scholarly journals Understanding blockchain for insurance use cases

2020 ◽  
Vol 25 ◽  
Author(s):  
D. Popovic ◽  
C. Avis ◽  
M. Byrne ◽  
C. Cheung ◽  
M. Donovan ◽  
...  
Keyword(s):  
Real World ◽  
Insurance Industry ◽  
Use Cases ◽  
Insurance Companies ◽  
Deep Knowledge ◽  
Practical Guide ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Real World Applications ◽  
Insurance Business

Abstract Insurance industry practitioners have deep knowledge of their industry, but there is a lack of a simple-to-understand, practical blueprint on applying distributed ledger technology solutions, including blockchain. This paper provides a practical guide for actuaries, risk professionals, insurance companies and their Boards on blockchain, including an education piece to provide an understanding of the technology. Examples of real-world applications and use cases in insurance are provided to illustrate the capability of the technology. The current risks and challenges in adopting the technology are also considered. Finally, a checklist of issues to consider in adopting a blockchain solution for insurance business problems is provided.

scholarly journals Grex: A Decentralized Hive Mind

Ledger ◽  
2019 ◽  
Author(s):  
Alex Khawalid ◽  
Dan Acristinii ◽  
Hans Van Toor ◽  
Eduardo Castelló Ferrer
Keyword(s):  
Real World ◽  
Swarm Robotics ◽  
Search And Rescue ◽  
Rescue Mission ◽  
Practical Experiment ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Widespread Adoption ◽  
Real World Applications ◽  
Future Work

Swarm Robotics (SR) faces a series of challenges impeding widespread adoption for real-world applications. Distributed Ledger Technology (DLT) has shown it can solve a number of these challenges. An experiment was conducted to showcase the resolution of these challenges. A search and rescue mission was simulated using drones coupled with single board computers and several simulated agents. Inter-agent communications were facilitated through DLT in a completely decentralized network. A frontend interface was built to demonstrate the ease with which information can be extracted from the system. This paper shows the feasibility of the application of DLT to SR-related challenges in a practical experiment. For future work, it is proposed to focus on more complex tasks through federated learning or inter-swarm communications, possibly through Cosmos.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

scholarly journals THE INFLUENCE OF THE CROWN CRISIS ON THE DEVELOPMENT OF INSURANCE BUSINESS IN THE WORLD

2021 ◽  
Author(s):  
Hanna Mamonova
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Online Sales ◽  
The World ◽  
Future Challenges ◽  
Declining Demand ◽  
Insurance Business ◽  
The Impact

The article analyzes the impact of the COVID-19 pandemic on the world insurance market and some European countries. Separated economic indicators of the impact of the COVID-19 pandemic on the insurance business of the world are singled out. It was determined that the impact of the COVID-19 pandemic inspired declining incomes of insurers and households, rising unemployment, declining demand for insurance services, a significant decline in productivity of insurance companies, uncertainty about the future development of the insurance industry and the effects of the pandemic. The experience of the world insurers' struggle against the consequences of the COVID-19 pandemic has been studied and generalized. The latest tools that have allowed insurers around the world to mitigate or mitigate the negative impact of the crown crisis, in particular, are: the development of new insurance products; increasing the level of requirements for insurance services in terms of its relevance, price flexibility, mobility and transparency; transition of insurers to online sales of insurance services and online payments for insurance cases; direct funding of specific means of combating COVID-19; use of the latest technologies and innovative methods in the insurance business; introduction of a new mode of staff work in the activities of insurance companies. The transition of insurers to online sales of insurance services and online payments has revealed many unresolved issues regarding the insurer's cybersecurity. Insurers are forced to improve existing technologies and methods of control, to intensify training and information activities. The Crown Crisis has significantly increased the importance of modern underwriting. Therefore, insurers around the world are using the capabilities of artificial intelligence, alternative data sources and better forecasting models. Greater understanding of pandemic processes, gaining experience is needed not only to accelerate the way out of the modern pandemic, but also to form a stable insurance system to the inevitable future challenges. The study of positive experience in the functioning and development of insurance markets around the world in crises and shocks is useful for application in national practice.

scholarly journals How digitalization affects insurance companies: overview and use cases of digital technologies

2020 ◽  
Author(s):  
Christian Eckert ◽  
Katrin Osterrieder
Keyword(s):  
Business Models ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Use Cases ◽  
Insurance Companies ◽  
Comprehensive Overview ◽  
Industry Studies ◽  
Digital Strategy ◽  
It Departments

