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HOW INSURANCE BENEFITS FROM THE IMPLEMENTATION OF AI AND BIG DATA

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Sofie Quidenus-Wahlforss is the CEO and founder of omni:us, an AI provider helping the insurance industry embrace digitisation. 

 

The insurance industry has undergone more transformation in the last year than any other year, due to the innovative and increasing incorporation of artificial intelligence and big data practices. As a new year begins, there can be no question that traditional industries must embrace digitisation in order to maintain the same trust, loyalty and retention with customers, paving the way for new and emerging technology to take the floor. For the insurance industry especially, one still toeing the line between tradition and innovation, the advancement of this emerging technology can be felt across a variety of company practices.

 

With the rise of cutting-edge technology used across various industries, customers are now demanding the same level of service – convenience, timely responses and quick resolution, to start – from each provider they work with, forcing late adopters to innovate with AI and big data in order to keep up.

 

AI is now generally viewed as a necessary next step to insurers, as is the data that’s collected by the inclusion of automated practices. Big data is aptly named – it’s big, and growing. The International Data Corporation suggested that by 2025, the global data sphere will produce a total 163 zettabytes per annum (1 zettabyte = 1 trillion gigabytes) –  a tenfold increase in data generation, with unstructured data growing 15 times faster than structured, promising a wealth of information if companies have the proper systems in place to understand it.

 

However, many insurers are still in the dark as to how exactly the incorporation of artificial intelligence and implementation of data-led practices can aid business, and what their company stands to gain from such innovation. Today, companies must not only implement AI or collect data, but effectively apply its insight to valuable practices, thereby optimising the company’s efficiency, product offering and customer interactions. However, the inclusion of AI and big data can transform business practices and enhance customer service for insurers in a myriad of ways:

 

 

Improve productivity and efficiency

Insurance companies must process large amounts of highly variable documents each day, always striving to balance speed with accuracy and minimise human error. This is a prime opportunity for artificial intelligence to automate such tedious, manual tasks of claims management by reading, understanding and extracting relevant information – completing in minutes what may have previously taken hours or even days or even weeks to do. Additionally, the more the system “reads”, the more it learns, so it’s ever-improving.

 

 

Switch the focus to data and customers

As well as improving time and accuracy, AI unlocks the wealth of data available in various claims documents that will contain valuable information for long-term innovation. At omni:us. we predict that the insurance industry will move from process driven to data driven over the next few years, primarily because data holds the key to improved customer understanding. By using AI to analyse customer data, insurers will be able to develop better practices, improve services and understand customers better for a two-way benefit.

 

 

Embrace the digital customer

Insurers must master the art of attraction and retention by relying on the incorporation of advanced technologies like artificial intelligence, especially when working with the newest generation of insurance customers: Generation Y.  With less than half of the generation’s insurance customers loyal to their current provider (and only 29.5% currently satisfied with them), habits towards technology could unlock retention among young customers. By further digitalising each aspect of a customer’s experience from web services to policy comparison, sales, interaction and, of course, claims, insurance companies can satisfy the expectations of all customers, and retain regardless of generation.

 

 

Tailor to the consumer

Once the customer interaction chain is digitised, it’s highly important to provide according to their standard. In the digital age, people are looking for personalised options in every field. In addition to given claims documents, new resources like GPS-based apps enable new opportunities for offering bespoke coverage (such as pay-per-mile insurance) and the hyper-personalised options that consumers have come to expect.

 

 

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STOCK TRACKER TO OPTIMIZE YOUR SHORT-TERM GAINS

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When it comes to trading for short-term gains, there are many options to explore. For example, you could dive into technical analysis and trade based on data. Next to that, you could thrive on the sentiment of the market to get your gains. In any case, it is important to have the latest state of the market captured, including your holdings in that market. Having the best stock tracker could help you realize that. In this article, we will explore how a tracker can support short-term traders to increase their gains.

 

Connect with brokers for a holistic perspective

If you are an active trader, you probably hold stock at multiple broker accounts. For example, one broker could be leveraged for the US market while another broker has more favorable conditions to trade in Europe. With the best stock tracker on the market, you can integrate with these brokers through API and have an overview of all your holdings in real-time.

 

How does an API work

Since it concerns your stock holdings, you could receive this data sharing with some healthy skepticism. Do note that APIs are perfectly safe and only transfer data that is approved by the parameters defined by the broker. For example, you need to provide a special key to retrieve the data and can only retrieve information that is allowed to be retrievable. Often, this is limited to the holdings and quantity of the holdings.

 

Information on your trades

With API connections to brokers, and also a possibility to integrate with crypto brokers, you can also have an overview of transactions inside your stock tracker. This allows you to analyze your trades and up your game. For example, the tracker can indicate if the trade worked out well for you, or if it was better to hold on to the stock. You can analyze this information and continuously improve.

 

A proactive investment tracker

The power of an investment tracker can be found in the proactiveness of your portfolio. In the past, retail investors would combine their holdings into a spreadsheet and update those regularly. This has already started shifting with special macros that allow you to get real-time stock information from stock exchanges across the world, providing an element of automation. With a stock tracker, this is brought to the next level on two different dimensions.

Real-time data and push notifications

Naturally, the data of stock prices get updated automatically. Where it does become interesting is the notification setting possibility. For example, you could set a push notification when stocks gain or dip by a certain %. This allows you to be on top of your game, without the need to continue watching the market. In short: more freedom for you while your stock tracker is analyzing the market.

