Intelligent Enterprises – The Importance For Insurance Companies To Make The Shift Now

Intelligent Enterprises – The Importance For Insurance Companies To Make The Shift Now

by | Apr 22, 2019

The landscape of the insurance industry continues to evolve with emerging technologies, and that rate of progression is accelerating. Companies still hanging on to legacy practices are not only falling behind, they’re in danger of becoming completely obsolete.  

Becoming a dynamic “intelligent enterprise” means setting a precedence for workforce empowerment AND customer experience via innovative digital solutions. In January of 2019, Accenture reported 90% of insurance executives now have a coherent, long-term plan for technology in place. More than 60% report that technology is already having a significant impact on their claims and underwriting processes. This transformation is paramount to increasing the strength and influence an organization has on the market. Not only do you have some of the largest organizations creating substantial competition, vying for top position, but this digital disruption created a slew of newcomers. These companies offer an abundance of innovative digital products and services proving to have tremendous influence.  

For instance, take these three companies that are changing the very nature of insurance; and demonstrating what it means to provide empowerment through increased efficiency, agility, and transparency: 

Tech startup Hippo cites itself as “a fresh approach to the home insurance market, which has seen little innovation in over half a century.” Hippo has a fixed focused on exemplary customer experience. It uses AI in a variety of ways, from gathering and utilizing agile personal and market data insights, to aerial imagery assessments for damage updates and/or predictions, all to provide an experience truly new and unique to the market.  

Cystellar, a cloud-based big data analytics platform provides real time geospatial insights for live catastrophe and continued risk monitoring. Pulling data from satellite imagery, the (Internet of Things), and drone-based surveillance, the platform enables predictive analytics. They’ve made a huge impact with their primary data focus on helping insurers and their clients avoid damaging events, especially in the colossal agricultural and food sectors. 

Finally, PLNAR offers the only interior virtual claims solution for comprehensive data collection designed for insurance. It utilizes an Augmented Reality app and cloud-based reporting for Claims Adjusters to fully scope a claim in less than half the time. Measurements, photos, annotations (scope notes), and 2D & 3D floor plan models are packaged in a customized report in just minutes. With real time reporting to carriers, customer satisfaction is improved by offering a higher level of transparency and service.

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“The operational efficiencies you can capture by applying technology to the middle and back office are a huge, real-time measurable benefit.” – Greg Baxter, MetLife 

The key staples of disruptive products and services are agility, proactivity, responsibility, transparency, and relevancy.  So how does a legacy insurance organization begin to pivot? It starts with a rapid re-prioritization of organizational focus and assets, a deliberate evaluation of products and services to implement, and a willingness to collaborate with advanced technology business partners.

In my next blog post, I’ll discuss the impact that AR/VR is having on the insurance industry. For further information on the previously mentioned disruptors, click the links below. 

Hippo www.myhippo.com | Cystellar www.cystellar.com | PLNAR www.plnar.ai 

Insurance Executive and Strategist Andrew Robinson Joins PLNAR Board of Directors

Insurance Executive and Strategist Andrew Robinson Joins PLNAR Board of Directors

by | Mar 6, 2019

Austin, TX – March 6, 2019 – PLNAR, an InsurTech startup and provider of a virtual claims solution for interior property and casualty (P&C) insurance claims, is pleased to announce that insurance executive and industry strategist Andrew Robinson has joined the company’s Board of Directors.

“I have an entire career of insurance and claims experience,” said Andrew Robinson. “And, as an insurer’s largest cost center, claims is an area desperately in need of innovation. In the past few years, this space has seen both an increase in on-demand workers and new technology adoption. The introduction of new technology is integral to the financial growth of the insurer, the TPA, and even the independent adjuster. I see PLNAR as a transformational innovator in this space.”

Robison is currently co-CEO at Groundspeed Analytics and a senior advisor at Oak HC/FT, a premier venture growth equity firm investing in healthcare and financial services technology, where his focus is on InsurTech. His background also includes executive leadership roles at Crawford & Company, The Hanover Insurance Group, and Diamond Consulting (now PwC Consulting).

“As we look at our next steps and ways our product strategy may need to evolve, Andrew’s experience will be invaluable to keeping us in touch with the needs of the industry,” said Andy Greff, CEO of PLNAR. “We are looking forward to his participation and contributions to the team going forward.”

PLNAR’s patented solution utilizes augmented reality (AR), machine-learning, and computer vision to deliver a comprehensive enterprise solution for the claims ecosystem. PLNAR’s powerful app and cloud products capture all the context needed from a claim, in real-time, including required 2D and 3D measurements, photos, and annotations. PLNAR immediately digitizes the output into 3D models and comprehensive claim reports that can be accessed from any device via the PLNAR cloud. Using PLNAR, adjusters can capture onsite data 50 percent faster than using traditional methods while also reducing back-office entry time with integrations and APIs. PLNAR enables new virtual claim business models and makes existing business models more efficient by driving additional revenue and increasing customer satisfaction.