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SGS: Transforming Insurance with Advanced Technology
Ever wonder which industry has buyers and sellers both secretly hoping nothing ever happens? No prizes for guessing—it's insurance. Policyholders don’t actually want to be in a situation where they need to use it, and, trust us, the insurance companies feel exactly the same.
In simpler terms, insurance is about sharing the financial risks of unexpected events.
Today, insurance companies face constant pressure to reduce expenses and cut costs. However, to attract and retain more customers, boost profits, and outpace competitors, investing in the latest insurance technology is crucial.
When you think of insurance, you likely think of policies, premiums, and claims, but behind the scenes, math and technology shape the entire industry. Tech plays a key role in areas like premium calculation, risk assessment, claims management, and investment strategies.
Digitalization is the way forward
By adopting a digital insurance model, you can overhaul your business from end to end, reducing both costs and risks while streamlining operations for greater efficiency. It allows you to enhance the customer experience with faster, more flexible, and personalized services. Additionally, you can stay ahead of risk and compliance by gaining better visibility and control.
At SGS, our technology solutions leverage advanced mathematical models and statistical analysis to help actuaries evaluate potential claim costs. For example, when determining the premium for a 30-year-old driver's new auto insurance policy, our tools analyze historical data to estimate the expected loss ratio, while also accounting for inflation and administrative costs. The result is a dashboard that provides valuable insights, such as the driver’s age, driving history, vehicle type, and local accident rates.
Our IT solutions for the insurance world are all about making things digital—upgrading outdated systems, automating claims, and filling the tech talent gap with a diverse, neurodiverse crew ready to shake things up.