Abstract The digital transformation is of increasing relevance for insurance companies’ business models. It leads to opportunities as well as challenges, especially for IT departments as core enablers or preventers. Against this background, the aim of this paper is to provide a comprehensive overview of digital technologies (e.g., artificial intelligence, cloud computing) and the resulting use cases for the insurance industry. To this end, we conduct a review of academic articles, industry studies and publications of the supervisory authorities. We point to the resulting requirements for an insurer’s IT and find many interdependencies between the digital technologies. Our results therefore emphasize the importance of a holistic digital strategy.

scholarly journals Zastosowania technologii blockchain w finansach

2021 ◽  
pp. 9-27
Author(s):  
Hanna Kołodziejczyk
Keyword(s):  
Real World ◽  
Digital Repositories ◽  
Fast Growing ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Swot Matrix ◽  
Characteristic Features

This chapter describes blockchain – an IT tool which has found an innovative use in finance, creating a new, fast-growing segment within FinTech. Blockchain, connected to the field of Distributed Ledger Technology, over the last few years has become a proposed solution for problems ranging from keeping financial records to designing new forms of money. The chapter establishes the foundations for further research by explaining what blockchain is and how it works, describing its characteristic features and weighing them against each other in a SWOT matrix. Following that, a number of proposed and already implemented applications of the technology are presented and discussed. This includes: cryptocurrencies, investment/security tokens and the process of tokenizing other types of real-world assets as well as digital repositories.

scholarly journals Innovatizing the Insurance Business in the Development of Digital Economy

2021 ◽  
Vol 7 (522) ◽  
pp. 62-69
Author(s):  
O. O. Sosnovska ◽  
Keyword(s):  
Business Processes ◽  
Swot Analysis ◽  
Insurance Industry ◽  
Global Scale ◽  
Digital Economy ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Business ◽  
Health Insurance Industry ◽  
The Individual

The article defines the current trends of innovatizing the insurance business in the digital economy. The stages of development of modern insurance technologies (InsurTech), which are innovative products in the insurance sector of financial infrastructure, are provided. The instruments of digitalization of business processes for sale of insurance products, settlement of insurance claims, bookkeeping and tax accounting, risk underwriting, document flow are presented. The dynamics of global investments in technological innovations of insurance companies on a global scale have been specified. The volume of global investments and concluded agreements in InsurTech sector by insurance sectors is analyzed and it is proved that 2020 is a period of awareness of the importance and role of digital technologies implementation in the insurance industry, recognition of the value of the digitalization vector of insurance business and global investments in InsurTech development with the highest recorded values. It is identified that the leader in attracting investments in the processes of innovatizing is the property insurance industry (P&C), which has compiled 53% of the total financing and 63% of the concluded agreements. The individual health insurance industry (L&H) ranks second in terms of indicators, maintaining overall investment attractiveness, high amounts of financing and the introduction of insurance technologies. The economic, technological, organizational management, and legal factors that stimulate or inhibit the innovative activity of insurance companies in Ukraine are systematized. Based on the generalization of problems and weaknesses that are relevant and impede the desired pace of innovatizing the insurance business in the digital economy, a SWOT analysis matrix of the feasibility of InsurTech implementation is proposed. It is determined that the introduction of innovations and the development of insurance on the basis of digitalization are currently a catalyst for the strategic development of the insurance business, improving the quality of insurance products and successful activities in an increasingly customer-oriented financial sector.

Data Analytics in der Produktion*/A maturity model for the classification of real-world applications of data analytics in manufacturing environment

2018 ◽  
Vol 108 (07-08) ◽  
pp. 543-548
Author(s):  
T. Pschybilla ◽  
D. Baumann ◽  
S. Manz ◽  
W. Wenger ◽  
Keyword(s):  
Decision Making ◽  
Real World ◽  
Data Analytics ◽  
Use Cases ◽  
Maturity Model ◽  
Manufacturing Environment ◽  
Smart Services ◽  
Real World Applications

Mit der fortschreitenden Digitalisierung in der Produktion werden konstant ansteigende Datenmengen generiert. Eine besondere Rolle kommt dabei dem Gebiet der Data Analytics zu, welches die Gewinnung von Wissen aus Daten und damit die Entscheidungsfindung unterstützen kann. Im Beitrag wird ein Reifegradmodell zur Einordnung von Anwendungsfällen der Data Analytics in der Produktion vorgestellt und an einem Beispiel der Smart Services der Trumpf GmbH + Co. KG angewendet.   With the progressing digitization in manufacturing, continuously increasing amounts of data are being generated. The field of data analytics plays an important role in this context by advancing the acquisition of knowledge from data and thus decision-making. This paper presents a maturity model for the classification of data analytics use cases in manufacturing. The model is applied to an example of Smart Services at Trumpf GmbH + Co. KG.

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