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Title : Technology Changes Insurance for the Better
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Technology Changes Insurance for the Better
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The entire industry has become more efficient and safer.
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The days of customers calling insurance companies suddenly and getting offers by phone fade quickly. Today's customers are digital natives and want the best prices from every insurance company out there with just a few clicks. If they can do it without having to dial a phone number, everything is better.
Insurance companies are well aware of this and are quickly investing millions in new startups and platforms that have changed the industry for the better. See you later, pile of documents. The impact of technology on the insurance industry not only eliminates the headaches of purchasing algorithms for customers, it also saves us money. (Not surprisingly, price is the customer's main concern when buying insurance.)
Related: 7 Types of Insurance You Need to Protect Your Business
Big Data and AI Driving Evolution
Repetition is a standard practice in the insurance field, and there is great potential for artificial intelligence to handle many customer requests, claim reports, and data analysis. The development of AI in insurance will not only speed up the time needed for customers to buy policies or settle claims, but will be able to retrieve historical data and behaviors such as driving records and create more personalized packages. The fewer tasks the insurance company has to surrender to its brokers that can be completed with the help of AI, the more savings that can be passed on to the customer.
The development and growth of technology in this industry is not a boogeyman who will make insurance brokers an obsolete intermediary. Instead, it redefined the role of brokers and expanded their ability to help customers. Instead of just offering a list of price options, they can now offer broader assistance by using data generated by AI to better assess facts and add more value when dealing with customers.
That is why many companies implement chatbots into their customer service offerings on their website. The more knowledge brokers have about the needs of customers in advance, the faster and more efficiently they can serve them.
Related: Some Thoughts for Insurance Entrepreneurs
Tech Creating Customers and a Safer Industry
According to the FBI, the total cost of fraud (non-health insurance) every year is staggering $ 40 billion. The practice of using AI to find unusual patterns that can be linked to false claims will save the industry (and consumers) millions in the long run. And, you guessed it, it will also speed up the processing of these legitimate claims.
Today's technology not only saves more time and money for consumers, but also saves lives. Take the teenSMART driving program, for example. Driver simulation programs use computer simulation technology to teach teenage drivers who are inexperienced about road ways, and those who complete them have 30 percent less collisions and are offered lower insurance rates through many providers.
When an autonomous vehicle crosses from mere technological peculiarities to the norm, the role of insurance will change again with AI going in. Some OEMs have considered this and made insurance policies into vehicle purchases. With fewer road accidents (hopefully) due to self-driving vehicles, premiums will drop dramatically.
Like many other industries, technological advances are rapidly changing the way the insurance business operates and interacts with customers. Fortunately, most of it seems to be better.
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