New models provide customer value
Insurers traditionally provide monetary protection against damages to life and property. In the last decade, however, they've expanded their strategies to include prevention and preservation. Prevention informs the insured of potential dangers while preservation ensures continuity and perpetuity. Covering this full spectrum—from protection to preservation—requires a flexible business model and a digital-first strategy.
Evolving risks, increasing regulatory demands, and operational change are key features of the insurance landscape. Insurance firms have countered these trends with comprehensive RiskTech adoption, though it is not uniform across emerging risks.
Going forward, insurers must expand their emerging risk capabilities to operational areas beyond underwriting and pricing. In addition, they must take steps to integrate emerging risks into business strategy.
Artificial intelligence (AI) is reshaping the banking, financial services and insurance (BFSI) industry landscape by making inroads into several functions including risk and compliance management. According to this Chartis Research report commissioned by TCS, AI maturity and the tools used vary considerably across financial organizations. With a few exceptions, AI is still in its infancy in the BFSI industry.
With excess and surplus growing more than twice the speed of the entire insurance industry, AmTrust has an extraordinary opportunity. Working with TCS on this inaugural E&S AI project not only helped us set a new standard for clearance processes, but also helped our underwriters strengthen their relationships with broker partners.
TCS, winner across five categories in Chartis’ RiskTech100 2024 Ranking and Awards was recognized for its robust analytics-led, artificial intelligence-powered GRC solutions.
