Top Technology Trends in Insurance: 2017 Year in Review

Today, the world is closer and approachable than it was ever before. In the year 2017, progress on the technological front was seen in abundance, irrespective of the industry. The year 2018 is on the verge of commencement. A new year always carries with itself the determination and opportunities to complete the things which could not be completed in the previous year.

Year 2017 had laid a foundation towards a new beginning for us to proceed into that technologically advanced world which we grew up imagining about. In this article we have for you: Five Trending Technologies in Insurance for 2017.

Automation with Artificial Intelligence

In the year 2017, the insurance industry embraced the possibility of automated processes. This was possible with the use of Artificial Intelligence (AI). A major amount of funds were raised by startup insurers with an intention of integrating AI in their workflow.

A major name in the Indian Insurance Industry has successfully introduced India’s first AI-based insurance email bot. It will learn and evolve in-turn to become proficient to human emotions.

Increased Connectivity with Internet of Things

Experts have shed light on the possibility of using Internet of Things (IoT) in the insurance industry. With IoT, machines of any size could share data in an interconnected network. Global Internet of Things (IoT) Insurance Market 2017 presented a detailed analysis about the subject and gives key business insights.

The process of determining the risk profile of a vehicle driver to providing emergency services has become accurate with the help of IoT. This year BMW launched two of their coupe models with an “Intelligent Emergency Call” technology. This device will determine the severity and location of an accident to further send this information to an “Accident Assistance team” setup by BMW.

Better Customer Experience with Blockchain Technology

The potential of using Blockchain technology in other industries than only in banking, gained spotlight this year. Blockchains are shared online ledgers which contain permanent data, it cannot be modified and thus a history of entries can be retrieved.

Experts have found applications of Blockchain technology in Motor Insurance. It is possible for insurers to effectively build trust with customers, offer enhanced services and create better products. In 2017, Indian Insurers shown an interest for integrating this technology in their workflow. The initial improvement space for Blockchain technology will be the process of Claims.

The Ultimate Mode of Communication: Social Media

The power of social media is not unknown in today’s world. It has the social authority to make or break the reputation of companies. With the help of Social Media, insurers and customers are communicating with each other like never before. Insurance companies, not only limited to India, are considering social media as a solid opportunity for engaging with multi demographic individuals. Here customers are instantly “Updating” their experience about an insurer, whereas an insurer is sending a quick “reply” to this update.

Details in Abundance Through Big Data

Analysing Big Data for the insurance industry has created a win-win situation for both: insurers as well as the consumer. Big data can be used for the assessment and segregation of customers as per their risk profiles. This has helped in creating the most cost-effective products which are based on current learnings rather than a collective rule, as per the tradition. Indian Insurers are of a firm belief that Big Data is helping in not just acquiring customers but also retention, servicing, and operations.

Glance into the Near Future

As mentioned earlier, the new year 2018 brings with itself a number of possibilities. We will see improvements in the way insurance industry works today. Technologies like IoT, Artificial Intelligence and Big Data are helping in shaping the insurance industry to make it more customer centric.

The ideology of insurers have taken a positive turn. Their primary focus is making the life of their customers easy. With the help of these technologies, insurance industry has realised that it will become profitable only when customers understand the complex nature of one the most important industries, that is, Insurance. With customers at the core, 2018 is bound to be a year of challenges, opportunities and of burgeoning technologies.