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Digital Technology Senate: Digitisation is the only solution to adapt to the new normal, Anand Roy, Star Health and Allied Insurance Company – Express Computer

digital technology senate: digitisation is the only solution to adapt to the new normal, anand roy, star health and allied insurance company – express computer

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Digital Technology Senate: Digitisation is the only solution to adapt to the new normal, Anand Roy, Star Health and Allied Insurance – Express Computer

digital technology senate: digitisation is the only solution to adapt to the new normal, anand roy, star health and allied insurance – express computer

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Digital Technology Senate: Digitisation is the only solution to adapt to the new normal, Anand Roy, Star Health and Allied Insurance – Express Computer Home  »  News  »  Digital Technology Senate: Digitisation is the only solution to adapt to the new normal, Anand Roy, Star Health and Allied Insurance

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Iprosurv on the development of drone technologies during the pandemic

iprosurv on the development of drone technologies during the pandemic

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When it comes to the new technologies being employed by insurers and brokers, most have been pre-existing services which were available but not utilised prior to the lockdown. From Zoom to Teams to the use of drone technologies, COVID-19 has encouraged the insurance sector, which has often contended with the label of being slow to innovate, to embrace new solutions.

Rebecca Jones (pictured above), owner and co-founder of the drone services provider, Iprosurv, noted that while, from a financial services perspective, insurance has lingered behind in terms of digitisation there is clearly new momentum. Insurance businesses are starting to embed tech processes into their business models, and this has evidently been accelerated by the lockdown.

“We’re seeing parts of the supply chain suddenly being forced to use tech services,” she said. “And previously they tended to be wary or apprehensive about these services or just to dabble with them as opposed to making them a fundamentally integrated process.

“It used to be a case of ‘we’ll try every other way we can do it first, and then we’ll adopt a tech perspective.’ [The lockdown] has been of benefit because the preconceptions about drones and tech in general …

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Startups Weekly: Tech unicorns look to IPOs as Lemonade, Accolade boom

startups weekly: tech unicorns look to ipos as lemonade, accolade boom

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Hundreds of tech-oriented startups worth a billion or more dollars had envisioned successful public offerings before the pandemic hit. But new tech listings slowed to nearly nothing this spring as companies have tried to adjust to the profound changes sweeping the world.
Today, more and more companies are back to their previous plans, with Lemonade and Accolade finding an enthusiastic public this week, following Agora’s pop last Friday, as Alex Wilhelm has been covering.
The first big tech IPO this week was in online insurance, the second in health, and despite both being in promising markets, the valuations are quite a bit higher than their business realities to date. Here’s more, from his analysis on Extra Crunch:
Lemonade is being valued at more than 15x the value of its annualized Q1 revenue despite not sporting the gross margins you might expect investors to demand for it to merit that SaaS valuation. And Accolade only expects to grow by about 20% in Q2 2020 compared to its year-ago results while probably losing more money.
But who cares? The IPO market is standing there with open arms today (there’s always another IPO cliché lurking).
The read of this is impossibly simple: …

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How to Manage Workers’ Comp Claims and Litigation in the Age of Technology

how to manage workers’ comp claims and litigation in the age of technology

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The world of claims and litigation is changing as workers’ comp adopts new technologies.

It’s undeniable that our lives have gone digital. With so many tools available at the swipe of a finger, injured workers and their employers expect service on demand, 24/7.

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Even though the workers’ compensation industry has been slow to adopt technology in the past, there’s been an uptick in new apps, tele-rehab programs and other digital tools flooding the space. On the litigation side of things, defense attorneys are turning to wearable and social media data to support their cases.
Panelists in the session “Workers’ Compensation Claims and Litigation Management in the Age of Technology” discussed the variety of ways new technologies are being used in workers’ compensation and their various benefits and downsides during the 2020 CLM Workers Compensation and Retail, Restaurant & Hospitality Conference.
Technology: A Benefit or Health Threat?
Over the last few years, technology has exploded both within workers’ compensation and in the broader health care space.
Doctors use telemedicine to reach patients in rural areas and virtual visits can be used to help patients with anything from filling a prescription to answering a basic medical question. 
COVID-19 only accelerated this growth, …

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Insurance companies form alliance in Taiwan | Taiwan News

insurance companies form alliance in taiwan | taiwan news

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The insurance industry is adapting to blockchain technology. (CNA photo)
The insurance industry is adapting to blockchain technology. (CNA photo)

TAIPEI (Taiwan News) — Taiwanese insurance customers with multiple policies can now update their personal information or file claims by applying through just one of their insurance companies, thanks to blockchain technology.

Starting Wednesday (July 1) 11 insurance companies and the Chain of Insurance Industry Alliance (保險業理賠聯盟鏈) established an alliance to facilitate information exchanges. Members include Cathay Life Insurance, Taiwan Life Insurance, Nan Shan Life Insurance, and more.

On average, Taiwanese own 3.3 insurance policies per person, higher than the global average of 2.2, according to Business Next. When individuals have to file insurance claims or change personal information, repeat applications to different companies bug everyone.

