Insuranceciooutlook

Technologies Shaping the Future of Claim Processing

Pamela Morgan, Insurance CIO Outlook | Tuesday, March 01, 2022

Insurance applications built on microservices architecture may be readily scaled up and down based on market trends without incurring additional costs.

Fremont, CA: With the insurance sector developing and transforming at a breakneck pace, market leaders and new entrants alike seek new ways to expand their customer bases. Many industrial players have turned to technology to boost their ROI and optimize their procedures.

Let's look at a few of the top trends that will continue to disrupt this business.

Microservices Architecture for Applications

Legacy programs built on monolithic architecture cannot keep up with users' changing expectations. As a result, the insurance industry must rethink its offerings and business model to accommodate this transformation. Moving to a cloud-based microservices platform is one method to accomplish this. Insurance applications built on microservices architecture may be readily scaled up and down based on market trends without additional costs. This allows insurers to support millennials' numerous ways to select and purchase insurance. Microservices architecture also provides innovation with user-friendly interfaces that enable seamless delivery of insurance products on any device.

Cloud-Only Insurance

Insurers worldwide are constantly under pressure to innovate and evolve to compete with market disruptors. The transition from traditional to digital insurance has resulted in faster business growth and a better client experience for insurance providers. Cloud computing solutions designed exclusively for the insurance business can assist insurers in increasing IT agility and reducing project implementation time. It also allows them to test and implement new technologies quickly. This agility and quickness enable businesses to deploy their service offerings considerably more quickly than previously.

IoT in Insurance

IoT can help insurers move faster and make more powerful data-driven choices. Insurance companies will no longer have to go through documentation and will be able to proceed through the claims process more quickly. Customers can now submit claims using mobile apps by capturing a few images instead of filling out endless papers. Connected devices, such as biometric and environmental sensors make it simple to quantify risk and adapt policies as circumstances change.

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