APRIL 20196CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:Phone:510-683-5022Fax:510-894-8405Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.comApril - 2019, Vol 05 - Issue 04 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganSalesEditorial StaffAaron Pierce Ava GarciaAlex D'Souza VisualizerNick Masonnick@insuranceciooutlook.com*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffDan StanleyJoshua ParkerSinchana NageshEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comThe insurance industry conceptualizes upon one eternal truth--the unpredictable nature of human life. In an attempt to mitigate the risks confronted in life, insurance organizations are embracing advanced methodologies and making services more customer-centric. Similar to other industries involved in the race of becoming more technologically smarter every passing day, the insurance space is adopting technology at a rapid pace.The big players in the insurance sector have been acting as the major promoters of innovation in the space. With the aim of catering to the changing customer demands, organizations are looking to gain seamless access to relevant data leveraging the value chain--comprising the social media, connected devices via IoT and the mobile platform--for optimizing as well as digitizing their operations. In doing so, insurers are encouraging growth and productivity in the industry.Organizations are bringing big data analytics into the play for optimal use of the data treasure trove. With automation, machine learning (ML) and natural language processing (NLP) at the core, organizations are now equipped to gather information and serve customers better in terms of policies, claim cycle as well as the final settlement procedures. For instance, motor insurers are now deploying predictive modelling to determine the driving habits of the consumer. This behavioral data is compared to the data collected from other drivers.With the data-driven industry aggregating and processing massive amounts of information, the demand for blockchain technology is steadily gaining steam. To ensure secure client validation, organizations are utilizing distributed ledgers while identifying false approvals and claims.The biggest transition is in the way these technological wonders are being leveraged in the insurance sector. Contrary to the earlier practice of using artificial intelligence and automation in mundane tasks, organizations are currently using them in smarter decision making processes, thanks to the intelligent systems developed by solutions providers.The contribution of insurance analytics in the insurance space, though overlooked, cannot be ignored. Leafing through this edition will help insurers to future-proof their services and enhance security and transparency in their activities.Harnessing the Insurance Value ChainPamela MorganRenukesh GangurIssac George
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