Technology Solutions for Insurance Companies
Delivered March 30, 2020. Contributor: ChristineD
Goals
Obtain case studies on how large insurance companies integrate a technology solution for improved straight-through processing, use alternative data sources to enhance their underwriting models, and deploy a technology solution to improve their digital portals such as websites in order to enhance the experience of their customers.
Early Findings
Technology Solutions for Insurance Companies
The Allstate Insurance Group
Metlife
- Metlife is a large insurance firm with over $59.4 billion worth of market capitalization.
- Metlife has deployed a software from the Cogito technology company that can assess call center conversations.
- Through the technology, call center agents are being alerted on how they can enhance their responses based on their tones, number of words, and talking speed, and not just on what the caller is discussing.
- According to Metlife, the software has resulted in improved customer experiences while reducing the duration of the calls.
Other Large Insurance Companies for Further Research
- Based on this compiled list, large insurance companies are those with over $1 billion worth of market capitalization or net premiums written.
- Some of the large insurance firms that can be further explored for technology solutions deployment include the State Farm Group, Berkshire Hathaway, the Allstate Insurance Group, Liberty Mutual, Progressive Insurance Group, Allianz, American International Group, MetLife, AXA, United Healthcare, Wellpoint, Aetna, CIGNA Corp, and others.
Proprietary Database Search Results
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.
Summary of Findings:
- Our one hour of research provided examples of how large insurance companies integrated a technology solution for improved straight-through processing.
- We defined the large insurance companies as those with over $1 billion worth of market capitalization or net premiums written.
- We have also indicated some of the large insurance companies that can be further explored as part of the proposed next steps below.
Proposed next steps:
You need to be the project owner to select a next step.
We propose to continue with the research to provide 2-3 case studies of large insurance companies that have implemented each of these solutions: (1) integrate a technology solution for improved straight-through processing - financial transactions done without manual intervention; (2) use alternative data sources to enhance their underwriting models, and (3) deploy a technology solution to improve their digital portals such as websites in order to enhance the experience of their customers. For each case study, we will provide the name of the large insurance company involved, a 2-3 sentence overview of the solution implemented, the technology solution that was deployed (either through internal development, use of startups, or other tech providers), and any customer success indicators of the initiative (if available). As there was no geographic focus provided, we are assuming a US focus. If a more broad approach is desired, for example, a global focus, this would have to be clearly communicated to us in any reply.
We also recommend undertaking additional research to provide 2-3 best practices that large insurance firms apply in each of these situations: (1) integrate a technology solution for improved straight-through processing; (2) use alternative data sources to enhance their underwriting models, and (3) deploy a technology solution. For each best practice, we will explain what the practice is, why is it a best practice, and any available success metrics.