How will automation, AI and other technologies change the insurance industry as we know it? Two expert opinions

WILLIS TOWERS WATSON | January 14, 2019

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How is technology impacting the insurance industry and what do we expect to see in the years to come? To find out, we sat down Alice Underwood, Global Leader of Insurance Consulting and Technology and Dave Ovenden, Global Pricing and Underwriting Leader for their take.

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Travel & General Insurance Services Limited

Travel & General Insurances Services Limited (t&g) is a specialist intermediary focused on the travel industry. T&g have been providing travel bonds and travel insurance to travel organizers in the UK and Irish travel markets since 1983 and have gained a wealth of experience over the last thirty years making t&g an ideal insurance partner. T&g offers a personal service with an efficient and convenient travel bonds online application process – combining the best of both the traditional and modern

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Social media intelligence for insurance?

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In the financial services industry, reliance on big data has been increasing at a global level. The usage is not limited to marketing purposes alone but extends to fraud and risk prevention. Customer demand for personalised products is responsible for this shift. The future of insurance is also being shaped differently due to this. The current lengthy questionnaires won’t be needed at all. Just the data collected will help to accurately predict risk and create policies customised to the person’s needs.

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Advancement of Technology in the Insurance Industry

Article | April 21, 2020

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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Spotlight

Travel & General Insurance Services Limited

Travel & General Insurances Services Limited (t&g) is a specialist intermediary focused on the travel industry. T&g have been providing travel bonds and travel insurance to travel organizers in the UK and Irish travel markets since 1983 and have gained a wealth of experience over the last thirty years making t&g an ideal insurance partner. T&g offers a personal service with an efficient and convenient travel bonds online application process – combining the best of both the traditional and modern

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