Before the arrival of insurtech, the insurance industry worldwide has been dominated by massive national brands and legacy product lines and age-old technology.
The change is already here and more changes are expected to disrupt the global insurance industry.
The rapid evolution of insurance technology or insurtech that’s making waves in the global insurance industry is surely here and we can see evidence of this everywhere.
All thanks to the insurtech innovations, the insurance products have moved from manual claim settlements to robotic process automation. Experts predict that insurtech will keep evolving as the mobile Internet unlocks new consumer behaviors and new business opportunities.
The BIG QUESTION:
“What InsurTech trends will continue to grow stronger this year and beyond?”
We here at Insurance Market will now show you the top three insurtech trends that we think will disrupt the global insurance industry this year and in the future.
Trend #1: Wearable Tech will be the New Talk in Town
One of the most promising technology trends that are fast becoming a fad in the insurance industry is a wearable tech. It is one trend that made headlines in the past years and is expected to go even stronger this year and in the years to come.
Some of the world’s leading insurance companies are already leveraging wearable tech to offer usage-based insurance to consumers. These companies use wearable tech to obtain personalized data to decide on the insurance premium rate based on lifestyle, driving habits, etc.
Given the immense potential of wearable technology, we are hopeful that a large number of insurers worldwide will start using this technology to provide usage-based insurance, decide policy premium rates, and incentivize policyholders for a healthy lifestyle and safe driving habits this year and beyond.
Trend #2: Chatbot Technology will Take Centrestage
Given that chatbots can easily amass customers’ geographic and social data for personalized interactions, a large number of insurance companies are already investing in the technology to facilitate customize insurance coverage.
And looking at the ever-so-increasing popularity of the Chatbot technology worldwide, tech experts predict that the demand for Chatbot technology this year will be 5 times more than what it was in the last few years in the insurance industry worldwide.
Trend #3: RPA will Make Waves in the Insurance Sector
Robotic Process Automation (RPA) is yet another insurance technology trend that will make waves this year and beyond. RPA is one of the most widely accepted technology trends worldwide.
Large numbers of insurance companies are already shifting towards Robotic Process Automation (RPA) to ensure superior automation of workflows and operations. RPA can also reduce claim registration and processing time in half. Also, RPA can help insurers take the hassles out of the otherwise complex insurance cancellation process.
Also, RPA can help insurance companies issue policies in less than 2 days. Typically, the process of policy issuance takes at least a week. With so much to offer for insurance companies, it’s not rocket science to understand why robotic process automation is one of the insurance industry’s biggest technology-based opportunities for this year and beyond.
And thru these trends, we are sure that the global insurance industry is going to witness tremendous technological disruption soon to optimize interactions, improve operational efficiency and decrease the compliance costs.