The Future of Insurance

How will an aging population, new forms of labor, and regulatory changes affect the Life Insurance and Pension market across the Nordics? As EU tries to promote more individual responsibility, customer engagement now becomes key to insurers since they must change from B2B to B2C.

Artificial intelligence is a broad field that holds a great potential. It already impacts how businesses operate across industries. In this guide, we put AI in a Nordic context on basis of 975 leaders’ AI insights.

What are the main characteristics of the future of Insurance? Here, we’ve gathered the key takeaways and trends as presented in various blog posts about the insurance sector.

Insurance is an industry characterized by numerous disruptions including new technologies, insurtechs, changing customer expectations, and changing regulations. Add to this the pressure of the current Covid-19 crises. How can Nordic insurance companies not only survive, but thrive in a post-Covid world?

Financial services organizations are at crossroads. Not only do they have to respond to changing customer expectations, higher operating costs, new technology and an evolving regulatory landscape, they also have to respond to challenges created by Covid-19. We believe transformation of legacy banking platforms will now gain sharper focus.

How do you handle the complexity of a global supply chain while also preparing it for future challenges? Building the resilient supply chain was on the agenda as experts from Nobia, GS1, Jernkontoret, and Trase gathered for Cognizant’s online seminar. Collaboration, transparency, and traceability were highlighted as key ingredients.

Imagine a world where algorithms calculate risks and act accordingly. Predictive models will know the exact outcomes and suggest optimal actions to take, and all is shared with insurance companies. As the digitization of insurance continues, some crucial security and privacy questions are also raised. Ethics or innovative technology, which comes first?

Internationally renowned futurist and trendwatcher Tony Bosma, also the founder of Extend Limits, has given the insurance sector some serious thought. What trends and developments will shape the future of insurance? And what measures should a company keen to outclass the competitors take?

Be it in banking, insurance or any other industry, the pressure on improving the customer experience is immense. How can an organization engage more closely with consumers and become more responsive to their needs? By using data strategically through AI and ML (machine learning). Cognizant’s Abhishek Rishi, Director Digital Strategy, AI & Analytics, explains why the data foundation is essential in becoming truly digital.

Money laundering is big criminal business worldwide. It’s estimated that the global money laundering business is worth somewhere in the region of $2000 bn, of which only around 0.2% is detected. In response, many financial institutions (FI) are starting to use AI to detect small anomalies within a large amount of data.

The raft of pressures implied on incumbent insurers – customers’ changing expectations, disruption of the value chain, emerging technologies – calls for the capability to turn data into a strategic asset. That’s exactly what this Nordic insurance organization strived to accomplish as it consolidated its information in a data lake, setting the stage right for utilizing AI and analytics for business purpose.

How should insurers maintain high-quality experiences for policyholders during the pandemic, while also improving business resiliency and prepare for a post-pandemic world? They need to strengthen their digital capabilities.

The banking sector is undergoing radical transformation. Changing business models, disruptive technologies, fintechs, and compliance pressures challenge incumbent firms. To this full-service bank, the new data platform enables data-driven outcomes as steppingstone of a new ecosystem with robust compliance and structured/unstructured data access.

Digitalization, upstart competitors, the need for breakneck speed and agility, and an increasingly diverse and demanding workforce require more from leaders than what most can offer. Check out our new survey with 4,394 global leaders.

The “Egen Pensjonskonto” (Own Pension Account) reform is a major leap towards individualization of the Norwegian pension system. This is the first paper in a series of three exploring what the reform means for the pension industry and individuals.

What are the general RPA advantages? What primary and secondary effects can you expect from automation? What should you consider before initiating an RPA project? Listen to Aker Solutions’ Head of RPA Patrik Norberg as he shares both experiences and success factors from the company’s RPA project carried out together with Cognizant.