It almost seems as though there’s some new fancy technology coming out every other week these days, doesn’t it? It changes our customers, it changes the market, and it flat out changes the way we do business.
It can be difficult to stay ahead of the curve, but those who choose to ignore these advances in technology are often left behind in the digital dust.
Here are some of the top technology trends in the insurance industry worth watching out for:
Data is everywhere. But it only matters if you’re measuring, analyzing, and using it to make informed decisions. Insights into the purchasing habits of consumers, the likelihood of cancellation, risk of fraud, the ability to anticipate trends - there’s a lot to gain when you can see what’s going on behind the scenes.
Human error is inevitable, especially when it comes to repetitive, mundane activities. Artificial intelligence helps insurance providers automate tasks that take time and cost money, all while increasing the accuracy of results.
The Internet of Things allows us to be connected to everything. Rather than generalize the attributes of a particular customer based on aggregated data, insurance providers can collect information from first-hand sources. Being connected to smart homes, wearable technologies, and other personal devices help to better determine rates, mitigate risk, and even prevent losses in the first place.
Blockchain provides access to secure data management without loss of integrity. Identity management and underwriting, claims processing, fraud management - each requires access to a vast amount of data from various sources. Blockchain grants insurance providers secure access, reducing both risk and cost.
If you’re looking to provide a better customer experience, why not change the way your customers view insurance? Augmented and virtual reality help to enhance the experience of remote claims handling, accident recreation, and more.
Chatbots can interact with customers seamlessly, saving money without sacrificing experience. Walk customers through a policy application or claims process, relying on human interaction for more complex cases.
A birds-eye-view is just another perspective when it comes to collecting data and calculating risk. It can provide additional insights before issuing a policy, aiding in preventative maintenance, and assessing damage after a loss.
It can often feel overwhelming to stay on top of the advances in technology and how they impact the insurance industry. But a bit of insight into the top trends is all you need for now. Stay focused on your primary initiatives; a better customer experience, reduced costs, or whatever it may be. The technology exists to enhance us, not replace us.
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US Claim Solutions has a team of experienced adjusters covering a wide range of insurance claims services including property and casualty, transportation, catastrophe, surveillance, third party administration, environmental disaster, alternate dispute resolution, subrogation recovery and more.
We are available to service your escalated claim needs 24 hours a day, 7 days a week. Email us at customerservice@usclaimsolutions.co or give us a call at (888) 701-1153. We look forward to earning your business.
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