The primary goal of the alliance is to streamline applications and reduce redundancy. From now on, clients need only ask one of their insurance companies to change information, and the data will be synchronized simultaneously with other companies — the same for filing insurance claims.

To begin with, in the first six-month trial period, synchronization for health and certain injury insurance claims can be made, but group and travel accident insurance will be excluded.

The traceability of blockchain technology …

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Insurance companies form alliance in Taiwan | Taiwan News

insurance companies form alliance in taiwan | taiwan news

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The insurance industry is adapting to blockchain technology. (CNA photo)
The insurance industry is adapting to blockchain technology. (CNA photo)

TAIPEI (Taiwan News) — Taiwanese insurance customers with multiple policies can now update their personal information or file claims by applying through just one of their insurance companies, thanks to blockchain technology.

Starting Wednesday (July 1) 11 insurance companies and the Chain of Insurance Industry Alliance (保險業理賠聯盟鏈) established an alliance to facilitate information exchanges. Members include Cathay Life Insurance, Taiwan Life Insurance, Nan Shan Life Insurance, and more.

On average, Taiwanese own 3.3 insurance policies per person, higher than the global average of 2.2, according to Business Next. When individuals have to file insurance claims or change personal information, repeat applications to different companies bug everyone.

The primary goal of the alliance is to streamline applications and reduce redundancy. From now on, clients need only ask one of their insurance companies to change information, and the data will be synchronized simultaneously with other companies — the same for filing insurance claims.

To begin with, in the first six-month trial period, synchronization for health and certain injury insurance claims can be made, but group and travel accident insurance will be excluded.

The traceability of blockchain technology …

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Using Technology To Revolutionize The Insurance Industry

using technology to revolutionize the insurance industry

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Terence Zimwara

A surreal story of three Zimbabwe men who stole a corpse and burnt it to make it look like a road traffic accident made headlines.
The men hatched a plan to defraud a life assurer in one of the most daring and sensational stories of insurance fraud.
The trio was eventually caught but not before the life assurer had already paid the fraudulent claim of $70 000!
In another high profile case, a past winner of a television reality show got arrested for alleged insurance fraud involving a vehicle.

Insurance fraud pervasive
The two cases are just a microcosm of what happens in the insurance industry all the time. And contrary to popular misconceptions, insurance fraud hurts both insurers and the consumers of insurance.
Insurance companies pay excessive or fraudulent claims which hurt the profitability of the business while clients have to contend with paying higher monthly premiums.
The scourge of insurance fraud is pervasive as it also affects medical insurance companies. They too lament the deep impact fraudulent claims are having on their operations.
For instance, local media reports state that in 2018 alone, a total of $160 million, which had been paid out by medical insurers in the previous year, …

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Anand Roy, MD, Star Health and Allied Insurance Company | Digital Technology Senate – BFSI Week – Express Computer

anand roy, md, star health and allied insurance company | digital technology senate – bfsi week – express computer

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[embedded content] Read Article Key Highlights:+ All insurance companies are going through digital transformation and Covid-19 has ramped up the efforts+ As digital maturity improves, customer demands also increase and insurance companies need to adapt to these changes+ Digitisation is the only solution to ensure sustained business growth and to adapt to the new normal+ The physical channels also need to go digital, leading to a ‘phygital’ model+ The regulatory authority has also played a large role in ensuring seamless operations If you have an interesting article / experience / case study to share, please get in touch with us at [email protected]Advertisement Get real time updates directly on you device, subscribe now. Subscribe Express Computer is one of India’s most respected IT media brands and has been in publication for 24 years running. We cover enterprise technology in all its flavours, including processors, storage, networking, wireless, business applications, cloud computing, analytics, green initiatives and anything that can help companies make the most of their ICT investments. Additionally, we also report on the fast emerging realm of eGovernance in India.

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Before you hit the highway, here are the ins and outs of road trip insurance

before you hit the highway, here are the ins and outs of road trip insurance

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swissmediavisionThe seemingly endless nationwide pandemic lockdown has resulted in a lot of pent-up travel demand.As the second major long holiday weekend of summer gets underway, people looking to celebrate Independence Day are getting in their cars and campers for road trips — deemed by many a safer bet than air or cruise travel. “After weeks of being home, many Americans want a change of scenery,” said Giorgos Zacharia, chief technology officer of travel site Kayak.com. “But, with international travel restrictions still in place and safety top of mind, road trips are most enticing to U.S. travelers right now.” Kayak found that car rental searches for the July 4 weekend were up 20% compared to last year.Brittney Castro, in-house certified financial planner for personal financial management site Mint.com, said most people have not spent much money on travel so far this year.More from Personal Finance:Most travelers not opting to insure their trips, survey findsThe top 10 U.S. cities for summer staycationsLaw would guarantee refunds for coronavirus flight cancellations”Most do have some sort of monthly travel budget and I think now they are reassessing their travel goals and savings and saying let’s now use this money for …

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