Most auto insurers have probably already underwritten most of their 2023/2024 year-end policies in their policy management systems. Traditionally, this is a time for insurance company departments and product managers to take a deep breath, as they have faced some unusual challenges in recent years. This situation will continue to receive a lot of attention in the future. Let's take a look at the most important developments and the upcoming tasks from an auto insurance perspective. The largest drop in earnings in over 20 years During the coronavirus pandemic of 2020 and 2021, auto insurers in G ..read more

Self-learning artificial intelligence (AI) models have made significant progress in recent years. One of these remarkable models is ChatGPT. Based on the large language model (LLM) GPT 3.5, ChatGPT is characterized by its ability to understand natural language and generate human-like text. Among other things, it can be used to create content and answer complex questions. In this article, we'll look at the functionality, areas of application, and opportunities and risks of ChatGPT in the insurance industry. Artificial intelligence in LLMs The machine learning model (or the underlying LLM) used ..read more

Effective and efficient insurance processes play a decisive role in insurance companies' smooth operation and success. In the age of artificial intelligence (AI), hardly any insurer can afford to carry out the majority of their processes manually. By optimizing and digitalizing insurance processes, companies can both reduce costs and increase customer satisfaction, all while remaining competitive. In order to take a closer look at the individual areas of activity, it makes sense to break down the individual parts of the insurance process and exam them. Automation of sales and application proc ..read more

Every insurer wants quick, flexible, and easy-to-configure portfolio management software that requires as few internal IT and human resources as possible for its integration and operation. What's more, this software should meet all current and future data protection requirements and be maintained and upgraded by competent employees. Cloud-native platforms address these challenges directly during day-to-day business and operations by combining configurable, scalable software products with corresponding IT infrastructures and customized business models. The key to a platform lies in scalability ..read more

Artificial intelligence (AI) can be used for a variety of different tasks in the insurance industry, including communication with customers, claims assessments, and input management. Despite the increase in efficiency offered by AI, companies often harbor concerns regarding security standards and the handling of sensitive data. The European Union is responding to these concerns with new legislation intended to regulate the use of AI. The Artificial Intelligence Act ("AI Act") is the first comprehensive set of rules regarding artificial intelligence. This new legislation was drafted to ensure t ..read more

Unfortunately, the use of working time accounts is still far from being a standard practice in German companies, although the legal framework and the effects in terms of tax and social security law, and ultimately, in human resources management have now been made very clear and manageable. There are many reasons for this. Based on our experience in management consulting, companies often fear that this will limit workforce availability, that administering the model will be complicated and that the shortage of skilled workers will stand in the way of the use of such a model. Practical experience ..read more

Imagine that a policyholder goes to the doctor, takes a picture of their bill, and submits the bill without any further details such as their insurance policy number or the type of document (e.g., the type of invoice). The policyholder receives a real-time notification that the invoice has been refunded, and at the same time, a notification from their bank or payment service provider that the amount of the refund has been credited to their account. They also receive a short real-time notification if their appointment or treatment is not covered. Perhaps they are also offered additional, custom ..read more

Everyone knows the quote "Those who are late will be punished by life itself." It refers to finding the right time to act. In our blog post about complainers within your own team, we already talked about the need to act early with regard to the test. "Testers should be involved in the process at an early stage, as testing does not begin at the end of the software's development, but in its early phases." Why is taking action early on so important? Why is quality assurance an issue that is present throughout the entire software development process? Before we look at when testers should get bus ..read more

In the ever-changing world of technology, artificial intelligence (AI) has established itself as a transformative force in various industries. The insurance industry, particularly motor insurance, is experiencing a paradigm shift with the introduction of AI-supported claims settlement processes. While initiatives such as Quick Claim Settlement in India demonstrate the potential benefits, the question is: when will Germany fully adopt AI-driven claims settlement in the automotive industry? The current situation in India: In India, a remarkable initiative has used AI to speed up the claims settl ..read more

Unfortunately, the use of working time accounts is still far from being a standard practice in German companies, although the legal framework and the effects in terms of tax and social security law, and ultimately, in human resources management have now been made very clear and manageable. There are many reasons for this. Based on our experience in management consulting, companies often fear that this will limit workforce availability, that administering the model will be complicated and that the shortage of skilled workers will stand in the way of the use of such a model. Practical experience ..read more