Business Wire

FRISS Survey Reveals Big Bang of Digital Transformation in Insurance is Yet to Come

Share

Today, FRISS, the worldwide provider of AI powered fraud and risk solutions for the P&C insurance industry, released the “Digital Transformation in Insurance Survey 2018”. The survey was initiated to get a better understanding of the current market state, uncovering emerging global trends in P&C insurance regarding digital transformation. Over 170 insurance professionals participated, from various countries across the globe.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005072/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

FRISS launches Digital Transformation in Insurance Survey 2018

Digital transformation provides the insurance industry with the opportunity to use technology in order to improve efficiency, customer satisfaction and realize new strategic opportunities. These opportunities could create new services or business models and improved efficiency. Digitalization also opens doors to improve customer experience. However, digitalization can also result in additional risks and new emerging fraud schemes.

Key survey findings indicate:

  • Insurtech is the engine of innovation. 88% of the insurers are convinced that insurtech offers great opportunities. While it is certainly possible to develop specific technology yourself, many companies like to use the expertise of specialized insurtech companies to support the digital transformation, for example for the development of mobile applications, machine learning, artificial intelligence, bots or blockchain, etc. The number of areas to be developed is extensive. The speed and complexity is mind boggling. Half of the insurers are now working on insurtech applications or conducting experiments with these applications. 19% are already investing in it. For insurtech, the question is whether to ‘make’ or ‘buy’. You can make it yourself, but can you also maintain it and innovate further? Cooperation in this area offers opportunities. 11% of insurers even consider buying insurtech companies to ensure continuity of maintenance and innovation.
  • Use of Blockchain Technology is currently in an early development stage. Insurers have also heard of blockchain, but it is scarcely developed. 44% have no idea as yet whether or how blockchain could be useful. Those insurers who have considered it, think it might be useful to simplify transactions, facilitate the claim process or reduce fraud. 21% are thinking of trying it. Only 2% have actually started.
  • Online distribution seems more difficult than envisaged. It seems logical and even necessary for insurers to switch to online distribution channels. Many establish online channels alongside traditional agents or advisers. Some only use online channels. Nevertheless, this development does not seem to be occurring as quickly as anticipated. 69% of insurers have some form of online distribution. A similar survey from 2016 showed that at that time it was 65%. This is an increase of only 4 percent point. However, 45% of insurers who do not yet have an online channel currently say they want to realize this in the coming year.
  • Fighting fraud is easier with technology. As processes speed up in order to provide better and faster service to customers, it is logical to expect that the number of fraudsters or fraudulent claims that are not discovered by claims handling will also increase. It is possible to make the automated claims handling process fast and friendly for honest customers. At the same time, it is possible to simplify processes, reduce risks and prevent and detect more fraud. 32% of insurers now use technology for fraud prevention. 48% of insurers use it to determine the level of premiums and 45% use it to support underwriting.

Digital transformation as a motor

The digital transformation of the insurance industry is in full swing. The sector is very aware that this process is not something that is merely nice to have, but that it is increasingly the engine of the industry. However, not all developments seem to penetrate the entire sector as a matter of course and the pace is slower than expected. Companies leading the way therefore take a bigger lead and slower companies will have to make a big effort to avoid insurmountable technological backwardness.

The full report can be downloaded for free via this link.

About FRISS

FRISS has a 100% focus on automated fraud and risk detection for P&C insurance companies worldwide. The AI powered detection solutions for underwriting, claims and SIU helped 150+ insurers to grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 6 months, with fixed price projects, and realize an ROI within 12 months. The solutions help to lower the loss ratio, enable profitable portfolio growth, and improve the customer experience. www.friss.com @FRISS_com

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

FRISS
Ruud van Gerwen
FRISS PR & Marketing
Ruud.van.gerwen@friss.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

PAN Finance Names Libertex ‘Global CFD Broker of the Year’29.3.2024 08:25:00 EET | Press release

