Although insurers have made many positive strides with digital transformation, they’ll need to make sure they’re prepared for the increasingly difficult and turbulent future ahead of them. Tim Queen, Head of Insurance Consulting, discusses how insurers can become future-ready through digitalisation.

Predicting some specific risks such as ransomware or climate change disruptions may be easier than others and regulators are expecting companies to show they are prepared for them.

Cognizant’s Mahesh Natarajan discusses hyper-personalization in the insurance industry and how Cognizant is helping its clients gain actionable insights through their data.

Cognizant’s Craig Weber discussed how insurers can build their digital strategies and deploy AI as part of their business-wide digital transformation efforts.

Carriers are building a digital arsenal to combat the risks created by Black Swan events and stay ahead of customer demands in today’s hypercompetitive world reveals Chris Blatchly, Chief Digital Officer and Consulting Leader for Insurance at Cognizant.

Human-centered design thinking helps make people feel more understood, and provides plan sponsors with a way to support their employees as they age.

AI is used in many areas of insurance, and it can help workers save time, digest large volumes of data and erase human errors. But is there a need for a human touch when it comes to complex claims, and how do we master the balance between humans and robots?

The Internet of Things (IoT) has been disrupting all of our lives for some time now, whether we know it or not.

The insurance industry is on the cusp of having its entire lifecycle reimagined as the shift to digital accelerates. From product development and underwriting, customer engagement and self-service, to claims and fraud detection, digital transformation is impacting every step in the insurance value chain.

“Looking to the longer term, we may see a shift in commercial insurance towards a greater appetite for self-insurance, with re-insurance type contracts, as businesses use IoT to manage their own risks better,” says Cognizant’s David Sexton.

It’s a fetching time for pet insurers. Potential customers identify as pet parents and grandparents, willing and financially able to take measures unheard of just a decade ago to make their pets live longer and healthier lives, according to industry professionals.

As millennials become the largest generation owning and spoiling pets, insurers need to embrace new forms of technology to beat the competition.

In the midst of COVID-19, puppies and kittens have emerged as go-to companions to get us through the extended public healthcare crisis. This is one important reason pet insurance is touted to be the next hot growth segment for personal insurance carriers, as the global market is projected to surpass $10 billion by 2025 and grow 6.7% annually.

No one could have predicted the global coronavirus pandemic or its impact on business and everyday life. The COVID-19 crisis changed how people work, study, shop and make decisions, affecting every business sector.

To provide a positive experience at a stressful time requires insurers to rethink how they approach customer service and explore how AI can improve communications and accelerate claims handling.

The science of applied artificial intelligence doesn't get the same kinds of headlines as the pure research efforts of Google or Facebook or others. Mostly that's because what gets built by companies is obfuscated by those same companies, either for proprietary reasons or because the companies actually have nothing much to speak of.

BENGALURU: Cognizant CEO Brian Humphries spoke to TOI after the earnings announcement.

Cognizant beat its full-year growth guidance in 2019, but the company wants to do better and sees momentum returning. CEO Brian Humphries told ET in an interview that the IT services provider is making investments in sales and marketing to boost long-term growth.

Since taking charge on 1 April, 2019, Brian Humphries, CEO, Cognizant Technology Solutions Corp., has just completed nine months in the hot seat and will now be expected to deliver results on some of his initiatives especially the ones relating to organisational restructuring. In an email interview, Humphries talks about the strategies, demand environment and the India market.

The future of work is always in the future, but it is approaching much faster than ever before. We believe 2020 will be the year of realisation for many organisations and leaders. Here are our top five predictions of how the way we work, live and play will change in 2020.

Artificial Intelligence (AI) has the power to completely transform the way we do things, personally and in business. We have seen many cases of small businesses that have used AI to deliver exceptional services and products that go on to outshine the competition, or examples where businesses have completely revolutionised an internal process.

The digital era is catalysing business; it is unleashing technological change that may appear chaotic on the surface, but is resulting in massively powerful systems of intelligence that enable humans and machines to collaborate securely. By opening up newer means of communication with large data exchanges, new, connected ecosystems are changing the way people, devices and organizations exist, work and interact.

In 2007, Pradeep Bhaskaran joined Cognizant to oversee HR for 10 countries around the world. Today, that number is 47. As head of HR for global growth markets, Bhaskaran is responsible for more than 60,000 associates across 52 nationalities that speak 34 languages. And those figures are only set to grow.

“We have reskilled our employees at scale through every disruptive technology shift to date, be it Mainframe, distributed computing or Internet. While those shifts were driven by single technologies followed by long periods of stability, digital is significantly different. In digital, we see the coming together of multiple technologies such as automation, artificial intelligence, augmented reality, blockchain, additive manufacturing and 3D printing, and we are less likely to see long periods of stability,” says Ramkumar Ramamoorthy, CMD.

Smart devices, powered by the hyper-connected Internet of Things (IoT), are becoming ever more prevalent and pervasive in our lives, and the trend will only continue. With a growing number of devices, the opportunities to use IoT to reshape industries and societies are also increasing.