How Will Tech Trends Affect How Insurers do Business?
As consumers crave more data, information, and accessibility, insurance carriers have needed to adapt. The desire to drive down costs and provide improved underwriting and risk management strategies has instigated a technology trend paradigm, thus creating new Insurance Trends. The following are ways in which technology is affecting insurers.
Dimensional Marketing- The user experience of the insured is critical in maintaining customer relationships. According to Property Casualty 360, more CMOs and CIOs are investing in technology for marketing automation, omnichannel approaches and content development, which is essential but it creates challenges for customer engagement and connectivity.
Deloitte’s “Tech Trends 2015: The fusion of business and IT” report stated “The integration of touch points, social media, quotes, history and underwriting data into a customer relationship management platform enables enhanced analysis of the customer journey and helps direct what content, what services and what offers to supply prospective policyholder.”
This allows personal engagement through mobile phone quoting capabilities. In turn, prospective clients can receive a quote after sending photos of the necessary information and enroll via text message; creating a portal for customer conversion.
Advanced Software- The entire back end of the carriers operations-server, network, and storage- are preparing to be fully automated systems that can be easily managed to decrease overhead costs.
Core Renaissance- As policies, claims, and billing are the vital components of insurance companies, many carriers are implementing these systems in their businesses to replatform, remediate, revitalize, and replace information.
Artificial Intelligence- Complex data analytic systems are being applied in order to allow carriers to better assess risk and write more comprehensive policies. What’s more, these advancements allow fraudulent claims to be more easily detected while also providing a platform to contact insureds from upcoming storms with proactive communication. In turn, customer service and experience is improved with more engagement.
IT Workers- Employing a variety of skilled tech savvy individuals will help propel the carriers’ technological future.
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