesforce #agentforce #insurance #insuretech #insurtech

Until recently, the insurance sector was closed to any innovation and generally seemed very "old-fashioned" to me.   However, for the past few years, InsurTech has been one of the fastest growing segments of fintech due to the development of modern technology 📈    📢Use when you need to process claims, assess risks, issue contracts or insurance policies more efficiently.   ☁️ The use of cloud technology allows you to securely transfer information between many devices at the same time.   💹 InsurTech companies help improve pricing models: offering tools to help brokers solve problems and find the right mix of policies when completing an individual's insurance coverage.   📱 There is interest in using apps to aggregate disparate policies into a single platform to manage and monitor, creating insurance for micro-events.   These days, getting vehicle insurance, getting a combination of quotes based on your data in 5 minutes is the easiest InsurTech task.    Have you heard of InsurTech before?

Insurtech or insurance technology is the fusion of “insurance,” and “technology,” and its contribution to the insurance sector is overwhelming where a number of developments is changing the perception around risks, coverages, and the end customers experience. Just as Fintech changed the banking sector, it is expected of Insurtech to reinvent the wheels of the insurance industry and focus more towards the future than the past, making it dynamic, customer-oriented, and more efficient. For me, Insurtech centers on people, it’s about driving efficiency, serving clients better, and innovating products that meet real needs. Imagine insurance that responds and adjusts in real time, leveraging data from connected devices or hyper-personalized policies tailored to individuals rather than broad risk categories. Risk modeling has long been a challenge, but with Insurtech's ability to capture and process large datasets, we are finally seeing more accurate and competitively priced products that benefit both the industry and its clients. 𝘛𝘩𝘦 𝘴𝘱𝘦𝘦𝘥 𝘰𝘧 𝘐𝘯𝘴𝘶𝘳𝘵𝘦𝘤𝘩’𝘴 𝘦𝘷𝘰𝘭𝘶𝘵𝘪𝘰𝘯 𝘪𝘴 𝘳𝘦𝘮𝘢𝘳𝘬𝘢𝘣𝘭𝘦, 𝘢𝘯𝘥 𝘸𝘦 𝘢𝘳𝘦 𝘯𝘰𝘸 𝘴𝘦𝘦𝘪𝘯𝘨: ◼️AI-powered policy recommendations that guide customers to the best choices. ◼️Policy management apps for on-the-go coverage with minimal effort from clients. ◼️Micro-insurance tailored for single events, like borrowing a car, and peer-to-peer insurance that offers group savings. I am inspired by how these innovations help us better meet client’s needs and expectations. For me, Insurtech isn’t just about technology, it’s about transforming insurance into a truly client-focused industry that’s ready to serve the next generation of customers. #Insurtech #InsuranceTechnology #Fintech #Technology #Innovation #DigitalTransformation #FutureOfInsurance #CustomerExperience #AIinInsurance #MachineLearning #DataAnalytics #DigitalInsurance