Top Insurtech Consulting Companies
List of Top Insurtech Consulting Companies in APAC
A variety of breakthrough technologies are set to spur a fundamental transformation of the insurance industry. Cloud computing, the Internet of Things (IoT), advanced analytics, telematics, the global positioning system (GPS), mobile phones, digital platforms, drones, blockchain, smart contracts, and artificial intelligence (AI) are providing new ways to measure, control, and price risk, engage with customers, reduce cost, improve efficiency, and expand insurability. These technologies are also enabling the creation of new insurance products, services, and business models. And while emerging technology provides opportunities for traditional insurers to modernize and reinvent themselves, it also forces them to respond to new sources of competition from increasingly well-funded and nimble software-based companies that are beginning to make inroads in the market by focusing on unmet consumer demand, bringing down cost, and providing new services.
Predictive analytics is used by many insurers to collect a variety of data to understand and predict customer behavior. However, there are new ways it can be utilized to improve accuracy of data.
Consumers are always looking for personalized experiences, especially when purchasing something as important as P&C insurance. AI offers insurers the ability to create these unique experiences, meeting the high-speed demands of modern consumers.
With AI, insurers can improve claims turnaround cycles and fundamentally change the underwriting process. AI also enables insurers to access data faster, and cutting out the human element can lead to more accurate reporting in shorter periods of time. AI and predictive analytics have become increasingly popular in how carriers are transforming the handling of claims processes.
Machine learning can improve claims processing, it can automate it. When files are digital and accessible via the cloud, they can be analyzed using pre-programmed algorithms, improving processing speed and accuracy. This automated review can impact more than just claims — it can be used for policy administration and risk assessment.
Utilizing AI and machine learning, chatbots can interact with customers seamlessly, saving everyone within an organization time — and ultimately saving insurance companies money. A bot can walk a customer through a policy application or claims process, reserving human intervention for more complex cases.
Blockchain enables the creation of a digital ledger that can’t be altered. Using this technology, insurers can reduce the admin costs that come with reviewing claims and checking payments made by third parties — blockchain ensures all of this information is shared, fraud-protected, and easy to verify.
Most consumers are willing to share extra personal information if it means saving money on their insurance policies — and the Internet of Things (IoT) can automate much of that data sharing. Insurers can use data from IoT devices such as the various components of smart homes and wearable technologies to better determine rates, mitigate risk, and even prevent losses in the first place.
IoT will bolster other insurance technology with first-hand data, improving the accuracy of risk assessment and giving insureds more power to directly impact their policy pricing.
In this Article, Apac CIO Outlook magazine features Top Insurtech Consulting Companies.
List of Top Insurtech Consulting Companies
- Appsilon Data Science
- Inzsure
- KCGLeads
- CRIF
- Digital Experience Labs
- JPWALL Consulting Partners
- Marsh
- Miliman
- Secora
- Sterling iTech Services
Appsilon Data Science
Website:
Headquarters:
Warsaw, Mazowieckie
Founded:
2013
Appsilon is Driven by the use of data Science at the forefront of business, leveraging the potential of the ever-increasing amount of data. Employees are a group of data science consultants whose approach translates into an end-to-end process where Appsilon provides value at each step. The company delivers automatized data acquisition and business validation to beautiful and responsive Shiny dashboards as stakeholders require a way of interacting and understanding data. Some of the industries we work with include but are not limited to Finance, Healthcare, Logistics, Retail, and Real Estate
Inzsure
Website:
Headquarters:
Singapore, Singapore
Founded:
2016
Inzure is a pioneer in SME solutions using technology, which is Built by business customers for business customers. The company’s objective is to give the customer direct, transparent access by simplifying the onboarding process. Inzure’s patented matching engine means will provide the right policies for the client’s company while reducing commissions to almost the lowest levels available in the market, guaranteed. Inzsure is the digital partner throughout the insurance cycle starting from procurement up to claims and renewals. Everything can be managed via the platform, and the comapny has an unbeatable claims advocacy solution
KCGLeads
Website:
Headquarters:
Hong Kong, Hong Kong
Founded:
2016
