Insurance is considered a fairly conservative industry – change is slow. At the same time, new trends in insurance can affect any business.
People live on their smartphones and on the Internet – insurers recognize this, as do other industries. Online shopping has long been the norm – consumers order equipment, clothing, building materials, food, and services. They can do just about anything while sitting at home or on their way to work. Therefore, insurance products should be just as affordable, convenient and modern. And although the ai insurance market is slowly adjusting to changes, it is moving in this direction.
Table of Contents
AI-related trends shaping the insurance
Recently, companies have begun to actively include telemedicine in the policy for employees. Because it is easier to see a doctor online than to come to an appointment. Travelers can order a policy online, even if they are already on a trip. It is enough to have access to the Internet. And although you still have to call the insurance company if something happened, many issues are resolved through the application or online chat. Almost all insurance companies have switched to electronic policies as insurance industry digital trends. And no longer print cards and booklets with descriptions of the insurance program.
Carpe Data
img source: businesswire.com
It is now much easier for companies to access insurance products. So future of insurance has come. It is enough to go to the website of the insurer or broker, and in a few minutes, you will have a ready contract. In the era of digitalization, you need to keep up with changes in order to know about new opportunities and use them for your business. Perhaps buying an online policy will be more profitable for your company than concluding a contract on paper.
This cannot but affect the insurance industry. That’s is why there is a shift in focus from marketing and selling products to customer satisfaction. Insurers think about what customers need, how to help them get it, what they lack. This allows for the development of better services and products. Customer satisfaction and retention are becoming one of the company’s key performance indicators.
Shift Technology
One of the ways to make insurance more convenient for the client is by introducing micropayments. It is easier for people to decide on a purchase when they need to deposit a small amount every month than a large one at once. In addition, it is very easy to do this, and customers are pleased that it does not complicate life.
Even a conservative market like insurance has finally begun to focus on the customer. Does your company also care about customer loyalty and convenience? If not, then as a businessman I advise you to analyze the situation and make a decision. Perhaps the time has come to change the priorities of insurance technology. To find out more visit here.
Increased prevalence of physical robotics
img source: amazonaws.com
To improve the future of the insurance industry and develop services, insurers need to get feedback from customers. One of the available ways to do this is through the introduction of wearable technologies. We are talking about fitness bracelets, smartwatches and smartphones that monitor the user’s physical activity. Insurers seek to obtain data from fitness bracelets in order to analyze it and reduce risks. But how do you get the client to agree to the data transfer? For example, stimulate them with large discounts or individual conditions. Getting feedback from clients, including corporate ones, is extremely important for the successful operation of an insurer. Companies that use insurance services can transfer data to a contractor to optimize costs and receive a personalized offer.
Advances in cognitive technologies
img source: hcltech.com
The use of artificial intelligence and machine learning will simplify customer service and claims resolution. Now, if a client is unhappy with the payment for repairing a car after an accident, he can blame the employees of the insurance company for this. But if artificial intelligence is involved in the assessment, this will minimize the human factor and reduce the time for making a decision on payment.
In insurance, even a small shift towards automation leads to significant savings in time and money. Overseas, insurers are actively using artificial intelligence to quickly process user requests and calculate the cost of insurance. Cognitive science tends to perceive the world beyond the mind in much the same way as other sciences; therefore it has an objective, observer-independent existence.
Cognitive science is usually considered compatible and interdependent with the physical sciences, and often uses a scientific method as well as simulation or modeling, often comparing the output of the model with aspects of human behavior. Given the central importance of cognitive psychology as a discipline within the cognitive sciences, the most significant research in this group of disciplines is experimental in nature and involves the participation of human subjects. When simulations are used in the cognitive sciences, which is e.g. significant methodological trend of the modern paradigm of connectionism, they are used under the condition that their domain can be used to model a domain of human behavior.
Telematics devices
Another technology that is increasingly used in the insurance market is Big Data. Big data allows you to more accurately calculate the cost of the policy and offer customers personalized insurance products. For example, it will be possible to add services to life insurance that the client often uses: Uber, Airbnb, air travel and others.
Data helps insurers get to know their customers better and adapt to their lifestyles, interests and needs. If earlier there were enough demographic indicators – how old the client is, what gender he is. Now, thanks to big data, you can learn about his behavior. What he does, when and why. But there is an obstacle. Although users actively share information about themselves on social networks, they are often not ready to disclose it to companies, including insurance companies. They may not like insurers knowing too much.
Robotic Process Automation
img source: job-wizards.com
Not all insurers use artificial intelligence, Big Data and machine learning in their work. Alas, this affects the cost of insurance products. It may be time for you to change your provider and find a better deal. The insurance market is changing slowly but surely.
