Changing Insurance Industry
Chapter 2
What are the most trending Technology Opportunities for Insurance Companies?
Question is 1. Big Data Analytics
Companies are collecting the data on their users and accordingly trying to customise their service to
each customer.
each customer.
Question is 2. Internet of Things [IoT]
IOT is a big buzz word but where does the IoT data come from? In Insurance Industry.
In car insurance, black box insurance has become a category allowing insurance customers to install a telematics device that measures their driving safety and calibrates their quote accordingly.
Additionally, some big data services can tap straight into the products consumers already use because they rely on the internet to function.
Tools such as Fitsense allow life and health insurers to personalise their insurance offers to individuals based on the readings from their fitness trackers.
3. The Cloud
The cloud is a word of town which has allowed to offer a huge variety of business services. Moving their infrastructure, including high-performance computing and modelling, to the cloud allows insurance companies to update and streamline their infrastructure.
This improves the efficiency of their employees and saves money.
4. Machine Learning
Looking for patterns in large volumes of data is hardly new for insurance companies.
In fact, big data is almost the foundation upon which the insurance industry is built. It’s how decisions are made and policies are determined.
And insurers are not oblivious to how technology can enable this; half of insurance executives are prioritising technology investments to capture new client insights over the next few years. On top of this, artificial intelligence (AI) and machine learning in insurance are expected to be bigger future trends than in many other industries.
5. Marketing Automation
Due to the rise of economical and innovative marketing technologies and social media have made it easier for insurance firms of any size to promote themselves and compete with the market leaders.
6. Blockchain
This tool is far more than just a Bitcoin technology, it’s said to be a technology that will make far-reaching changes to the worldwide economy over the next decade.
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