Ancileo is excited to announce the upcoming launch of Lea, a AI-powered claims digital agent set to revolutionize travel insurance claims processing. Scheduled to launch in June 2024, Lea is set to bring substantial improvements in efficiency, accuracy, and customer satisfaction throughout the entire claims process.

Addressing Industry Challenges

The travel insurance industry faces numerous challenges, particularly in the area of claims assessment. The process often suffers from data source multiplication, inefficient communication, and manual workflows. These inefficiencies result in slow claim assessments, customer frustration, and a negative impact on brand reputation, especially during peak periods, affecting customer acquisition and retention.

Enhanced Travel Insurance Claims Processing

Lea is equipped with seven core modules, each designed to optimize different aspects of the claims process:

1. Online Claim Submission: A highly customizable portal that streamlines claim submissions, ensuring complete and accurate information is gathered, minimizing the need for back-and-forth communication.
2. Centralized Claims Collaboration Hub: A single workspace for managing all claim details and documents, integrated with insurer core systems for automatic validation and streamlined processing.
3. Automated Claim Assessment: Leveraging AI, this module automates eligibility checks, fraud management, and real-time decision-making, significantly reducing assessment times.
4. Customer Self-Serve Policy Management: Empowers customers to manage their policies independently, including updating details and checking claim statuses.
5. Omni-Channel Customer Service: Provides 24/7 multilingual support across various platforms, ensuring seamless communication and efficient issue resolution.
6. Outbound Customer Engagement: Enhances customer interactions with personalized communications, boosting engagement and satisfaction.
7. Advanced Claim Analytics: Delivers real-time insights and performance monitoring to optimize the claims process and support informed decision-making.

Revolutionizing the Travel Insurance Landscape

Lea is designed to transform the travel insurance claims experience by reducing operational costs and enhancing efficiency through automation and advanced analytics. Ancileo aims to set a new industry standard with Lea, ensuring quicker claim processing, superior customer support, and higher satisfaction rates.

A Vision for the Future

Ancileo’s commitment to leveraging advanced technology to tackle industry challenges is embodied in the development of Lea. By addressing the pain points in travel insurance claims processing, Lea aims to deliver exceptional service and efficiency to insurers and their customers.

About Ancileo

Ancileo is a technology company that specializes in enabling travel insurance partnerships between insurers and distribution partners. We facilitate seamless collaboration across various sectors, including airlines, online travel agencies (OTAs), car rental companies, visa and immigration services, and financial institutions. Our distribution solutions include API integration, standalone white-label options, and agent platforms, ensuring comprehensive and efficient travel insurance delivery.

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1. Create the Perfect Ecosystem with the Jonas Brothers

Source: Republic Records

When the Jonas Brothers said “We go together, better than birds of a feather you and me” in their chart-topping comeback Sucker, they were obviously talking about finding the perfect partner to create an ecosystem. While a pianist or violinist can create great music on their own, it doesn’t compare to the magic an entire orchestra can create. Even with an insurance ecosystem, you need the right players and components working together and complementing each other to create value in the industry.

Whether you are the builder (who develops the ecosystem), orchestrator (sets up partnerships), or participant (provides products or services), it’s essential to choose a partner (an insurer or bank or telco or healthcare provider or so on) that fits your firm’s synergies. To select partners the right questions must be asked:

• What kind of partners do you need? Why?
• What capabilities does each of the partners bring to the table?
• How will these partners interact with each other? What will be the governance structure?
• How will these partners be attracted? What motivates them? In what order should they be onboarded?

A successful partnership requires internal shifts too. Due to overly rigid traditional modes of cooperation, insurers often fail in scaling their partnerships. To form or join ecosystems and benefit from working with many partners, a more entrepreneurial culture should be developed along with providing the strategy and development units more autonomy.

2. Know the Customer Well

Source: Virgin EMI Records, Universal Music Group

The line “You know me too well” in the song Know Me Too Well sounds like the customer telling the insurer that they have too much information on them. This is how data has transformed insurance. The work of actuaries and underwriters has been transformed due to new sources of data and by communicating with one another. This has helped price policies accurately and prevent fraud. Not only has tech revolutionised real-time underwriting but also data collection. The shift from paper applications to online applications has reduced the probability of error.

However, the most interesting source of data, especially for health insurers, is wearable technology. Consumers have embraced wearable technology, such as smartwatches. They have proven willing to supply that data to their insurance company. Insurers can use Fitbits or Apple watches to track the wearer’s behaviour and then use this data to assess the policyholder’s lifestyle and activity levels and offer discounts on premiums in exchange. Insurers no longer have to rely on the consumer to provide information regarding their fitness and overall health. Wearable tech also gives insurers a more indepth and accurate data pool to build predictive models from.

3. Tricky to Get it All Right: Customer and Product

Source: Profile Records

Run-DMC’s song It’s Tricky encapsulates perfectly the challenges that insurers face to provide the right product at the right time to the right customer segment. “It’s tricky to rock a rhyme, rock a rhyme that’s right on time” is particularly applicable in partnerships between banks and insurers, popularly known as bancassurance partnerships. In order to maximise benefits from banks’ widespread distribution channels and large customer base, insurers should understand the customer proposition in each segment and offer the right products according to the perceived characteristics. For example, the parents segment requires education and health insurance, the tertiary education segment requires travel insurance for overseas education.

The bancassurance market can be segmented by age, income and needs into the mass market, mass affluent, high-net-worth and businesses. All of these different market segments require different product offerings to meet their needs. While the mass market (consisting of individuals starting out their adult lives) need simple savings products and insurance protection, the mass affluent (consisting of older population who have amassed wealth) require more focus on post-retirement needs. Whether to rock a rhyme or to provide the right customer the right product, it’s tricky all around.

4. good 4 u good 4 the Insurance Industry

Source: Geffen Records (https://www.instagram.com/p/COsqZJarHaT/)

When Olivia Rodrigo said “Well good for you, you moved on really easily” in good 4 u, she was referring to how the insurance industry coped with COVID and how the pandemic accelerated the digital transformation of insurance. Moving employees to a remote work-from-home setup and expanding online customer service channels were insurers’ short-term or immediate reactions to COVID. The biggest challenge they faced and continue to face is how to reimagine distribution in a more remote world. The two major tools insurers put into practice are shifting to digital tools and moving towards self-service. Insurers must think of how to move existing customers accustomed to in-person interactions online and come up with innovative ways to attract new customers through digital means. Further, they must invest in expanding and improving self-service tools to better support customer and agent satisfaction. Transitioning offline processes online is beneficial in saving time, cost and effort, for example removing the need for physical signatures and medical underwriting where feasible.

5. Thinking CustomerFirst

Source: RCA Records

Lyrics from Walk The Moon’s song Shut Up and Dance, “Just keep your eyes on me” remind us that insurers must keep the customer at the centre of all strategies and efforts. To do so, they must understand how the industry is evolving and the rate of change at which value is shifting. They must also focus on the problem rather than the product, and build active solutions by embracing a test-and-learn mindset every step of the journey rather than solely in early stages. Organisationally, insurers must transform to develop cultural traits that support innovation and overcome the challenges incumbents face (such as inappropriate metrics, demand for resources, or competing objectives). Thus, by embracing modern methods and onboarding a discipline of innovation, insurers can pivot from a course of action that isn’t generating results.

6. How Olivia Rodrigo Keeps Up with the News

Source: Geffen Records (https://www.instagram.com/p/CNnSB-7L80g/)

In her song brutal, a personal favourite of mine from her album Sour, Olivia Rodrigo expresses her exhaustion at constantly trying to follow all the breaking news and keep track of all the trends in insurance from many different sources in the lyrics “And I’m so caught up in the news”. Good thing Ancileo created the Digital Insurance Knowledge Base to help her stay up to date with all the insights and news in the insurance industry.

With around 90 resource insights, the Knowledge Base contains quality insurance content spanning across 5 categories: Digital Transformation, M&A/Investment, Blockchain, Ecosystem and Content Curators. It has Bite Sized Summaries and key takeaways of each reading resource to save time and effort. It also includes Linkedin profiles of key leaders in the industry to expand your connections to help you expand your network and keep up with the latest developments in the insurance ecosystem. It features resources from trusted insurance analysts and the best consulting firms, such as Deloitte, EY, Oliver Wyman, Accenture, McKinsey and many more. Access the full database for free here.

Here was what we, insurance geeks, found interesting in song lyrics. Remember to look for the hidden insurance meanings as you rock out to music and tell us what you found insightful.

The post If Insurance Concepts were Pop Song Lyrics first appeared on Ancileo.

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We understand how difficult networking has been for all of us in the industry as we are still battling the COVID-19 pandemic, and consider the other impending macro events turning the industry upside down like climate change and social inequality.

But we’re coming to the realization that it’s proving to be even more important for us to build new strains of knowledge to deal with the forthcoming challenges, and to look into new partnerships to buck up the ecosystem.

We’re excited to meet each other again as networking events are returning to our calendars as the situation gradually improves. Below we’ve compiled a list of top FinTech/InsurTech conferences and trade shows in the different regions: 

1. Singapore FinTech Festival, 8-12 Nov 2021, Online & in Singapore

Event Details
Dates: 8-12 Nov 2021
Venue: Online and in-person @ Singapore Expo
Website: https://www.fintechfestival.sg/

2021 Theme: Web 3.0 Impact on Financial Services & Digital Economy

Singapore FinTech Festival (SFF) is the largest FinTech festival in the world and a knowledge platform to bring together the public and private sector to advance the use of FinTech in the digital economy. The event is organized by the Monetary Authority of Singapore in partnership with Association Banks of Singapore, and is returning in its 6th edition in a hybrid format.

SFF is expecting over 60,000 participants from over 150 countries. This year, the first 3 days will be brought to you by the Singapore FinTech Festival. The final 2 days are curated by partners in key FinTech hubs around the world as part of the World FinTech Festival.

Currently, only digital passes are available! Prices range from free to $150/pass. The pass would enable you access to 5-event days of live & on-demand content (up to 1 month), the digital exhibition, and networking lounges and activities.

Of Relevance to InsurTech

An imminent topic that will be covered in 2021 is embedded finance and decentralized finance.

• What are the business models driving the trend towards embedded finance?
• How are regulators responding to this trend through codified regulations, standards and interoperability, and licensing for digital banking?

Consider banks as one of the key partners when it comes to embedded insurance partnerships, there’s a lot for us to take away from our banking counterparts when it comes to how we can add value and better serve our customers through embedded offers.

2. ITC Vegas, 4-6 Oct 2021, Las Vegas, United States

Event Details

Dates: 4-6 Oct 2021
Venue: Mandalay Bay, Las Vegas
Website: https://vegas.insuretechconnect.com/

2021 Topics Covered Include:

• Start-ups driving growth of specialty insurance
• Revolutionary products for emerging markets
• Means & value of giving more control for policyholders
• Embedded insurance, open APIs & how they contribute to better UX
• Optimizing AI and data analytics for intelligence insurance
• Future of incumbent innovation & how collaboration looks like
• Automating claims, quote-to-issue, underwriting, etc.
• Value of insurtech amidst climate change, cyber war, global pandemic
• Partnership & business models: MGA or insurer
• Future of distribution

ITC Vegas is the world’s largest insurtech event – offering unparalleled access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents.

ITC Vegas is expecting over 30,000 attendees from over 100 countries. Over the course of 3 days, the industry will convene to showcase new innovations, to learn how to increase productivity and reduce costs, and ultimately to enrich the lives of policyholders. Speakers and attendees span from CEOs of global insurers, founders of insurance and/or technology start-ups, to regulators and investors.

Pricing-wise, it ranges from $0 for insurance executives for purely networking to $2195 ($1695 for early-bird pricing). The full-ticket pricing provides access to all sessions and tradeshow, meals at the convention, networking events and entertainment as well as access to on-demand content post-conference. ITC Vegas offers attendees the option to attend in-person or experience it virtually with the @Home option.

