Insuranceciooutlook

3 Strategies for P and C Insurers to Surge toward Efficiency

By Insurance CIO Outlook | Tuesday, September 17, 2019

Property and casualty insurers are adopting innovative tech-driven strategies to expedite efficiency. 

FREMONT, CA: Emerging technologies are rapidly transforming business processes as well as business-critical aspects of the insurance industry. The high-tech market demands seamless access to personalized offerings and variations in the choices. Today, the need for customer experience enhancement raises the competition bars for insurers, encouraging them to adopt new strategies and increase efficiencies. The new-age Property and Casualty (P and C) insurers focus on innovative factors to augment benefits of convenience, speed, transparency, and level of personalization.

•โ€‹ Digital Platforms to Strengthen Networking 

P and C insurance can connect to their customers through digital platforms and collect valuable data to increase the efficiencies of the offerings. With the onset of IoT, social media platforms, and smart wearables, the insurance providers can communicate or connect with the customers seamlessly. The integrated technology allows P and C insurers to let customers check policies and make changes in real-time, which also helps in underwriting and claim processing. The interconnected device network enables the insurance providers to study and monitor customer lifestyle and precisely monitor the claims. The advantages of direct communication with customers also promote the concept of hyper-personalized policies and on-demand insurance coverage.

•โ€‹ Digital Data

Implementing digital solutions like automation and artificial intelligence can effectively adjust the virtual claims and increase the insurance provider’s capacity. The adoption of technology can analyze abundant unstructured and structured data, which is generated throughout the claims lifecycle. The ability to analyze data in-depth creates more effective, reliable, and less costly claims management processes. The data insights offer opportunities to customize the experience for individuals through applications and digital products. P and C insurance providers encourage telematics, as the technology helps to drive safely and avoid accidents. The lesser rates of accident allow the insurers to reduce claims payout and benefit underwriters. P and C insurers can accurately adjust and settle the claims, detect fraud, and offer immediate assistance to the customers with real-time information.

•โ€‹ Security with Smart Contracts   

The digital age insurers recognize the full potential of blockchain technology for securing massive data. The decentralized servers make it easier for the P and C insurers to access data, validate accuracy, and detect forgery. Insurance organizations are approaching the technology of blockchain to implement smart contracts for insurance policies and service offerings. Through the smart contract, the insurance industry can improve efficiencies by simplifying the flow of information and payment between insurers and reinsurers. The promising security features of blockchain technology attract P and C insurance providers to invest in and explore further possibilities. With the distributed ledger, the insurer can record transactions permanently and claim information actively. The technology can effectively eliminate the double booking, or multiple claims from the same accident, establish ownership through digital certificates, and reduce counterfeiting and premium diversion.

P and C insurance providers approach innovative solutions to explore vast opportunities and achieve customer satisfaction. Technology has helped the sector to understand user habits and deliver personalized experiences through different channels. Today, insurers consider various measures to create digital, analytical, and global strategies while focusing on the quality and the capability of potential solutions and service providers. The increase in digital data generation encourages them to invest in integrated automation tools and advanced data management system. The powerful combination of strategic partnership and advanced technology contributes to developing efficient P and C insurance services. 

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