Technology Innovation in Insurance
The insurance industry is ever-changing, now more than ever before. With the rise of technology, the industry must keep up with the demands of today's digital market.
The industry is looking for people to create and use new technology to innovate, improving the customer experience. Employees who embrace creativity and immerse themselves in this exciting technology are the ones who will continue to drive innovation.
Today, customers have become accustomed to receiving what they want very quickly, thanks to mobile technology and smart phone applications. It is no surprise that in insurance, much like most industries, people want digital solutions. They want quotes, answers to policy questions, and claims solutions in the palm of their hand.
According to the Organization for Economic Co-operation and Development (OECD), the use of mobile “apps” has allowed many companies to reach a bigger audience than they could previously. The OECD brings to the table a good point; that with mobile phones, insurance companies have the ability to do a wide range of their regular business transactions via text message or mobile app. These transactions could range from communicating coverage to reminding them of payments, making things more convenient for the customer.
Companies are beginning to leverage new technology, such as Artificial Intelligence (AI), to improve their processes and become more advanced and efficient. AI-powered claims could fight against one of the most costly elements of the insurance industry: fraudulent claims, which, according to The FBI, costs the industry more than $40 billion a year. In the claims process, the use of AI can assist in detecting fraud faster and more frequently than a human could.
Advanced Data Collection
Data has and always will drive insurance. New technology will continue to improve the complexity and depth of what companies can collect. Finding technology solutions to collect data more efficiently will lead to breakthroughs for the insurance industry at large. The more valuable information the industry can collect, the better they can serve the customer.
Many auto insurance companies are already beginning to offer discounts to those who transmit their driving data back to the company through in car technology.
State Farm’s “Drive Safe & Save” uses basic information from your vehicle's OnStar® communication service or mobile devices. Helping customers drive smarter, safer and save money.
State Auto’s Fleet Safety 360® is a telematics-based program which offers business owners an easy way to monitor their fleet, and potentially save money.
The insurance industry needs new innovative minds, ready to make improvements and meet the customer where they are today. By embracing technology, the insurance industry will continue to work to reduce risks, increase efficiency, and meet consumer needs. Are you ready to be a driver of innovation and technological advancement for the insurance industry? Check out InsuranceCareers.com for more resources to find out how!