Article | February 14, 2020
Despite consumers never having had so much choice of technology, media and telecommunications (TMT) products and services, many UK households are becoming overwhelmed by the prospect of switching provider, which is leading to apathy among consumers. This kind of weariness with online tech could well hamper new insurtech start-ups, looking to win over new customers who are already browsing their fave websites and apps.
Article | March 25, 2020
Coronavirus has caused 9 deaths in India so far, with confirmed cases to touch the 600 mark soon. As numbers increase rapidly, how can health and life insurance policies come to your aid if you or your family member is tested covid-19 positive? Earlier this month, the Insurance Regulatory and Development Authority of India (Irdai) had issued guidelines for health insurers asking to expedite coronavirus related claim settlement in the case of hospitalisation.
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.
Article | March 19, 2020
The COVID-19 outbreak is now a pandemic, affecting governments, businesses and individuals all over the world. As borders are closed, and day to day life is put on hold, it presents an unprecedented threat to the global economy and to the future viability of many businesses. Nevertheless, there are steps that organisations can take to protect themselves, and to ensure the financial consequences are kept to a minimum. In particular, businesses should be considering whether they can mitigate losses through their existing insurance policies. Regardless of the type of insurance, particular attention should be paid to notice requirements typically set out in each policy wording.