As the first quarter of 2024 draws to a close, Libertex is thrilled to announce its first accolade of the new year! The established global financial publication PAN Finance has determined Libertex to be the ‘CFD Broker of the Year – Global 2024’ following a rigorous evaluation process conducted by the publication's highly experienced editorial and research teams. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328235325/en/ (Graphic: Libertex) PAN Finance is a trusted source of global financial intelligence with an impressively wide readership across 150 countries. Its ecosystem includes a quarterly magazine, special reports, a news website, and various social media channels. As an organisation, PAN Finance is committed to providing concise, intelligent, and up-to-date news for a worldwide readership of specialists spanning the entire finance industry. The company's awards programme aims to serve as a true indicator of exc

Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.29.3.2024 04:39:00 EET | Press release

Midea Group: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328526418/en/ Background: Midea Group, a leading global technology group, recently released its 2023 Environmental, Social, and Governance (ESG) Report with ambitious sustainable development goals set for 2030. They include achieving over 500 megawatts of photovoltaic power generation, reducing greenhouse gas emission intensity (scopes 1 and 2) by 0.040, secure Energy Management System Certification for 50 factories, and achieve 100% carbon footprint accounting for major categories of smart home appliances. This is aligned with the Sustainable Development Report Standards of the Global Report Standards of the Global Reporting Initiative (GRI). The new report and campaign focuses on four dimensions: Protect the Blue Planet, Build a Harmonious Community, Practice 'Bring Great Innovations to Life', and Jointly Create the Prosperous Ecology. The campaign: Midea’s ESG

DC Secretary Announces Annual Determinations Committees Outcome28.3.2024 23:14:00 EET | Press release

DC Administration Services, Inc. has today announced the composition of five regional Determinations Committees (DCs), effective from April 27, 2024. Voting Dealers (for all regions): Voting Non-Dealers (for all regions): Bank of America N.A. Citadel LLC Barclays Bank plc Elliott Management Corporation BNP Paribas Pacific Investment Management Company LLC Citibank, N.A. Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank, N.A. Voting Dealer for the Americas, EMEA, AEJ, and Japan Determination Committees: Mizuho Securities Co., Ltd. The process for selecting DC members is specified in the DC rules. The DC rules, along with more information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. View source version on businesswire.com: https://www.businesswire.com/news/home/20240328441002/en/ Contact information Press Inquiries: Orlando Figueroa orlando.figueroa@citadelspv.com

Faster Recoveries, Improved Security: HTEC and G2 Risk Solutions Join Forces to Advance Bankruptcy Management28.3.2024 19:02:00 EET | Press release

HTEC, a global digital consulting, software engineering, and product development company, is announcing a strategic collaboration with G2 Risk Solutions (G2RS), the preeminent provider of end-to-end bankruptcy technology solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328622816/en/ HTEC & G2 Risk Solutions Partnership (Photo: Business Wire) Under the agreement, G2RS will engage HTEC to incorporate its leading-edge technology into G2RS’ premier bankruptcy management platform. As the creators of the most comprehensive national bankruptcy database and the first bankruptcy management portal, G2RS is an industry pioneer. By adding HTEC’s premium engineering to the G2RS technology stack, G2RS will offer new and innovative functionalities to help clients expedite financial recoveries, increase data protection, and reduce operational inefficiencies in the bankruptcy management life cycle. “We are thrilled to be a part o

LambdaTest Launches The Phoenix Project, an Employee Resource Group for Women28.3.2024 18:00:00 EET | Press release

LambdaTest, a leading cloud-based unified testing platform, announced the launch of The Phoenix Project, an Employee Resource Group (ERG) dedicated to supporting and promoting the success of its female employees. “LambdaTest is committed to fostering a diverse, inclusive, and equitable workplace where all employees feel valued and empowered to reach their full potential,” said Chandini Chopra, VP of People and Culture at LambdaTest. “The Phoenix Project is a critical step towards achieving this goal by providing a platform for professional development, networking, and mentorship, especially for our women employees.” The Phoenix Project Aims To: Offer professional development workshops, networking opportunities, and dedicated time off for women to participate in ERG initiatives. Provide mentorship programs connecting senior female employees with mentees. Promote leadership development among women within the company. Create a sense of community for women in the workplace. Leadership and

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye