insurance industry

How Real is Virtual Reality in Insurance?

28 Sep: How Real is Virtual Reality in Insurance?

Virtual Reality (VR) is no longer a technology reserved for the gaming industry. The applications are manifold in industries such as education, engineering, healthcare, insurance, sports, telecommunications etc., Two things occurred to me when I first tried google cardboard was:

How immersive the experience would be in a much more technically crafted devices like Oculus Rift and
What would be the current and potential enterprise applications and implications of this technology for insurance industry.
Unlike other technology disruptions like telematics, IoT, mobile, digital and cloud in insurance industry which I have outlined in one of my previous blog, VR is yet to catch up in terms of adoption by insurers. However, there are some applications from which the early adopters of this technology have started benefiting.

How Analytics can Protect Insurers against Fraud?

22 Jun: How Analytics can Protect Insurers against Fraud?

What is common between Uber, Amazon, EE, Vodafone, Netflix and Progressive? All these companies have recently faced issues due to fraud. In insurance, ghost brokers often target young drivers who wants to cut the cost of their car insurance. Even though it is the ghost brokers who commit the fraud, the customers lose their cash and also risk criminal record. Fraudulent claims from customers is a much bigger concern for insurers.

How Analytics can address Insurance challenges

05 Jan: How Analytics can address Insurance challenges

If we pause to consider what made a traditional industry like insurance spend so much on technology, the challenges that insurers face come to the front. The most common challenges include: the complex nature of business, change in business approach from risk absorption to risk mitigation, data explosion, adoption of disruptive technologies and the rising number of insurance fraud. Let us see how advanced data analytics addresses these challenges.