While the amount of data in the world is infinite, our attention span is not. That’s why AI is becoming a valuable tool for data integration to create concise analysis from data and to make it more accessible to everyone throughout an organization.

7 Major Payment Trends that Will Shake Up Banking in 2022

More banks are taking the "if you can't beat them, join them" approach to buy now, pay later. Banks of all sizes are turning to a new cottage industry of financial technology software providers who build BNPL platforms for bank clients. The effort gives banks a shot to take market share in the space from the fintech giants like Square Inc. and PayPal Holdings Inc. that are spending billions of dollars in M&A to acquire BNPL lenders.

First National Bank of Omaha Launches ‘Buy Now Pay Later’ Solution Enabling Partners to Offer Flexible Financing Options at the Point of Sale

The Life Insurance and Annuities (L&A) industry is expected to experience steady growth in the US market. Yet the question remains whether they are ready to capitalize on this opportunity. With aging data architectures and the proliferation of smart devices and the emergence of network economics, insurers need to take a long hard look at how current solutions are meeting the needs of the organization. By Dheeraj Pandey and Upendra Belhe

Defending lawsuits and managing trials is a major focus area and expense category for insurers—whether they are defending insureds against liability claims or defending themselves in coverage and bad-faith actions. There are many reasons why an involved party may file a lawsuit: impasse during negotiations, lawsuit at first notice of claim, inefficient claim handling, allegations of bad faith, etc. Based on our experience and industry financial data, we find that anywhere from 3-8 percent of direct written premiums are spent on managing litigation. The complexity of issues involved with litigation varies across lines of business. As the underlying risk becomes more complex, we find that the claims in suit percentage increases exponentially. By Amit Sharma and Upendra Belhe

After playing catch-up on innovation, insurers are now embracing artificial intelligence to build new standards in customer experience and business performance.

Ecosystems provide a win-win opportunity for incumbent insurance carriers, InsurTechs, and service providers by enabling them to operate in a coordinated fashion and devise competitive insurance offerings by opening new avenues. By Rahul Nawab & Upendra Belhe

Litigated claims are a key driver of increasing loss and expense ratios for property/casualty insurance carriers. Data-driven approaches—in particular, suit avoidance techniques and proactive de-escalation practices—can help insurers reduce litigation rates. By Amit Sharma & Upendra Belhe