Digital Transformation of Insurance In 2017
As the new year rolls in and we look forward to what is to come, we can look back at some of the developments the Insurance industry has made in digitizing their workflow over the last year. 2017 brought innovations to the industry from AI to Cyber Insurance. Areas of insurance that have been stagnant for decades are now changing. From customer communications to operating and revenue models. In order to stay ahead of the technology based advantages that are presented, agencies had to constantly adjust their innovation strategy.
Check it out: Cyber As Standalone Insurance
Adjusting services to better connect with customers by way of technology, builds better trust and engagement between agencies and clients. Digital innovation in communications such as smartphone apps, connected cars, wearable technology, and even personalized products, help connect agencies with a new generation of customers.
Security concerns also grew in the past year. To combat the fear, agencies learned that cloud technology is the best way to safeguard data and sensitive information. Moving information from hard copy to the cloud on an off-site location, was a big change and adjustment for many agencies, but the payoff was rewarding in terms of client information security and money saving.
Check it out: Secure Your Agency's Data With the Cloud
Blockchain is a concept that rocked the insurance world in 2017, among other industries. Blockchain technology helped make insurance more transparent for clients. The technology also helped to combat insurance fraud claims by eliminating duplicate or suspicious transactions. The insurance industry put itself in a position to take full advantage of the opportunities that blockchain technology provided.
Check it out: Blockchain Protocol For Digital Insurance
The insurance industry made big leaps in 2017 with artificial intelligence. The use of chatbots helped agents gather client information much faster and easier on and online platform. Machine learning for algorithms and frameworks, provided more neutral networks. In the auto insurance industry, telematics is the type of artificial intelligence that improved the way they gather client information. Through mainly GPS data, they can determine traffic conditions and avoid accidents, which increased satisfaction and reduced the number of claims.
Check it out: World Insurance Report 2017
Across the industry, digitization of insurance has brought significant changes to agency’s daily workflow and their client’s lives.
For more information on technology in insurance, check out our Insurance Technology Pillar Page