Insuranceciooutlook

Technology and Life Insurance: A Valuable Combination

By Insurance CIO Outlook | Wednesday, July 24, 2019

Carefully investigating the enumerable life insurance policies and then investing can be cost-efficient and can make it a favorable financial tool of great value.

FREMONT, CA: Technology is a key ingredient to enhance the life insurance industry. Life insurance will also be heavily influenced as a result of applying technology to products and processes. Most of the applications enable companies to serve customers better. Some of the most recent trends that demonstrate how the insurance industry can take advantage of technology are listed below.

• Gamification

One of the tools that are being used by the life insurance companies to increase awareness about the product is gamification. It refers to the use of interactive games that enable the player to understand the value of a life insurance policy. It helps companies increase penetration and improve sales performance in addition to making the general population conscious about the advantages of having one’s life insured.

• Blockchain

Blockchain has been a buzzword in the financial industry for a few years now. Recently, many companies started operating through blockchain as well. Blockchain technology has to do with a decentralized form of sharing records that cannot be manipulated. The life insurance industry can make the most of blockchain for maintaining database and claims processing. This will help service providers optimize their process and improve revenues.

• Data Analytics

Customer data is of a lot of value to the life insurance industry. With analytics capacity improving, customer data influx can result in an excellent opportunity for service providers to gain deep insights into customers and their expectations. It will also equip the industry with the right tools to prevent frauds, thereby increasing security. Data analytics offers powerful ways of leveraging data.

• Robotic Process Automation (RPA)

Robotic process automation is one of the tools that has a lot of potential for the life insurance industry. The need for automation is there because the customer base has widened, and companies require better administration of policies. With automation, companies are in a good position to streamline tasks and improve time-effectiveness. Claim settlement and fraud detection with automation is something that some companies are already trying.

Wearables that will monitor the health of customers that have insured themselves will also be a big thing in the near future. Real-time monitoring and flexible premiums will make their way into the mainstream.

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