We are experiencing a remarkable transformation in the global insurance market. This means that you can utilize the power of digital transformation to unlock new business opportunities.You can rely on Artificial Intelligence and advanced analyticsto make more informed decisions related to unprecedented risks. The blog discusses how different trends are poised to change the insurance landscape.
We are in this era of Robotic Process Automation (RPA) and Artificial Intelligence. These two processes are making a difference in the way insurance companies operate. RPA and AI bring much-needed process improvements, driven by newer data channels, better data processing, and enhancements in AI algorithms. For example, we see InsurTech companies utilizing AI to drive their business operations. Lemonade’s business model revolves around AI to accomplish long-term business goals and objectives.
AI and automation will impact the following business aspects going forward:
Advanced analytics will change the way we look at diverse customer requirements. You can utilize the power of advanced analytics to segregate user groups and needs, model behavior patterns, and identify new growth avenues. For example, A Europe-based insurance company’s partnership with Panasonic is a great step towards innovation. Panasonic’s sensors can provide timely mobile alerts to both the insurer and its customers for identifying and tracking potential issues.
InsurTech firms have seen tremendous growth over the few years. The traditional insurers need to innovate or partner with InsurTech companies to stay competitive in this ever-evolving market. With an increase in technology-driven products and services, it is just a matter of time before we will see more strategic partnerships happening. For example, the insurtech and insurance partnerships from the recent years include Zurich Connect and Yolo, Generali Global Assistance with Lyft and CareLinx.
There is always a growing need to manage and secure large volumes of customer data by different insurance functions. This becomes more challenging when you have different organizations and multiple stakeholders that are using it every single time. This is where you can utilize Blockchain for managing your data requirements with utmost ease and perfection. This technology provides secure data management across multiple interfaces and stakeholders without loss of integrity. For example, A lot of insurance companies lately have relied on an initiative B3i to explore Blockchain applications in insurance-related activities. It is important to leverage the power of technology to improve existing operational challenges so that you get better with time.
The insurance companies are undergoing a digital transformation journey for some years now. You will see more and more insurance companies relying on digital transformation practices to get better with time.
The digital economy will make personalized, and on-demand, products more relevant. Customers are looking for personalized insurance covers rather than multiple product options. You will see customers opting for flexible coverage options, micro insurance, and peer-to-peer insurance in years to come. For example, Amazon product recommendation engine contributes heavily to its business growth in the recent years. Grammarly shares its weekly reports to its users so that they are well aware of the writing progress they have made last week.
We discussed how current trends in the Insurance domain are much needed considering how the market has evolved over the past few years. A lot will depend on how effectively insurers manage their investments in people and emerging technologies. Personalized user experiences, striking the right balance of automation with the need to maintain a human touch with customers, and being proactive in improving stakeholders’ trust should be the top strategic preferences for insurance businesses around the globe.
Axeno is there for its customers and will help you comprehend which technology stack should align with your product goals its commercial and technical benefits and features. We have certified engineers, architects, and consultants. We can assist you in developing a product-specific execution plan. Please contact us at reachus@axeno.co with any questions.