Technology is shaping the future of insurance

1. Data and analytics

Insurance companies primarily leverage data and analytics to get deeper insights for providing more benefits to the customers. Gaining a holistic understanding of customer journeys helps them improve customer experience, recognise customers at the risk of cancellation, identify risks, and anticipate trends.

2. Artificial Intelligence and Machine Learning

AI and ML offer tremendous potential for automation in the insurance industry, including optimising the processing of claims and appeals, tweaking prices, and determining repair and cost estimation. Additionally, AI applications such as chatbots and affective computing are also being deployed by companies to augment their customer experience.

3. IoT (Internet of Things)

When implemented effectively, IoT technology can help insurers assess, price, and limit risks with better accuracy. Wearables, telematics, and home security systems, to name a few, are already being used by insurers to incentivise customers to stay safe, fit, and risk-free. We can soon expect more and more companies to start using IoT capabilities to reward customers who are focused on safety and well-being.

4. Cloud Computing

Using the scalable and efficient IT services offered by the cloud, insurance companies can improve their data management, whilst increasing cost advantage and accelerate the process resulting in shorter wait time.

The cloud's advanced capabilities can also enable companies to become more customer-centric and increase policyholder confidence.

5. Blockchain

The insurance industry is one that relies heavily on security, transparency, and trust. Since Blockchain uses public ledgers and stringent cybersecurity protocols, insurers can utilise it to improve on all these fronts. Moreover, Blockchain also removes intermediaries, reduces the cost of documentation, and offers innovative tools such as smart contracts.

The insurance industry is one that relies heavily on security, transparency, and trust. Since Blockchain uses public ledgers and stringent cybersecurity protocols, insurers can utilise it to improve on all these fronts. Moreover, Blockchain also removes intermediaries, reduces the cost of documentation, and offers innovative tools such as smart contracts.

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