Insurance

Digitalizing insurance business model through new technologies.

THE FUTURE AS WE SEE IT

The demand for the insurance is directly proportional to the country’s working population.Insurance customers expect technologies to ease the process of insurance. Hence insurance companies are accepting the newer technologies and digital transformation by adopting to handheld devices and cloud based technologies.Global insurance companies are refining the business model and modernizing the insurance application process for customer satisfaction.The major focus will be on digital platform that strengthen the customers across different geography.

The survey on the insurance industry reveals that,

80% of the insurance companies are ready to adopt to digital platforms to strengthen customers relationship.

90% of reduction in insurance process time due to adapting to digital and cloud technology according to Harved survey ,

21% of insurance buyers feel that drone technology should be used for insurance process in next ten years.

35% of reduction in insurance cost due to digital technology for insurance process according to Harved survey.

OPPORTUNITIES
Artificial Intelligence:
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Artificial Intelligence(AI) technology in insurance sector has replaced human intelligence and manual processing.With AI system’s insurance agents can be more precise , efficient and flawless in writing and claim process.There is also a perspective of blockchain technology to empower the future of insurance.

Example:With use of AI and behavioural economics, P2P insurance carrier ‘Lemonade’ launched in 2016,has transformed the way how traditional insurance carriers interact with their customers.

Big Data Analysis and IoT
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The insurance sector is a data-driven industry that generates huge amount of data. Thus, insurance companies rely on Internet of Things to accumulate more and more data according to the behaviour of their customers.Big data analytics makes decision based on the accumulated data.

Example:Biometric sensors and smart watches monitor heart rate, blood pressure , glucose level etc. of the customers so as to offer discounts for the customers healthy activities.

Predictive Analytics with Machine Learning
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Machine learning assist insurance companies to process complex data into relevant data to perform appropriate actions.This predicts what would happen next and what’s the best decision to take.

Example:Telematics monitors customers driving habits for more accurate insurance so that to limit accidents.

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