How technology trends are shaping and disrupting the Insurance industry
Have you ever attempted to verify the status of an insurance claim? Obtaining claim status information frequently necessitates multiple phone calls, emails, or even a visit to an agent. Customer satisfaction suffers because of a lack of web presence. Today, approximately 61% of clients want to track the status of their applications using digital technologies.
Digital technologies bring several disruptive trends to the insurance business such as personalization, the shift to a platform economy, automation, and real-time based estimates.
AI, IoT, Blockchain, API, wearables, and Telematics are emerging technologies that have shaped tech trends and should be embraced to stay ahead of the competition as it enables insurance companies to provide a better customer experience while also increasing operational efficiency.
So, which features will have the greatest impact?
- Wearables and telematics monitor client behavior, allow for risk prevention and pave the way for new business models.
- AI insurance solutions enable businesses to provide customized quotes to clients, integrate Robo-advisors, and improve fraud detection.
- Blockchain technology aids in workflow governance and ensures transparency.
- Insurance APIs facilitate information exchange, increase product distribution through internet channels, and eventually allow insurers to recommend more versatile products.
One of the biggest challenges when dealing with technology is accountability, which is why Tech must be explainable, and more importantly, Data use must be accountable.
Insurers, for example, cannot keep customers in the dark about how artificial intelligence (AI) algorithms make decisions that influence their life, such as premium pricing, claim rejections, or job applications.
And, as businesses collect data via multiple monitoring apps and digital channels, they must also consider and shield people’s privacy and security concerns.
Making the move to digital business models and customer experiences will be difficult unless insurers can gain the trust of customers, employees, and intermediaries that digital technology is being used in a way that benefits them.
As many technological models hit their breaking point, they presage a larger transition that organizations must be aware of- people will no longer be spectators in the face of technology. The ability of insurance firms to improve the human experience by providing individuals agency in their interactions with technology will be critical to the success of the next generation of products and services.
How can TraQiQ help?
At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com