PLUS! Look out for the Asia edition of ITC happening in Singapore from 7-9 Jun 2022. Agenda is still pending, but you can find the 2020 speakers here to get a sense of what you’ll hear about!

3. insureNXT, 18-19 May 2022, Cologne, Germany

Event Details

Dates: 18-19 May 2022

Venue: Cologne, Germany
Website: https://insurenxt.com/

2021/2022 Topics Covered Include:

• Customer centricity
• New technologies and skills
• New ecosystems

insureNXT is the place-to-be for all players in the insurance industry and related ecosystems. It is the next leading platform for traditional insurers, brokers, startups, consultants and cross-industry companies facing the digital transformation and cultural change of the insurance industry. insureNXT is a joint event of InsurLab Germany and Koelnmesse.

In 2021, there were a total of 150 speakers, 1,200 unique users from 30 countries, as well as more than 80 partners and sponsors at the digital premiere on a total of five virtual stages. insureNXT stands out in terms of the diversity of conference formats it offers – from center stage which is the conventional format of conference, to demo arena, trend zone and worklabs. Plus, it’s the absolute dive into the mature and innovative European insurance ecosystem.

4. Insurtech Insights Europe, 15-16 Mar 2022, London, United Kingdom

Event Details

Dates: 15-16 Mar 2022

Venue: InterContinental London – The O2
Website: https://www.insurtechinsights.com/europe/

2021 Topics Covered Include:

• Engaging with insurtechs: Build or buy
• Speeding up underwriting with tech
• Insurers’ role in climate responsibility, correcting gender imbalance, and positive social change
• Reinsurance strategies in the hard market
• How incumbents are modernising their legacy systems
• Africa’s insurtech revolution
• Insurtech investments in post-pandemic EU
• Post-COVID-19 urban mobility
• Quoting ransomware attacks
• Making renewals smarter with data

Insurtech Insights is Europe’s Largest Insurtech Conference, gathering over 2,500 executives, entrepreneurs, and investors from all over the world. There are global events in London, New York and Hong Kong aiming to create a community for Insurtech members to connect and share knowledge through a variety of platforms, such as podcasts and conferences.

Insurtech Insights Europe is looking at over 200 speakers with the attendance of over 1,200 insurtechs. Attendees span from established Insurtech companies to C-Level executives from leading insurance carriers, reinsurers, investors and innovating start-up businesses.

Conference passes range from insurer pass ($699), startup pass ($399), investor pass ($699), to solutions provider pass ($999). These passes generally provide similar access to the conference, tradeshow, networking and meals at the convention.

5. InsureTek Conference and Golden Shield Excellence Awards, 22 Feb 2022, Dubai

Event Details

Dates: 22 Feb 2022

Venue: Dubai, United Arab Emirates
Website: https://www.insuretek.org/index#ts-intro

2021/2022 Topics Covered Include:

• Key risks & opportunities highlighted by GCC insurers
• Pandemic-enabled insurtech
• AI and touchless claims
• Leveraging digital innovation to mitigate disruption
• Digital transformation in motor insurance
• Importance of updated health data for client engagement & accelerated underwriting

InsureTek 2021 is the go-to-conference to understand the advancement of the insurance sector in the Middle East. The summit provides an excellent opportunity for the participants to learn about industry best practices, network with industry peers, unparalleled access to the most comprehensive gathering of tech entrepreneurs, investors and insurance industry incumbents.

InsureTek will provide an unrivaled environment to exchange information, explore collaborations and solicit business opportunities, this event also promises to attract decision-makers from various fields such as Insurance Companies, Takaful, Law Firms, Brokerage Firms TPA’s, InsurTech companies & InsurTech Providers, etc. This event is well attended by top personalities from within the industry.

The post 2021-2022 Top InsurTech & FinTech Trade Shows and Conferences first appeared on Ancileo.

