Banks face a digital shift, pressures on deposits and competition for customer loyalty, so they must constantly fine-tune their operations, embracing new revenue streams and avenues of customer engagement. Insurance may seem like a natural fit for banks large and small. Consumers and commercial enterprises...
In an era where digital transformation is reshaping industries across the board, the insurance sector is no exception. One of the companies with a stake in the game is One Inc, and CEO Ian Drysdale told PYMNTS for the “What’s Next in Payments: How Do...
Where there’s smoke, there’s usually fire. And across the business landscape, where there’s paper, there tends to be countless inefficiencies, higher costs — and even fraud. This holds particularly true within the insurance industry, which has long been known for its reliance on paper, manual...
PYMNTS Intelligence’s data makes it clear enthusiasm for financial institutions (FIs) as insurance providers is growing. In fact, three-quarters of consumers who have already purchased bank-provided coverage want to buy more. Moreover, these consumers indicate a steadily growing interest. FIs cannot overlook these customers. Our...
Last month’s worldwide tech outage disrupted organizations from airlines to banks to hospitals. However, one sector that seems to have escaped the impact of the event is the cyber insurance industry, as most of the costs were uninsured, the Financial Times’ Vanessa Houlder noted in...
The insurance industry, long perceived as a slow-moving behemoth, is experiencing a seismic shift thanks to the emergence of InsurTech companies. These tech-driven firms are revolutionizing the way insurance is bought, sold and managed, bringing unprecedented levels of efficiency, customer satisfaction and innovation to the...
In the connected economy, there are simple business models (think subscriptions), complex business models (think platforms like Uber), and then there’s insurance. The insurance sector is so large and complicated that it’s hard to get a read on how big it is. Some estimates put...
Simply Business has expanded its workers’ compensation insurance offering for small businesses by partnering with workers’ compensation provider Employers. With this expansion of its offering, Simply Business can digitally quote and bind workers’ compensation policies for more than 300 different types of small businesses across...
Insurers’ use of artificial intelligence (AI) must not discriminate against consumers, New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris said Thursday (July 11). Harris said this in a press release announcing the DFS’s adoption of guidance for insurers that use AI...
