Adoption of technologies can push the development of innovative insurance products and drive efficiency upwards in the insurance industry.
FREMONT, CA: The growth and innovation of the insurance industry have opened innumerable possibilities. From services providers to consumers, everybody is already finding benefits from the technology-driven changes happening in the sector. Insurance firms have been able to better their process, improve on the products they offer and enhance customer relationship. The tools that are helping companies achieve these are a result of the application of innovative tech.
· Robotic Process Automation
Manual processes that take a lot of time and effort machines can efficiently take over with RPA. With the help of software that automates tasks, insurance firms have been able to cut costs and improve the accuracy of repetitive tasks. Rule-based processes can do in a fraction of time what human employees take much longer. Robotic process automation can help firms handle workloads in smarter ways.
The advantages of blockchain include increased safety, time-efficiency, and fraud detection. Blockchain technology has a lot of scopes in the insurance industry. Firms that will incorporate blockchain will be able to usher transparency in transactions and convenience in maintaining immutable records. The distributed ledger technology that blockchain works on allows the use of smart contracts, which are beneficial to the industry.
· Shared Insurance
The concept of sharing insurance comes from sharing economy. Various sectors have already modelled their processes to take advantage of sharing economy and have reaped the benefits. In the insurance industry, the P2P segment is fast growing through crowdsourcing and social networking. Shared insurance experience has seen affirmative acceptance.
Insure-techs are experts at providing innovative products that have a lot of demand in the market. On-demand insurance is one such product. It provides insurance coverage for risks that emerge at particular points of time. For example, one might want to insure the cab ride one is taking, or insure one's luggage while travelling. Such insurance products seem to have mass appeal.
The best way forward for any business is through leveraging updated technology to provide the best products and services. The demand from customers keeps evolving with time and staying relevant is vital.