How Technology Is Transforming the Insurance Industry

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Information about How Technology Is Transforming the Insurance Industry

Published on July 19, 2018

Author: Fecund


slide 1: HOW TECHNOLOGY IS TRANSFORMING THE INSURANCE INDUSTRY slide 2: The world of constantly changing technology Insurance industry is not untouched. Today’s insurance agents don’t operate in the same way that they did 20 years ago. Technology offers amazing new ways for agents to provide personalized advanced service to community members. This blog gives you a sneak peek at what you can expect technology to look like in the coming years and how it could affect the insurance industry slide 3: OMNI-CHANNEL CRM With omni-channel CRM you can track and monitor ongoing customer interactions contact Information unresolved complaints or requests in one place whether you interact with the customer online on mobile via social media or in person. slide 4: TELEMATICS Telematics combines computers and wireless technology to stream information across multiple platforms which can then be used for analysis. Think of a Fitbit as a telematics device and as someone burns calories or walks so many steps it syncs that information to their phone computer and tablet for them to look at and analyze in the future. Insurers use telematics in a very similar way. slide 5: BIG DATA Insurance companies in the property and casualty field face a major opportunity as technology develops: they have more and more information on which to base their risk assessments. Internet-connected devices make it possible to gather more data than ever before about the state of property and its environment. slide 6: SELF-SERVICE DASHBOARDS We’ve seen it in grocery store lines and restaurants — and now we are finally seeing it in insurance. As we’ve learned people want to use their phones to get “life” done as quickly and easily as possible.. Customer friendly self-service can facilitate claim processing in regular insurance scenario while the special cases can be managed by agents or claim handlers. slide 7: MACHINE LEARNING With machine learning insurance companies can move away from static datasets to something far more advanced that humans alone would be incapable of. Since insurance has always been data heavy it is perfectly poised to be significantly impacted by Machine Learning. slide 8: INTERNET OF THINGS Gartner Inc. forecasted that 6.4 billion connected things would be in use worldwide in 2016 and there will be as many as 20.8 billion by 2020. As more and more devices join the rapidly growing Internet of Things ecosystem the opportunity for insurance companies to take advantage opens.The sheer volume of data that these devices provide is staggering and if use in the right way it can revolutionize the way insurance companies produce quotes. slide 9: CHATBOTS Chatbots are the new holy- grail of augmenting customer engagement and brand presence. They are proving to be very useful in most industries including the insurance industry. With the help of intuitive chatbots insurance companies can explain complex products to their customers drive brand engagement and improve sales and distribution. Few of the companies who have already implemented Chatbox are – NEXT Insurance Lemonade Trov Bajaj Alliance General Insurance Co. Ltd. GEICO etc.

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