Insuranceciooutlook

How Smart Technologies Enable On-Demand Insurance

By Insurance CIO Outlook | Tuesday, July 28, 2020

Evolving technologies are carving the future of the insurance industry.  

FREMONT, CA: Insurance service providers are today faced with a varied set of disruptive trends. The growing market for on-demand insurance services is one such trend that is expected to have major implications for the insurance industry. While incumbent insurers are making an effort to up their capabilities, the developments in on-demand insurance services are coming from challenger companies. Equipped with smart technologies, insurtech firms are becoming the face of the modern insurance service provider. On-demand insurance is in line with the convenience and experience that customers want today. Leveraging smart technology, insurance companies can easily create seamless, digital, and on-demand experiences that cater to a broad customer base. 

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On-demand insurance products and services need to be delivered through online channels and are processed in real-time. Most of the services can be accessed by customers through smart personal devices. Insurance providers are trying out various operational models for the emerging trend. The primary necessities to facilitate on-demand insurance are smart technologies like automation, artificial intelligence, data analytics, and IoT.

Digital data collection and effective processing capabilities are central to an on-demand insurance provider. Flexible, real-time claims management also requires substantial amounts of automation. Personalizing on-demand products is essential. Artificial intelligence and IoT enable tailor-made services for customers. IoT solutions empower insurers to keep systems updated with customer details, which are crucial to minimize risks and maximize profitability. Thus, smart technologies are helping make on-demand insurance a possibility and adding aspects of experiential pricing and underwriting to it. 

Check This Out: Top IoT Solution COmpanies

 

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