Listen to this articleInsurance is a tech-driven industry, and providers are more willing to embrace cutting-edge solutions than many of their counterparts in other sectors, both to deliver better value to their customers and to minimize their own risks.
With that in mind, let’s go over some of the latest technological trends that are shaping insurance this year, and look at why they matter.
Artificial intelligence is increasingly impactful
AI has a role to play in lots of areas, and insurers are adopting it for a surprisingly varied number of purposes.
Most obviously, it is useful for processing and analyzing vast volumes of data from a broader variety of sources so that they can build more accurate, reliable forecasts.
In turn, this means they can deliver better value and more precision with cover of all kinds, from Australian income protection insurance to American auto insurance and beyond.
And it’s not just private income protection insurance that is easier for providers to calculate with AI; it can also assist in everything from detecting insurance fraud to improving customer loyalty.
As insurance is a data-driven industry, it makes sense for AI to be a natural fit for it. Its role will grow in importance in 2022, and will no doubt remain instrumental for the foreseeable future.
Automation is a powerful tool
Going hand in hand with AI, the influence of automation is being felt across insurance at the moment, and there are solutions for all sorts of crucial processes which take the legwork out of it for human employees.
This includes automated underwriting and automated claims processing, allowing insurers to service as many customers as possible without compromising on the quality of the experience, and without having to dramatically expand their workforces or increase their prices.
Robotics is on the rise
Robotic tech is another important factor in insurance right now, particularly in the case of airborne drones.
Drones allow insurers to get a clearer overview of large structures without the need for extensive, expensive surveys carried out manually. This in turn means that they can calculate risks in less time, and cater to both domestic and commercial customers incredibly efficiently.
In addition to these advantages, the use of robotics also enables insurers to place their employees out of harm’s way, with drones and other devices able to enter hazardous environments to carry out assessments while their human operators are at a safe distance.
Telematics can make a positive difference
The idea of using telematics to track usage-based insurance cover in real-time is not a new one, but it is managing to gain more traction right now because of trends within the consumer space.
For example, as well as car insurance customers being more willing to let insurers track their behavior behind the wheel to reward low-risk habits, health insurance customers are equally eager to share data relating to their physical activity levels and even their diet in order to make savings on their policies.
In turn, this deluge of data allows for ever-growing accuracy on the insurer’s part, as well as feeding into other industries that are able to share in this treasure-trove of information to improve their own products and services.
Cloud computing keeps everything afloat
The technology underpinning almost every other trend in insurance is cloud computing, as it provides the infrastructure on which software can run and data can be stored and processed.
Indeed it is only thanks to the scalability and affordability of cloud solutions that any of these trends are viable in the first place, and this looks set to remain a major asset for insurers the world over indefinitely.
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