Insuranceciooutlook

Key Trends Changing the Facets of the Insurance Industry

By Insurance CIO Outlook | Thursday, September 24, 2020

New-age Insurers are adopting technologies like AI and ML to automate and simplify the processes for getting insurance or a claim.

Fremont, CA: Insurance is an important industry for the economic development of a country. The COVID-19 pandemic has rekindled the awareness of the importance of insurance among people.

Over the years, several factors, such as tedious processes and complicated jargon, have affected customers' trust in insurance companies.

Some emerging insure-tech companies are scrambling to simplify insurance processes to regain the customer's trust. While the companies are working towards transforming the way the industry operates, dependable support from the government and the Insurance Regulatory also helped in fueling innovation and enabling the adoption of technology in the sector. Top 10 Claims Processing and Management Solution Companies - 2020

Let us look at the key trends in the insurance industry:

Contactless Insurance Service

Industries across sectors have witnessed a digital transformation. Technological advancements have made strengthen the foundation of digitalization. New technologies are being developed with IoT-driven modules like wearable devices to track health parameters and telematics to track driving behavior. With a massive shift towards digital insurance, options customers would now look for "contactless' or "zero-touch' solutions.

Automation as an Enabler

New-age Insurers are adopting technologies like AI and ML to automate and simplify the processes for getting insurance or a claim. Another example includes the use of video calling or images to complete the inspection process of the asset without requiring a physical inspector to do it. Automation is expected to increase in the years to come. It will additionally help decision-makers make better decisions for their customers with the help of accurate analytics.

Improving Customer Experience

Improving customer experience requires a robust approach that prioritizes the policyholders' needs in nearly all aspects of the business. An effective CX strategy balances empowerment, personalization, and efficiency by utilizing a combination of human and digital solutions at every touchpoint throughout the customer journey. Also, the strategy needs to be flexible enough to accommodate a wide range of preferences.

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