Unlock the Possibilities of Insurance with Technology

No industry can survive without adopting relevant technologies, and the insurance industry is no exception. Insurance companies need to behave like technology companies selling insurance. Utilization of cloud platforms and services should increase, driven by increased emphasis on big data, AI, ML etc. for insurance businesses. Claims can be approved in a few minutes and payments can be made within seconds. Insurers can use data from Internet of Things (IoT) devices to determine rates, mitigate risk, and prevent losses.

Insurance companies will continue to leverage telematics and social media to improve risk assessment and prevent losses. Telematics are wearable devices that monitor various indicators such as speed, location, accidents, driving habits, terrain of operation, driving time and more to help determine your policy premium. Telematics is a technology where devices are fixed to the cars. These devices capture data related to the speed of the car, location, accidents etc. This data is analyzed, and a policy premium is calculated based on the customer’s driving habits, terrain of operation, driving time, etc.

The insurance industry will undergo a big change as a result of innovative technology. Early adopters will be in a good position to outperform the competition and expand their market. Adopting the time- and money-saving advantages that technology innovation can offer may be the best option for boosting earnings.

Here are five ways technology is altering the insurance industry to help you better understand it and how it may impact your organization.