Key Technological Advancements Transforming the Insurance Industry for Good

Insurance CIO Outlook | Tuesday, June 28, 2022

Insurance companies use social media to verify claims and screen out fraudulent ones. Many social monitoring tools are being used in the investigation of claims.

Fremont, CA: Like any other industry, the use of technology in the insurance industry has grown exponentially over the past decade. Technology advancements are integral components of the insurance industry that benefit insurance agencies and their customers alike. Most customers prefer to get insurance quotes online. They can also manage their coverages via mobile apps.

Any use of technology will increase dramatically in the coming years. Many insurance companies and insured businesses are now using some of these tools for business purposes. For example, while insurers use technology to gain a competitive advantage, business owners use these tools to improve the essential nature of workers' compensation coverage, automobile insurance coverage, public liability insurance coverage, and many other business-related insurance coverages.

The developing technology tools listed below get widely used by insurance companies and influence the business insurance industry.

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• Artificial Intelligence

Most businesses seek tailored solutions to their insurance needs. Based on the size & nature of the business, each company has different insurance needs. AI assists insurance advisors in the designing solution that meets such diverse client needs.

Insurance companies can use AI to transform insurance claims processing. For example, AI may get used to optimizing the claims cycle by quickly accessing large amounts of data and eliminating the possibility of human error. In addition, businesses can use the AI-powered system of the insurance company to report claims accurately.

• Data From Social Media

The preliminary utilization of social media for marketing but rather advertising has evolved into a variety of other useful tools for commercial insurance agencies. Data available in social media is used to improve business risk assessment. Data from social media can also be helpful to aid in the diagnosis of fraudulent claims. New approaches to social media management can improve customer communication and experience.

Insurance companies use social media to verify claims and screen out fraudulent ones. Many social monitoring tools get used to aid in the investigation of claims. In addition, insurers can look for red flags in the social media activities of businesses that have filed claims.

• Chatbots

Chatbots are AI-enabled systems that can communicate intelligently with customers and assist them with the most frequently detected problems. Chatbots save insurance companies a lot of time and money. These bots will be capable of completing routine tasks such as policy application, claim filing, and many others. Human interactions will get limited to the most complex requirements and cases.

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