Insurance

A data-driven revolution in underwriting,
quotes and claims.

Embrace AI or be left behind

Artificial intelligence and machine learning are behind a seismic shift in the insurance sector, which is expected to shift entirely from detect-and-repair to predict-and-prevent in the next 3-5 years.

Insurers are increasingly able to collect new, detailed data from customers’ connected devices – from cars to wearables. These massive volumes of granular data and associated fast-moving technological advances will enable insurers to create products and adjustments at unprecedented levels of personalisation for their customers.

Real-time insurance and automated underwriting are already starting to become the norm, with AI-enabled fraud detection, pricing and claims processing right behind them.

The more data an AI-based system has, the more accurate it becomes. Underwriting will improve and customer costs should decrease.

To keep up with innovative startups and retain customers, established insurers need to be on top of the technological developments in this sector – and understand how to utilise their biggest asset: data.

It’s crucial that data and new technology are intelligently integrated into existing processes.

All this can only be done effectively if a forward-thinking data strategy is in place, followed by expert implementation.

Key challenges in the insurance industry

Huge data volumes and advanced technology can seem daunting,
but they also present exciting opportunities to improve efficiency,
compliance and customer service in the insurance sector.
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Fraud detection

Detect transaction fraud in real time to improve your security and limit your exposure to risk. We can advise you on the best tools for the job.

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Data compliance

Nephos’ SmartData Governance solution enables thorough discovery, classification, compliance and protection of key data assets.

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Automated underwriting decisions

We can recommend the most appropriate technology and processes which support workflows that will help insurers like you move to real time, automated underwriting decisions.

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Know your customer

Customer acquisition and retention today relies on providing tailored services. We can recommend tools which gather and analyse relevant information in real time, helping you create bespoke offers for your customers.

The SmartFile Audit from Nephos Technologies provided us
with exactly what we needed: An insight into our data usage.
They worked through a range of solutions to find the right
approach for us, before delivering a full business case.

Global Infrastructure Manager
Global Engineering Firm

Learn more about the future of data in the insurance industry

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Financial Services Firm

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SmartData Discovery

SmartData Discovery

As your company’s data volumes grow, it’s crucial to have visibility and…

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SmartData Governance

SmartData Governance

Data sprawl is one of the biggest challenges in data governance. Today…

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