The Insurance Industry has gone through major changes in the course of recent years by advances in innovation and new directions. With changes, the insurance business is incorporating more with advance technology. Technology has a prominent significance in every step of an insurance company’s operation. Not only insurance every business is trying to achieve a sustainable growth and higher profit figure. An insurance company’s top priority is suitable and profitable growth and to advance this in higher scale technology is evident.
Worldwide Insurance carriers are taking every single conceivable measure to deploy inventive technology for enhancing the business forms and restructuring legacy applications.
Technology is dynamic, with changing technology trends insurance business is adapting new business models to transforming and shifting the entire industry by leaps and bounds. To enable a strong business model, global players are always adapting upcoming IT trends. While reading this blog, you will get a clear idea about some upcoming IT trends that are expected to advance the insurance business to a new height in 2017
The most prominent upcoming trend is Artificial Intelligence
Artificial intelligence is the intelligence that is exhibited by machines. Theoretically, an ideal intelligent machine can perceive different situations and then can take necessary actions accordingly. Artificial intelligence is already promoting insurance business in developing centralized systems that will be able to perform the task without human interference or manual processing.
With this advent of AI, now insurance agents will be able to experience sophisticated system for precision and flawless automation of prevailing consumer-facing and claim processing. The next trend is expected to be more disruptive and will assess emerging risks.
Cloud-based infrastructure is one of the latest trends that has been existing for more than two years now. And it’s expected to be like this. For last few years, 84% of companies were adopting cloud-based infrastructures. Cloud make it easier to supervise through a centralized infrastructure so with cloud it will be easier for insurance companies to regulate customer base, data collection, lead generation and claim settlement. Many insurance companies in Texas and California is increasingly adopting cloud-based infrastructure.
Many Insurance companies are still operating under age-old management technology which is designed to regulate the claim process. This kind of technology is faulty, and it’s not fast enough to keep up with the huge database, so the upcoming trend of Cloud bases on-premise setup will straightaway replace the existing mainframe technology for better functioning and for streamlining the whole operation of the insurance industry.
Automation in business processing
As we are living in the age of digital environment and to improve customer experience and to render better quality customer service automating the workflow is the need of the hour. With the extensive use of social media and inception of multiple channels, customers are expecting more from the insurance sector like full customization service and ultimate interaction with their insurance agents.
But as per the existing trend, the face to face interaction isn’t that common between customers and insurance entities. To make customer aware of more upcoming changes and up gradation in existing policies insurance sector is gradually spreading its wing over the digital space and this will be another upcoming trend in 2017. Digital footprint with a web presence is one of the best ways to get directly connected with your targeted audiences. Developing an attractive website will advance you from your competitors.
So here are some trends that are going to captivate insurance business in 2017. What do you think about these? Did we miss something? Let us know in the comment section below.