Key Technologies That Have Revolutionized The Insurance Industry

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Key Technologies That Have Revolutionized The Insurance Industry
Key Technologies That Have Revolutionized The
Insurance Industry
Technology has changed the way insurance business was done in the past. By
using big data, companies are capturing client information, and insurers are
able to provide more precise actuarial practices and improved prediction of
risk trends. In this article, we will look at the major technologies that have
disrupted the functioning of the insurance business.
Acquisition of new customer
Insurance technology solutions enable insurance agencies to become
smarter and strategic about the way they are reaching to new customers.
From insurance product supplier who offers a wide range of products to
segmentation of customer, technology has made acquisition of new customers
easy and strategic. This has led to an increase in the number of insurance
companies too.
Digital technology is beneficial to provide insurers with a chance to learn
about their customers in a better way. This results in accurate pricing and
underwriting and improved identification of fraudulent claims.
Underwriting
A major concern that insurers face in underwriting process, is that they want
to know how much they can charge in order to avoid forming adjustments in 6
months or 12 months.
Technology such as management of risks uses data for the efficient calculation
of accurate policies. It offers customization and flexibility that assists in the
creation of a more precise underwriting procedure that is able to retain
customers easily.
Claims CX
Claims are seen as the way insurers lose their money. With the support of
technology, claims can even make money. It has been observed that
automotive technologies can help in reduction of the claim cost by nearly
30%.
Technology can enhance each and every facet of the claim procedure. With the
help of pre-populated forms of claim and applications, it has become a lot
easier for people to submit their information without needing answer same
questions again and again. Technology introduces better and improved ways
of interact, by way of agents texting their customers about claim status.
New technology has removed a lot of risks as insurance companies work with
experts and specialists who take videos and pictures. To make the claim
settlement process free of hassle and frustration, many insurers have
incorporated live chat to answers their customers quickly via a video chat.
Ongoing CX Engagement
Insurance is all about developing professional relations with customers.
Technology along with IOT devices keeps insurance company updated about
the major happenings in the life of customer. It can be when customers
acquire a new home, a new driver or a new baby. Staying updated enables
insurers to effectively engage with their customers and provide them
additional services.
Bigger companies are seen to have poor communication as compared to
smaller companies. That is the reason large firms aim for personalized touch
and customization of a smaller insurance company. Big data makes it easy to
analyze feedback of customer.
Conclusion
Impact of technology shouldn’t be underestimated. Besides offering new
opportunities, technology has got the ability to bring transformation in the
entire insurance industry. It only requires insurers to be ready to take risks
and execute the change.
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