Category:

Technology

IFC led investors infuse USD 22 mn in Murthy’s Coverfox

“India has one of the most underpenetrated insurance markets, with low penetration rates for women and rural populations. By investing in Coverfox, IFC is giving a push to the country’s digitization agenda by leveraging technology to deliver insurance products to customers outside metros and to women who are currently underserved,” said Jun Zhang, IFC Country Head for India

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Chatbots can change the customer service business

From the enterprise point of view, chatbots are relatively much cheaper than mobile apps, and are adaptable for various messaging platforms. Today, the cost-effectiveness of customer service is measured in terms of the ability to reduce the number of customer calls and average handling time, while in case of chatbots, the additional cost of handling more conversations and higher handling time is negligible.

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InsurTech M&As in Asia surge to US$460 million in 2017, three times that of 2016: Willis Study

Turning to specific markets, China and India, home to much of the innovation in InsurTech, accounted for a significant 73% of transactions in 2017. Hong Kong, Singapore and other Asia markets continued to build on the momentum from 2016 and accounted for 27% of the transactions, representing a much more conspicuous contribution than in 2015 when they only amounted to 4% of the regional sum.

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B3i founders form blockchain startup

B3i Services AG’s purpose is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the re/insurance industry — in some cases up to 30 percent. These innovative solutions benefit both insurance companies and customers through improved speed, transparency, quality, security, and cost.

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Robots can be risky,Allianz

AI-based applications will increase vulnerability of businesses to cyber-attacks and technical failure, leading to larger-scale disruption and loss scenarios
•Companies face liability challenges as responsibility shifts from human to machine and manufacturer. New framework needed to manage rise in AI-generated damages
•Risk management can help maximize the net benefits of AI. Five areas are crucial for identifying threats: software accessibility, safety, accountability, liability and ethics
•    Insurance industry is an early adopter of AI applications to automate repetitive processes, boost risk analysis and improve customer interaction 
 

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