Technology has the power to do many things, and changing the way we see the world is one of them. Over the years, modern technology has revolutionized our world and our daily lives by putting useful information at our fingertips. We are fortunate enough to live in a time when science and technology can support us to make various aspects of our lives simpler, faster and better.
Innovation by emerging technology is a crucial driver of progress in the financial sector and has resulted in unprecedented improvements in productivity and efficiency in the overall development of the sector. The insurance industry is no exception to these innovations, with technology playing an important role in the sector from easy & convenience of buying to policy servicing as well as the speed of processing claims. Whether you wish to renew car insurance or want to buy health insurance for your family, technology plays an important role. Technology has enabled insurance advisors to offer convenience, trust, choice, and transparency to their customers, at the click of a button.
Numerous revolutionary innovations are expected to spur a profound insurance industry transformation. Cloud computing, the Internet of Things (IoT), Data Analytics, Telematics, the global positioning system (GPS), Blockchain, and Artificial Intelligence (AI) offer new ways of measuring, monitoring, and pricing risk, consumer interaction, cost reduction and performance enhancement in the insurance sector to deliver the best to its customers.
EMERGING TECHNOLOGIES IN THE INSURANCE SECTOR
The application of advanced technologies is enabling insurers with conventional incentives to modernize and reinvent themselves. It is also pushing them to adapt to new sources of competition from technology enabled and agile online insurance distribution businesses that are beginning to enter the market by concentrating on unmet customer demand, rising costs and delivering new services to its customers.
These technological advancements in the insurance sector have become essential and indispensable part which is now benefiting both the insurance distributors as well as its customers equally. These companies are going digital to empower their agents with the tools and skills so that they can reach out to their end customers and provide them with the best insurance policy quotes possible.
DIGITAL EDGE FOR AGENTS
By giving the insurance agents a digital advantage, using algorithm-powered business applications, agents can handpick the one insurance solution which is ideally suited to a consumer’s needs across hundreds of choices. With Digital Edge opting to become an insurance agent is now easier than ever before.
Key emerging technologies being used by new age insurers as well as online insurance distributors for successful and seamless operations
- Artificial Intelligence (AI)
Insurance companies are enhancing the insurance underwriting process with the assistance of AI. AI is also being used to effectively boost the claims process by processing vast volumes of data within a limited period and erasing the chances of human error. Businesses may use the AI-based program offered by the insurance provider to monitor claims accurately.
2. Predictive Analytics
Many insurers use predictive analytics to gather a range of data to understand and forecast consumer behavior so that they can offer customized policy solutions to them.
3. Internet of Things (IoT)
In Today’s time, customers are now ready to share extra personal information if it means saving money on their insurance plans – and most of that data sharing can be automated through the Internet of Things (IoT). Insurers globally are using data from IoT devices such as the various components of smart homes and wearable technology to help assess prices, minimize risk and, in the first place, even avoid damage.
IoT as advanced technology has the power to bolster other insurance technologies with first-hand data, which can help improve risk assessment accuracy and give insured more power to directly influence their policy pricing.
4. Acquiring data from Social media
Social media and its role in the insurance industry go beyond marketing and any advertising campaigns. Data acquired from social media can be used to enhance corporate risk management.
It is projected that Chatbots will handle more than 90 percent of all customer interactions by 2025. With the help of Chatbots, many insurance companies are now interacting with their customers seamlessly, saving the company’s time and resources. A bot will guide a customer through a process of implementing policies or claims, reserving human interaction for more complex cases.
RENEWBUY’S TECH JOURNEY
As a digital insurance broker company, RenewBuy is successfully using all these above-advanced technologies to solve insurance complexities in India to provide customers with the best insurance policy and hassle-free claim service in an efficient and fairway. With its digital agent model, RenewBuy is all set to become the best online insurance distribution platform that has reached the nooks and corners where most traditional players have not been able to. Launched five years ago, RenewBuy is already successfully placed in more than 500 towns along with more than 35K certified POS agent partners.
RenewBuy facilitates its customers with an end-to-end insurance solution by identifying and evaluating their customers’ needs, reviewing and comparing the best available options, and customizing the most suitable plan through their digitally enabled POS advisors.
In this digital era, embracing innovative technologies will help insurance distributors get efficient, thereby improve their sales, and enhance their profitability.
About Author: Mr. Balachander Sekhar, CEO, RenewBuy.com.
Balachander Sekhar has two decades of experience across leadership and business roles in FMCG, banking, and insurance. Prior to founding RenewBuy.com, which has disrupted the insurance landscape, he has held leadership roles in PNB MetLife, Reliance Retail Insurance and ABN AMRO. An IIT-Mumbai and IIM-Calcutta graduate, he is passionate about innovation.