Advanced insurance technology has become an integral part of the insurance industry. The rise in technology in terms of insurance is serving a two-fold benefit, both to the insurance companies and customers. As a result, many time-consuming processes have become easy and hassle-free. For instance, you can now get insurance quotes by clicking a single button.
Not only this, but you can also manage coverage with your smartphone using the mobile app.
Insurance technology is expected to grow even more in the upcoming years. We have listed down some technological trends and advancements that an insurance organization can use to offer satisfactory services to its customers:
Artificial intelligence or AI has been a breakthrough in the field of the insurance technology industry. The use of this innovation has expanded rapidly. Many users have started using voice-activated AI assistance to seek assistance. The use of AI is giving them a more personalized experience.
Artificial intelligence offers insurers the tendency to create unique experiences to meet the high-speed demands of modern consumers. AI is also believed to be improving claims turnaround cycles and changing the underwriting process. Eventually, the consumers can have faster access to their data without human intrusion.
Many insurers use this technological advancement to assemble different types of data to develop an understanding and prediction of customer behavior. Many insurance companies are using predictive analytics for identifying the customers at risk of cancellation, triaging claims, pricing, and risk selection, coining out the risk of fraud, etc.
When you adopt such predictive analysis tactics, it also helps to increase accuracy and revenues for your insurance company. Many studies have been carried out on the use of predictive modeling in the field of insurance. The approach has been termed as successful.
Social Media Data
The role of social media for the insurance technology company is beyond just marketing or clever advertisement. Mining the data from social media is equal to improving risk assessment for insurers. Such information is further helping them to detect fraud and even improve the new customer experiences.
Several insurance companies have started using social media to interact with their customers. The consumers log in via social media such as Twitter and Facebook. They use these platforms to get quotes, file claims, and request other services from insurance companies. Social media helps to improve the user experience for many consumers. Not only this, insurance technology may as well use social media to investigate fraud.
According to a recent survey, 90 percent of all customer interactions will be backed by chatbots in the next five years. By utilizing both machine learning and artificial intelligence, chatbots can interact with the customers flawlessly, hence saving humans from interacting and increasing their productivity within the organization.
The emergence of chatbots not only saves everyone’s time but also saves the money of insurance companies. Many insurance companies have already introduced their virtual assistants to interact with the customers using text or voice. These chatbots are providing all the information relating to coverage inquiries. They are available at the disposal of consumers 24/7.
Internet of Things
The Internet of Things helps automate data sharing in terms of the extra personal information of the consumers. Under this process, the data can be used from IoT devices like automobile sensors, components of smart homes, wearables, etc., to cut down risks, determine rates, and prevent losses.
Besides the above-listed innovations, many other technological advancements, too, have been introduced in the field of insurance. The upcoming years are surely going to be very interesting to watch for many other insurance technology developments and breakthroughs. Stay tuned.