How Technology Can Help to Transform the Insurance
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Posted On: 02/03/2025 4:37:40 PM
How Technology Can Help to Transform the Insurance Industry
Recent technological advancements have spurred a major transformation in the modern insurance industry. The centuries-old sector has adopted technology at such a rapid rate that digital solutions now play a key role in everything from life insurance to casualty and property insurance, putting technology at the core of nearly every insurance business.
The software has become a key cog in the operations of the insurance industry, enabling companies to manage customer data, assess risk, meet regulatory demands, and execute a plethora of other insurance-related functions effectively. With some of the industry’s top players insuring tens to hundreds of millions of customers across the globe, technology is without a doubt their most essential tool.
The industry has also been subject to increasingly strict regulations as well as new and complex accounting standards that have forced several insurance firms to go back to the drawing board and rework their whole approach to financial infrastructure and reporting. This has blossomed into a significant technological revolution in the insurance industry that has been characterized by numerous potential far-reaching innovations.
IFRS17, one of the industry’s most important compliance regulations, has played a notable role in the insurance sector’s tech revolution by pushing the industry to integrate accounting, finance, and actuarial functions that were typically siloed. Integrating these functions gave insurers major insight into risks and opportunities, informing their decision-making with actionable data.
In addition to aiding in compliance, technology has also boosted accuracy and flexibility within the insurance industry and allowed insurers to deepen their understanding of global financial conditions.
Like several other industries, insurance has also experienced the disruptive potential of artificial intelligence (AI) in recent years. Artificial intelligence tools have especially impacted actuarial work and are poised to streamline insurance processes and allow for increased speed and accuracy in decision-making processes.
Actuaries can use artificial intelligence to automate routine tasks like report generation, model fitting, and data pre-processing, allowing them to concentrate on tasks with strategic implications, and centralizing their roles in insurance companies. Rather than replacing them, AI tools will enhance the role of actuaries within the insurance industry.
However, actuaries will have to understand the assumptions and limitations of the AI models they incorporate into their processes to help mitigate the uncertainty these tools generate. They should make sure the AI tools they use to enhance their duties are ethical, fair, and unbiased, especially in regard to underwriting and pricing. This may require them to learn new skills in programming languages and data science.
For entities like FingerMotion Inc. (NASDAQ: FNGR), incorporating the latest tech innovations in their solutions targeting the insurance market is helping to carve out an increasing portion of the market for themselves.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
Recent technological advancements have spurred a major transformation in the modern insurance industry. The centuries-old sector has adopted technology at such a rapid rate that digital solutions now play a key role in everything from life insurance to casualty and property insurance, putting technology at the core of nearly every insurance business.
The software has become a key cog in the operations of the insurance industry, enabling companies to manage customer data, assess risk, meet regulatory demands, and execute a plethora of other insurance-related functions effectively. With some of the industry’s top players insuring tens to hundreds of millions of customers across the globe, technology is without a doubt their most essential tool.
The industry has also been subject to increasingly strict regulations as well as new and complex accounting standards that have forced several insurance firms to go back to the drawing board and rework their whole approach to financial infrastructure and reporting. This has blossomed into a significant technological revolution in the insurance industry that has been characterized by numerous potential far-reaching innovations.
IFRS17, one of the industry’s most important compliance regulations, has played a notable role in the insurance sector’s tech revolution by pushing the industry to integrate accounting, finance, and actuarial functions that were typically siloed. Integrating these functions gave insurers major insight into risks and opportunities, informing their decision-making with actionable data.
In addition to aiding in compliance, technology has also boosted accuracy and flexibility within the insurance industry and allowed insurers to deepen their understanding of global financial conditions.
Like several other industries, insurance has also experienced the disruptive potential of artificial intelligence (AI) in recent years. Artificial intelligence tools have especially impacted actuarial work and are poised to streamline insurance processes and allow for increased speed and accuracy in decision-making processes.
Actuaries can use artificial intelligence to automate routine tasks like report generation, model fitting, and data pre-processing, allowing them to concentrate on tasks with strategic implications, and centralizing their roles in insurance companies. Rather than replacing them, AI tools will enhance the role of actuaries within the insurance industry.
However, actuaries will have to understand the assumptions and limitations of the AI models they incorporate into their processes to help mitigate the uncertainty these tools generate. They should make sure the AI tools they use to enhance their duties are ethical, fair, and unbiased, especially in regard to underwriting and pricing. This may require them to learn new skills in programming languages and data science.
For entities like FingerMotion Inc. (NASDAQ: FNGR), incorporating the latest tech innovations in their solutions targeting the insurance market is helping to carve out an increasing portion of the market for themselves.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
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