EIGHT technologies driving change in insurance
More insurance companies are offering a sophisticated omnichannel approach to their customers as they employ technologies to step up their game and stay ahead of their competitors.
In order to maintain their competitive lead, insurance companies should also look into these technologies, which have the potential to revolutionize the industry as a whole.
1. Artificial intelligence (AI)
AI technology has been rapidly progressing throughout the years. In the insurance industry, artificial intelligence can improve the turnaround cycles and transform the underwriting process. Additionally, AI can enhance tracking data faster and more accurately.
2. Predictive analytics
Predictive analytics helps an insurer to better understand and analyse customer behaviour. It is seeing increased use in the industry as advances are made in the field as the KYC (know your customer) principles shift increasingly towards insurtech company cores.
Drones can be used in many layers of the insurance cycle. From agricultural surveys to exploring terrains unsafe for human beings and helping to aggregate data for risk assessment and underwriting, the use cases for drones in insurance has seen a massive surge in recent years. As the technology improves, so does its potential. Benefits include aiding in preventive maintenance, calculating risk before implementing policy, and assessing damage following a loss.
This feature will help the insurer to interact better with customers and create better relationships with everyone. A chatbot can walk through a customer during the claiming process and policy application. Insurtechs are now faced with the challenge of making sure then is a good balance between
5. Social media data
In the age of the internet, social media has a fundamental role in many industries. The insurer can use social media data to improve their marketing strategy and reach their target audience.
6. Machine learning
Machine learning technology can improve the claim process and automate it. This way, claims will be processed faster, allowing insurers to take on and serve more clients in a more efficient manner.
7. Blockchain data
Blockchain is an incorruptible distributed peer-to-peer ledger of records. This feature can help the insurer with consumer trust, claims processing, and fraud detection and prevention.
8. Low-code development
Low-code configuration tools allow business stakeholders to consistently update and manage their software in a user-friendly way. It drastically increases the speed of the market and empowers employees to take control of their work.