10 PA Auto Insurance Tips

| January 4, 2020

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Handling different types of auto insurance can be confusing. We have simple things every driver should know about insurance in an easy-to-read format.

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J Hatty & Co

Established in Bangor in 1974, J Hatty & Co has grown to become one of the leading professional insurance brokers in the Province with further offices in Armagh and Portadown.

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How AI is bringing the insurance industry into the future

Article | March 12, 2020

Technology is advancing every day, and it’s disrupting industries from retail to manufacturing to insurance. It has become increasingly apparent that AI, blockchain and machine learning have the power to transform the future of business and the way people work and live. These new technologies are already being applied in the insurance industry. Some insurance companies are using AI and machine learning to automate certain parts of the claims handling process and improve customer service. Blockchain is being used to detect fraud and prevent risk.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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How technology will transform life insurance

Article | April 20, 2020

Do you know what the UK insurance industry is going through? A disruption that calls for complete metamorphosis. Not so different from what the whole world is going through at the moment. Crafting one-size-fits-all products and expecting them to sell like hotcakes is a huge misconception. Customers want products to be as personalised as possible. Pay per mile insurance or lower car insurance premiums for safe drivers are some examples. In the current global crisis, personalised life insurance would look like factoring in the unique health/ living conditions of the person and then providing insurance options.

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Can You Get Business Insurance without a Business License?

Article | March 16, 2020

Opening a business brings many questions, and the very fact that you’re interested in learning more about insurance for your company demonstrates your responsibility as an entrepreneur. In most cases, you don’t need to have your business license yet to purchase insurance for your company, which means you can get started on this critical task right away. However, you should know there are certain types of insurance you may be required to carry in order to get or maintain your business license. There are also other types you should obtain to protect you from the consequences of lawsuits or unexpected events down the road.

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Spotlight

J Hatty & Co

Established in Bangor in 1974, J Hatty & Co has grown to become one of the leading professional insurance brokers in the Province with further offices in Armagh and Portadown.

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