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1. Synchronised Diving, the Synchrony for Partnerships

Source: Getty Images

Synchronised Diving needs extreme levels of coordination and synchronization. What athletes the likes of the synchronised diving gold medalists Tom Daley and Matty Lee demonstrate can be seen in insurance too. Insurance ecosystems are companies related by strategic partnerships to deliver value to customers. The first step to creating an efficient ecosystem is to find the right partner. For example, if you as an insurer are looking to partner with an insurtech firm, you can keep an eye on the market and develop relationships with potential partners by attending conferences, networking with venture capital investors and tech accelerators, and collaborating with data and insight providers.

Even after that, ecosystem partnerships require coordination and collaboration to ensure smooth seamless journeys for each and every customer just like artistic swimmers require for every routine. From evaluating what each partner brings to the table and defining meaningful metrics to managing internal competition by figuring out clear goals and drafting well-crafted contracts, deciding the exclusivity of the ecosystem and so on. The precise synchronization required between all the elements mirrors that of the sport.

2. Golf, a Learning Opportunity for Regulators

Source: Unsplash

While almost all sports have a number of regulations athletes must follow, golf has a particularly strict dress code, which few other sports have. Pro-golfers like Rory McIlroy and Justin Thomas competing in the ongoing Olympics have to follow a number of arbitrary rules that the sport dictates. From having to wear a collared polo to tucking in their t-shirts, golf is filled with rules that remind us of the insurance industry’s heavy regulations. The industry is in a period of growth while adapting to customer’s needs through technological innovation especially through insurtechs.

At the same time, the heavy regulations on the industry hamper the speed and adoption of new products and services. However, products which are tested in a controlled environment will minimize legal hurdles. If regulators and insurers try to work together, they can foster innovation alongside the regulatory frameworks, which are essentially there to streamline insurtech innovation.

3. Using the Athletics Mixed Relay to Create an Omnichannel

Source: ​​Unsplash

A relay race requires teamwork and coordination to pass the baton from one runner to the next. Poland’s victory in the mixed relay at Tokyo Olympics 2020 reminded us of an omnichannel approach for insurance distribution.

An omnichannel approach means that the user’s journey is through various channels. The customer might research the product online then buy it from an agent in a call centre, or vice versa. The approach has become essential for survival due to the pandemic making people take most buying decisions online and later picking up in-store. Creating an efficient omnichannel system requires intense focus on value creation. But before firms run to improve their omnichannel capabilities, they must consider the underlying drivers of value for their specific business. However, the world of omnichannels can be complicated due to many approaches and technologies to choose from, acute margin pressures and tight timelines. These factors can cause insurers to invest in the wrong thing and quickly fall into a downward spiral that can destroy value.

4. Skateboarding Your Way into the Minds of Millenials

Source: Getty Images

Yes, skateboarding is now an Olympic sport! With skateboarders like thirteen-year-old Sky Brown, it has been introduced for the first time in the Tokyo 2020 games and seems like the Olympics’ attempt to be in with the young.

Embedded insurance operates on a similar principle. Millennials and GenZ are highly tech-savvy and want simple, fast and easy insurance solutions. They are deterred from buying insurance because outdated traditional insurance procedures with tiresome forms and long processing times are complicated and expensive, and the benefits seem far fetched. Embedding insurance at the point of sale, on the other hand, provides flexibility, convenience and personalization. Embedded insurance brings affordable and personalised cover to customers exactly when and where they need it.

5. Triathlon, the Blueprint for Insurance M&A

Source: Getty Images

A triathlon is a sport that combines swimming, road cycling and running into a single exciting endurance-heavy event. In two exhilarating races at the Tokyo Olympics 2020, Norway won the gold in the men’s triathlon and Bermuda in the women’s.

This reminded us of M&A activities common in insurance. In fact, insurers use mergers and acquisitions to focus on their core and strengthen it. Through a strategy called divesting, insurers are able to streamline their businesses by essentially selling off non-core services (eg. Aviva selling its SG business). A resounding 70% of insurance deals greater than $1 billion over the past five years were divestitures. Divesting makes an entity straight forward and simpler for sale. This benefits buyers as acquiring more of the same means cost synergies in operations. However, M&A alone cannot ensure the growth of an insurer. Investments and partnerships are preferred over mergers as they help firms test the waters for new capabilities and explore new markets.

