The insurance industry has been rapidly evolving, thanks to the connected technologies that have been the key driving force. Latest developments in the insurance sector, such as speech analytics, robotic automation, and chat-bots, as well as IoT, have brought a paradigm shift in the way, service providers have improved their offerings for customers.
With many technology-driven innovations stepping in, this growth will soon pave the way to enhanced services for customers, needless to say, end users would get benefited the most.
Here are few of the noteworthy technology trends that will reshape the insurance industry in 2018.
Internet of Things (IoT)
Integrating IoT and insurance is all about linking the insurance industry with clients and their associated risks. This technology offers the insurance sector with more data than before, thus helping the companies to determine rates and ensure a client’s asset safety.
Primary business challenges while building insurance IoT products would include:
- Business Model Design for creating a profitable product for customers
- Indicating clear ROI
- Trust of IoT & Consumer Adoption
The industry leaders will essentially shift their focus on a deeper analysis of data, by exploiting IoT to transform the way insurers communicate with their partners and policyholders.
For instance, life insurance industry can leverage IoT to transmit information to insurers. Most of the policies sold by this industry are universal and term life insurance where there can be a change in mortality charges every month, quarter, or year. So, insurance companies can assess the policyholder’s risk more accurately and devise their risk and customize distribution, and risk management strategies accordingly.
Enhanced Customer Experience (CX) is very much critical to the success of any insurance business. Speech Analytics offers deep and meaningful data for analysis, which helps in devising comprehensive insurance business solutions. For example, such tools can also help drive richer customer engagement by predicting a customer’s intent of call.
On the whole, Speech Analytics can deal with a comprehensive array of customer interactions, which gives relevance and context across several channels (through business insights), which, in turn, helps the executives, in order to make well-informed decisions.
Robotic Process Automation
Robotic Process Automation (RPA) is another key area that has a substantial potential to streamline the operations of the insurer while improving Customer Experience. Insurance companies have to handle huge amounts of rule-based and repetitive tasks with unstructured or structured data. RPA can help in cutting down the costs of manual operations while enhancing compliance and service.
RPA can be regarded as a bunch of software ‘robots’ establishing a virtual workforce that is accessible throughout the day with 100% accuracy and full audit.
Reimagining the Insurance Industry
Insurers are investing in these three key areas in addition to other futuristic technologies like Artificial Intelligence, Blockchain technologies, Chatbots, and Virtual Reality with the sole aim of being more customer-focused.
In a nutshell, it can definitely be concluded that all these cutting-edge technological developments will redefine the insurance sector over the next few years.
Recommended: To know more about how Speech Analytics can uncover specific business insights for companies operating in the Insurance sector, click Speech Analytics – Boosting Customer Engagement and Business Growth for Insurance Providers