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ITA Pro Weekly, May 08,2020

Forrester on how COVID-19 is changing insurance, One Inc’s Ewing talks insurtech and entrepreneurism, how insurers are using RPS, and more…

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Hot off the presses!

COVID-19 is already shaping the future of how the insurance industry operates in the areas of automation, beneficiary management, and digital services, according to a new report by Forrester.

“The effects of COVID-19 on consumers, businesses, and insurers will outlive the far-reaching and severe impact that the virus has already had,” writes Forrester analyst Ellen Carney. “Along with a new lexicon – think ‘social distance,’ ‘hot zone,’ and ‘flatten the curve’ – and new acronyms like PPE, COVID-19 will also change the insurance industry irrevocably over the coming decade.
 

 

Christopher Ewing is President and CEO of One Inc, which offers a single platform for processing premiums and claims payments, designed to integrate with insurance core systems. The platform helps insurers to increase retention and persistency, reduce admin expenses, and simplify PCI compliance. In this week’s Electronic Chat, Ewing discusses how his varied entrepreneurial background helped prepare him for life in the insurtech world.

“Very early on I realized that the problem in insurance was not a lack of good, innovative ideas. It was that there were a lot of assets that needed to be digitized to meet the demands of insureds, but insurers did not have a clear, consistent roadmap for updating their organizations – especially when they were still dependent on legacy systems. This insight lead to us to create a digital platform for the insurance industry, built to integrate with core systems of all ages, to help carriers modernize their organizations through digital payments.”

 

The COVID-19 crisis is putting robotics, AI, and machine learning front and center in the workplace. In a new column by Centric Consulting's Bob Hunter, learn how insurers are using Robotic Process Automation (RPA) to reduce cost, gain efficiencies, and increase employee satisfaction.

“Today’s RPA software can support or supplement human employees in processing transactions, manipulating data, triggering responses, and communicating with other systems. It’s especially valuable to organizations that use people for knowledge-process work that is routine, repeatable, rules
based, time-sensitive, and error-prone.”

 
Breaking News from the Insurance Industry
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