There is no doubt that the insurance industry has traditionally been resistant to complete digitization, still relying heavily on paper-based applications in many areas, and on face-to-face contact (for example, from intermediaries to assess claims).
But COVID-19 changed all that. Almost overnight, the industry had not only to get people working effectively from home but also to accelerate its digitization plans. It was no longer enough to have a few discrete pilot projects being automated or digitized; paper-based processes and in-person meetings were simply not an option.
Some insurers were already well on their way to implementing digitization and intelligent…
Insurance sales are highly regulated and can require several procedures that change depending on a variety of elements. This makes it essential that digital systems can be easily adjusted to account for changing variables and regulatory requirements.
In this piece, we will discuss how automated workflows enable a seamless, fully-compliant, and efficient insurance sales process that also provides a superior customer experience.
Why partially digital sales cycles are failing insurance agents
Many insurance agents already make use of digital tools to sell more efficiently and easily to today’s impatient customers. Standalone tools such as eSignatures are now widely used. …
In the years to come, it is expected that every major company in insurance will be deploying blockchain in some form, as the number of applications the technology can bring to the sector grows every day.
It is projected that the blockchain market gearing towards the insurance sector is poised to grow 57%, compounded annually through 2026. This is bringing massive opportunities to FinTechs as well as insurers willing to embrace the change.
Among the most promising features of blockchain with applications for insurers are smart contracts, which can provide the means to handle claims through a process that is…
Amazingly, the agent-to-customer business model was tolerated by insurance buyers for 300 years before they had enough. The early 2000s brought new hope for insurance customers that, in great contrast to the centuries before, have evolved greatly in the last 20 years. Now a customer can own the insurance buying process and even customize it to meet their needs.
The latest contribution to this new age model is embedded insurance, which has quickly made its way into the everyday vocabulary of professionals across the insurance industry. When done right, embedded insurance offers added value relevant to the consumer and their…
Today, the insurance industry needs to prepare itself for this increasingly volatile future with a reliable infrastructure that can quickly and objectively settle claims around even the most unforeseeable events.
Recent advances in blockchain technology, combined with increased demand for insurance products across the world have set the stage for the rise of parametric insurance, or insurance that automatically pays out when certain events occur. …
For us to navigate in this currently fluctuating environment, businesses like insurance need to rely on data for decision-making about hiring, training, and countless other matters that affect the bottom line. This will require tools, like artificial intelligence (AI), to make sense of data and to adjust quickly amid uncertainty.
The best way to examine AI’s value in today’s uncertain world is to look at how it can work within a specific industry. Doing so makes it possible to show practical applications from which lessons can then be applied to other industries.
Commercial Insurance: A case study
Like other industries, commercial insurance faced a significant…
As we look back on 2020 — and aren’t we all glad to be doing that? — it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold. Insurers experienced more change in the last 10 months than they had in the previous 10 years, with important shifts across the business. Many were long overdue and set the stage for a more disruptive future. That’s especially true relative to digital transformation — that is, the automation and optimization of core processes, agent interactions, and customer experiences.
It’s also important to remember all the turbulence…
We all know that the insurance sector is a late bloomer when it comes to the adoption of cutting-edge technologies. Until the digital revolution accelerated, the Insurance sector was content with its legacy models. However, with the rapid proliferation of the new-age technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), the industry landscape is evolving and the industry incumbents are making strategies to enable the digital transformation of their firms. The adoption of any new insurance technology should be a top-down exercise and C-suite must lead the effort. …
Evolving customer trends and the rising competitive threat from an array of digital players are pushing insurers to digitize quickly. Customers are increasingly turning to digital channels to fulfill a variety of needs, a trend that has only accelerated amid the COVID-19 pandemic. And the direct insurers in the market — insurtechs, digital insurance attackers, and even large tech platforms — have several advantages over insurers, such as their ability to scale quickly, launch products fast, and employ top tech talent.
To compete in this context, incumbents should consider building their own digital businesses. Doing so can be challenging, however…
The pandemic has thrown everyone a little off course for 2020, and the insurance industry is no different.
The insurance industry is robust, and it should be able to weather whatever the pandemic throws at it. Insurance premiums have fallen in 2020 but are set to recover quickly in 2021, with emerging markets coming out ahead.
Assuming predictions about a fast recovery are correct, most insurance industry trends for 2021 will be driven by new technologies that can be used to streamline and improve insurance processes.
These tech trends are paving the way for the future of insurance, allowing insurers…
Inmediate.io
Introducing Inmediate: a platform on which customers, distributors and insurers using smart contracts connect. https://inmediate.io
