Technology trends and new business models are transforming the insurance industry by leaps and bounds.The top priority of insurance company today is to stay profitable and attain sustainable growth. And to enable this, the global insurance carriers are taking all possible measures to deploy innovative technology for improving the business processes and streamlining legacy applications. To know more, let us focus on some of the innovative technology trends for digital insurance that will transform the insurance industry in 2017.
Artificial Intelligence: Artificial Intelligence (AI) is helping insurance companies develop systems that are able to perform tasks that previously required human intelligence and manual processing. With the advent of AI in the insurance industry, insurance agents can now count on s ophisticated systems for precision, efficiency, and flawless automation of existing customer-facing, underwriting and claims processes. In coming days Artificial Intelligence will be more disruptive and will be used to identify and assess emerging risks. With use of AI and behavioural economics, P2P insurance carrier ‘Lemonade’ launched in 2016,has transformed the way how traditional insurance carriers interact with their customers. From quote and buy to making a claim, the customer’s journey is simple and automated. Besides this, the insurance sector is also focusing on Blockchain technology to empower the future of Insurance. Blockchain can simplify paper work and improve auditability, besides helping the insurance industry to cut expenses significantly.
Predictive Analytics with Machine Learning (ML): Using predictive analytics with ML, the insurance companies can unleash the power of intelligence, to process complex data source variables into relevant data for actionable insights. This would help them predict what could happen next and what the best decision should be. As far as the insurance industry is concerned, predictive consulting is offered to customers to facilitate 24-hour customer service. Artificial Intelligence provides customers with quality service by offering real-time insurance consulting as well as instant feedback, similar to how Netflix knows to suggest a particular movie to any customer.