Home > Resources > Articles > The insurance industry has witnessed a paradigm shift. Have you embraced it?

The insurance industry has witnessed a paradigm shift. Have you embraced it?

India is a developing country which has witnessed great changes over the past decades as people’s perceptions have changed. Today, more and more women are becoming financially independent and are choosing to carve a niche for themselves in the corporate world. Start-ups are the trend for new entrepreneurs and youngsters have become financially independent as well as financially savvy. In fact, as per a study conducted by the Associated Chambers of Commerce and Industry in India (ASSOCHAM), among 1000 participants, 70% were youngsters who were single and 63% were financially independent.

Spotlight

Sharp Insurance

Sharp Insurance is one of the fastest growing brokerages in Alberta. We have built our reputation upon success, innovation, and the best customer service. We’re trailblazers when it comes to fusing technology to insurance; we’re all over technology. Everyone says that, but we are - just check out our app! And we’re always on the pursuit of providing superior customer service, in every space. You can interact with us online, on the phone or in person. Interested to hear what our clients have to say? But there’s so much more to us than just insurance. We have tons of other services, programs and perks to offer. It’s like champagne service at beer prices. Seriously.

Insurance Technology Trends That Will Shape the Industry in 2022

Article | July 14, 2022

The world is changing at a rapid pace, and no industry is immune to the need to evolve, upgrade, and innovate. The effects of mass digitization, artificial intelligence, machine learning, climate change, and the rise of financial-based cybercrime are all being felt in the business world. At the same time, consumer expectations have shifted dramatically, thanks in large part to companies like Netflix and Amazon, which have the technology and business models to provide the instant access to products and services that today's consumers have come to expect. When these changes are considered, it becomes clear that no industry, not even one as traditional, robust, and stable as the insurance industry, can afford to stand still. Trend 1: CARE-Based Distribution Channels Insurance companies are engaged in a "digital arms race," rushing to equip their distribution channels with digital tools to improve customer experiences. While CARE is the core experience that most insurance companies strive to provide in both distribution and sales, few achieve it consistently. Trend 2: Quicker Payouts Pay cycle time is fast becoming one of the most important differentiators between insurance companies. The winners of the future will use insurance technology to help them resolve claims quickly, at the touch of a button. To this end, companies are adopting AI-enabled tools to automate both estimation and inspection. Telematics insurance solutions are expected to provide greater levels of contextual information that will support the smoother, faster, and more comprehensive settlement of claims. Trend 3: The Rise of Usage-Based Models As the pandemic made consumers aware of the waste involved in paying for insurance on cars that sit unused in driveways, interest in usage-based insurance products skyrocketed in 2021. As the nature of work changes and many people's daily commutes become obsolete, winning insurance companies will offer products that are more in line with how their customers live today. Telematics devices will allow insurers to offer products based on how and how far users drive. Trend 4: Intelligent Automation For a long time, the insurance industry has been experimenting with automation. The first phase was robotic process automation (RPA), which was viewed as a way to speed up processes and reduce costs without requiring significant changes to the underlying applications. While this was effective at capturing low-hanging fruit—those ubiquitous repetitive steps that were an unnecessary feature of so many insurance processes—it never really attacked productivity and core functions that required automation.

Automobile Insurance, Insurance Technology

Making the digital leap in underwriting

Article | December 19, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.