 

Relevant news

Especially when trading for short-term gains, market sentiment is essential. What will be the decision of the FED? How is a certain industry performing? Did you hear about that latest scandal? The best stock tracker also includes the latest stock market news, which can be provided through push notifications as well. For example, you can configure it to receive news that relates to your holdings for optimal coverage.

 

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Wealth Management

VOID OR VALID : 10 WAYS YOU COULD BE INVALIDATING YOUR CAR INSURANCE

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  • Being the named driver on your child’s car could invalidate your car insurance 
  • Driving with pets can have an impact on your insurance cover 
  • co.uk reveal ten ways to legally reduce your insurance

 

Car insurance prices have reached a seven year low1, with Covid helping to drive down the price, but it’s important to remember to be as accurate as possible when providing your personal details.

Providing false information or failing to update with changes of circumstance, whether accidentally or not, can invalidate your insurance, meaning your insurer is able to refuse to pay out for claims, or even cancel your policy. Some types of misinformation may even be classed as fraud and could see you end up in court.

That’s why CarParts4Less has shared ten easy to make mistakes that might be invalidating your car insurance.

  1. Lying about your main address

Car insurance premiums can vary depending on the postcode, as some areas have higher rates of thefts and break ins. It can be tempting to put down your home address as somewhere different to where your car stays every night  – a parents’ house while you are at university, for example, or at your house when you spend five nights a week living at your partner’s. However, doing so can mean your insurer can refuse to pay out any claims made, for example if your car is broken into in the location it actually resides.

Insurance companies have investigative departments (called special investigations unit, or SUI) dedicated to making sure information on your insurance and claims are correct, so while you may think you can get away with not updating your address, the likelihood is is that this will be found out when you make a claim.

  1. ‘Fronting’

Insurance for young drivers often costs more than groups deemed less of a risk, and one way some motorists try and get round these higher premiums is by having a low risk driver, such as a parent or partner, named as the main policy holder, and adding the real motorist as a named driver. If you get caught ‘fronting’, your policy will immediately be cancelled, and any claims denied. These cases are often taken to court, too, as it is classed as insurance fraud, with outcomes including fines of up to £5,000 and six points on your license.

  1. Ignoring your morning commute

There are three types of car usage that insurance covers; social only, social and commuting, and business. Social only insurance covers driving for social or leisure use; driving to and from friends’ houses, going to the supermarket, etc. The commute to and from work, or even to and from the train station, are not covered by this policy, so upgrading to a social and commuting is necessary, even if you only commute a few times a month. Insurance companies may dispute or refuse claims made during a commute if the policy is social use only, even if it is claimed to be only a one off.

If you use your car for work purposes outside of commuting, for example using it to get to meetings, or carrying equipment, you will need to get business cover.

  1. Not informing your insurer about any car modifications

Car modifications can affect your insurance premium for two reasons; if they increase the likelihood of an accident, or if they increase the likelihood of theft. Optional add ons for brand new cars, including something as simple and common as fitting in a SatNav, can impact insurance so it’s important to ensure these options are noted when applying for insurance. Your insurer will also need to be made aware of modifications that are made during your policy, as this may require a change in policy.

  1. Not informing your insurance company of minor accidents

In the case of small bumps or minor accidents where only cosmetic damage occurs, it’s common for motorists to have their car fixed without making a claim. However, even if you intend not to claim, it is important to inform your insurance of any damage received, as to not do so is a breach of your policy. This helps in the event that the other driver changes their mind and decides to claim, and also ensures damage is accounted for if you do need to claim after future incidents – damage which is inconsistent with a claim may mean that your claim is denied.

  1. Using more miles than you thought

Your annual mileage is one of the main factors used to calculate your insurance premium; the higher the mileage, the higher the cost. It’s important to be as accurate as possible when providing this figure, rather than just guessing, as it’s possible your insurance provider will decide not to pay a claim if your mileage is higher than what you’ve estimated. When working out how many miles you drive, don’t forget to include weekends away, weekly shopping, etc, and add some contingency miles – it’s better to be safe than sorry!

  1. Driving with pets

If you are driving with your pet in the car,  you are legally required to make sure they are secured. Unsecured pets can make a car more at risk of accidents, as they may distract the driver or even physically get in the way of driving. If you crash with an unsecured pet in the car, it’s likely that your insurance company will refuse to pay for your claim.

  1. Letting other people drive your car

While it’s possible for your friends or family to have insurance policies that allow them to drive other people’s cars, it is unlikely these policies cover damage to the vehicle in the event they are in an accident. It’s more than likely  that your own policy only covers vehicle damage that happens when a named driver is in the car, so while your friend can legally drive it, any accidents that occur may not be able to be claimed for.

  1. You’ve recently changed jobs

Your current occupation is one of the factors used to determine your risk profile, so it’s important to update your insurance company if you have changed jobs or occupations. Failure to do so many mean any claims made after a job change can be denied by your insurer.

  1. Charging for lifts

Some policies specifically exclude cover for car sharing, whether you make profit or not. For those whose policies do allow lift sharing, it may be void if you make a profit from giving lifts – many state you may only make enough to cover petrol and driving costs. Earning money from giving lifts can identify you as a ‘taxi hire service’, making a policy which does not cover this void.

It’s important to always read the terms and conditions of your car insurance policy, to ensure that you have not accidentally invalidated the policy. Keep your insurance provider up to date with any change of circumstances, regardless of whether or not you think it’s relevant, as some seemingly unrelated life changes can impact your premium.

 

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