6. Utilising BMX Biking to Integrate Tech Seamlessly

Source: https://unsplash.com/photos/sQ1ZfaaXKvI

With Australia and Great Britain winning gold in the men’s and women’s categories respectively at the Tokyo Olympics 2020 games, BMX biking is one of the few sports where the equipment required for the sport is as important as the athlete.

The bike’s gears, wheels, wheel alignment, seat, etc. must all be perfect. The same applies to insurance today. The equipment, technology and data, are as important as, if not more than, the insurer or underwriter. Technology has long lasting effects on every stage of the insurance value chain. Thanks to AI and machine learning, most of the insurance industry will be automated by 2025. This will remove the need for manual processes such as claims processing, underwriting, policy administration and customer service. AI can be used to automate claims processing by extracting data from documents, identifying fraudulent claims and validating claims. Technology can also assist insurers in claim fraud detection, risk prediction, and smart contracts. Thus, by continually improving their ‘bikes’, insurers can overtake competitors and be the first to cross the finish line.

7. (High) Jumping into a Win-Win

Source: Getty Images

After an exhilarating and dramatic event, Qatar and Italy shared gold in the men’s high jump. We’ve often heard, ‘competing with’ is better than ‘competing against’. The athletes showed viewers across the world how one can efficiently create a win-win situation for all parties involved. This is particularly helpful for insurers who are looking to achieve a customer focus which is the true win-win for any company and its customers. But, with such rapidly evolving customer expectations and behaviours, due to changing demographics, technologies and competitors, how can insurers ensure this customer focus? Creating a win-win starts with understanding beforehand what potential and current customers are doing or thinking then calibrating your own strategies to meet these needs.

8. Test of Speed: The 100 Metre Sprint

Source: Getty Images

The 100 metre sprint essentially decides the fastest person in the world to be named along the likes of Usain Bolt and Yohan Blake. It is a highly exciting and competitive event to watch and focuses on one particular value: the speed of execution. While meeting deadlines and doing work fast are essential skills for any line of work, insurers can particularly learn from this as innovation in the insurtech space is bestowing insurers unimaginable speed. This is due to the arrival of AI and machine learning technologies. Virtually no function in insurance will remain untouched by the emergence of artificial intelligence and machine learning. Other than automating traditional processes, AI will create new opportunities for insurers to optimise the insurance value chain.

9. Swimming, a Show of Camaraderie

Source: Getty Images

Like all sports at the Olympics, swimming too is highly competitive. However, the competition loses its edge because of the camaraderie of the athletes. The United States swim team has been winning the majority of the medals but one thing is admirable at every event. Irrespective of who loses or wins, athletes congratulate and hug the winners. The sportsmanship demonstrated can be emulated by the insurance industry too. Insurers face intense competition from banks, asset and wealth managers, retailers and new entrants looking to use their trust among customers to move into this valuable market. It would be more beneficial to insurers to enter into partnerships with them, thus ensuring camaraderie among entities in the insurance industry.

10. Throw A Punch to Challenges

Source: Getty Images

The basic principle of boxing is to hit and avoid being hit. Boxers like Shakhobidin Zoirov can teach us how to not back down in the face of challenge, instead facing problems head on. Insurers have effectively used this advice before by adapting to the physical distancing and other quarantine measures. The industry quickly transitioned to digital means of distribution, thus accelerating the digital transformation. Now, insurers must focus on the next set of challenges, such as how to reimagine distribution in a more remote world.

Learning from the Olympians

Olympians, or even sportspeople in general, can teach insurers values, especially commitment, teamwork and collaboration which you can apply to partnerships, technology integrations and any new projects alike. Be it hockey, or volleyball, no point is scored in isolation and every player needs to work together to accomplish the team’s goal. These were all the commonalities between the ongoing Olympics and insurance that the team at Ancileo was able to spot. Did you discover another we couldn’t think of? Let us know by contacting us here.

The post What The Olympics Can Teach Insurers first appeared on Ancileo.

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