Technology Is Changing Insurance For The Better

The days of customers phoning an insurance company and getting a quote over the phone were quickly fading. Today's customers are digital professionals and want to benefit from the best rates of all insurers in a few clicks. If they can do it without having to dial a phone number, so much the better.

Insurers know this well and are rapidly investing millions of dollars in new startups and platforms that are already changing the industry for the better. Goodbye, mountains of paperwork. The impact of technology on the insurance industry is not just about solving buying algorithm problems for customers, it is also saving us money. (It's no surprise that price is at the top of customers' concerns when buying insurance.)

Big Data AI is at the Heart of Evolution

Repetition is common practice in the insurance industry. Artificial intelligence offers enormous potential to meet this load of customer inquiries, claims to report, and data analysis. The development of AI in insurance will not only allow the customer to purchase a policy or settle a claim but also capture historical and behavioral data such as driving history and create more personalized packages. The more tasks an insurance company has to entrust to its brokers that can be done with the assistance of Amnesty International, the more savings can be passed on to the client.

The development and growth of technology in the industry are not optimal. a boogeyman who will make insurance brokers into intermediaries obsolete. Instead, it redefines the role of the broker and expands its ability to assist the client. Rather than just offering a list of pricing options, they can now offer more knowledgeable support by using AI-generated data to better assess the facts and add more value when dealing with customers.

This is why so many companies have incorporated chatbots into their customer service offerings on their websites. The more a broker has immediate knowledge of a client's needs, the faster and more efficiently he can serve him. 

Technology creates a safer customer and industry

According to the FBI, the total cost of (non-health insurance) fraud costs $40 billion annually. The practice of using AI to detect unusual patterns that may be linked to false claims will save the industry (and consumers) millions of dollars in the long run. And you guessed it, it will also speed up the processing of these legitimate requests.

Today's technology not only saves consumers more time and money, but it also saves lives. Take the teenSMART driving program for example. The driving simulation program uses computer-simulated technology to teach inexperienced teenage drivers the on-road mode of driving, and those who complete it experience 30% fewer collisions and are offered lower insurance rates through many providers.

As autonomous vehicles move from a mere technological oddity to the norm, the role of insurance will change again with artificial intelligence. Some manufacturers are already considering this possibility and considering integrating insurance policies with the purchase of the vehicle. With fewer accidents on the road (fingers crossed) from self-driving vehicles, premiums will plummet.

Like many other industries, rapid technological advancements are changing the way insurance companies operate and interact with their customers. Luckily, much of it seems to be for the best.

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