Hong Kong-based KCGleads — shortform for Knowledge Consulting Group — positions itself as the go-to entity for both established and emerging InsureTech players. KCG’s clients include traditional insurers who hold good market presence, as well as new entrants. While for the former, the company formulates the business transformation roadmap and sources right technology to achieve sustainable growth in revenue, for the latter, they develop robust entry strategies and rights-to-win driven business model. Looking ahead, the company plans to localize some of the analytics products of aSaw such as SOLDit ™ which is a proprietary leads generation platform created by Asaw and SPyDER ™, a KYC platform good for financial customer on-boarding to the Hong Kong and China market specifically in the areas of business leads generation and know your customer processes
CRIF
Website:
Founded:
1988
CRIF is a company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions. CRIF has an international presence, operating over four continents. CRIF is a renowned end-to-end knowledge company where every day, the people at CRIF serve their clients with knowledge, commitment, and passion for helping them to grow to the next level. As an AISP (Account Information Service Provider) in 31 European countries, CRIF’s solutions have been accredited by the most prestigious international research companies. CRIF has always invested in best practices and certifications concerning quality, innovation, and security
Digital Experience Labs
Website:
Headquarters:
Sydney, New South Wales
Founded:
2017
At DXLabs, challenges to the status quo of digital transformation services are encouraged. The company believes in working alongside the client as a partner to get a deeper understanding of the existing business problems or challenges. The team at DXLabs is committed to delivering fast and competitive solutions that work with the current systems, enabling better experiences and more significant business outcomes. The ethos of the company is to personalize those options that are important, Apply automation where it is necessary and makes the most substantial difference, and to simplify everything that matters
JPWALL Consulting Partners
Website:
http://www.jpwall.com/index.html
JPWALL is a unique and independent actuarial consulting firm. JPWALL is genuinely independent and wholly owned by its active local partners. By investing heavily in local insurance industries by opening regional offices, training local staff, and bringing international excellence to the clients and the industry in general. JPWALL has a deep understanding and appreciation of local market practices, customs, and industry experience. The company works with the highest level of professionalism and technical excellence, leading the way with innovative actuarial methods and efficient processes. JPWALL is a One Firm Firm, without any internal borders
Marsh
Website:
Headquarters:
New York
Marsh provide industry-focused services, and leverage data, technology, and analytics to help reduce our clients’ total cost of risk. Marsh uses a team approach to address our clients’ risk management and insurance needs. Each client relationship is coordinated by a client executive, who draws from our many industry and risk specialties to assemble the resources to analyse, measure, and help manage multiple risks. Marsh work with clients of all sizes to define, design, and deliver innovative solutions to better quantify and manage risk. To every client interaction it bring an unmatched combination of deep intellectual capital, industry-specific expertise, global experience, and collaboration
Miliman
Website:
Headquarters:
Seattle, WA
Founded:
1947
Milliman is a provider of actuarial products and services. The mission is to help the company’s clients to protect the health and financial well-being of people everywhere. Milliman is an independent company with offices in all major cities around the globe. Milliman caters the full spectrum of business, union, financial, government, nonprofit organizations and education. In addition to the consulting actuaries, Milliman’s body of professionals includes numerous other specialists, ranging from clinicians to economists. The company is committed to developing innovative tools and products, providing expert solutions, and continuing to earn the clients’ trust by keeping focus fixed on the business objectives
Secora
Website:
Headquarters:
Kleinmachnow, Brandenburg
Founded:
2001
SECORA brings strategic vision and technical resources which support healthcare providers to plan and prioritise better, successfully address complex challenges and manage dynamic conditions. We develop strategic service plans that empower organisations to make more effective decisions, integrate services and embed high standards for care, including for sensitive end-of-life programs. It also works with pharmaceutical businesses to enhance manufacturing processes and the utilisation of existing resources to improve production capacity and meet increasing demand. We also apply tested methodologies to improve the core function of hospital pharmacies by introducing efficient processes that reduce script processing times and discharge turnaround times
Sterling iTech Services
Website:
http://www.sterlingitech.com.my/
Sterling iTech Services commenced operation in 2009, a start-up company mainly based on the Employee Benefits Solutions, for underwriters, insurers, takaful operators as well as large corporations. Equipped with a formidable varied IT-experience team, The core services are project management, applications design, consultation & turnkey development, and systems integration. The STERLING group and group plan model allows a menu-based bundling of Employee benefit plans with base & rider benefits. A flexible structure by the company enables the breakdown of a group into projects, and further into the internal divisions (or business units)
