The post-digital era means we could see new technology trends emerge in 2022 and set up a fruitful future. Then, it will set up the stage for new innovative measures that can propel insurance technology forward.
If you’re curious about how current technology trends impact underwriting, consider these 11 top tech trends.
Predictive analytics relies on data to form predictions about an insured’s behaviors and liability. This technology is still new, but it offers good insights into various risk factors that may impact insurance rates.
Social media mining is nothing new, but it’s emerged as an increasingly valuable resource for insurance companies seeking to capitalize on their insureds’ willingness to share data.
The concept of artificial intelligence has been around for decades, but technological advancements in recent years has turned what was once only science fiction into reality. Insurance, like many industries, has started to capitalize on this technology. AI is now at the center of many algorithms and software programs used to manage insurance policies and claims.
In recent years, some companies have emerged promising to merge technology and insurance to provide better products for insureds. These so-called Insurtech providers are gaining traction in the industry — and with customers, too.
Few innovations have matched the impact wielded by the Internet of Things. This tech has provided insurance companies with an invaluable wealth of data, thanks to consumers who willingly share their personal information when it’s in service of an intelligent device.
One of the essential applications of tech is risk mitigation. The Velocity Program equips insurers with the information needed to make informed policy decisions — which, in turn, minimizes liabilities.
Telematics offers some of the most genuinely innovative devices in the insurance industry. Likewise, dongles that track driving behaviors or risk engagement have empowered insurers and insureds to minimize liability and invest in safe practices.
Chatbots are an increasingly common fixture on insurance company websites, and it’s easy to see why. Additionally, they’re friendly, accessible, and provide an easy way to navigate the insurance system — with or without help from a human.
Yet another frontier of data collection is the deployment of drones. Likewise, the data collected by these devices are most often used in conjunction with claims — especially those involving home damage. A drone can safely capture photos and data.
Low code refers to the decentralization of web management tasks. Ultimately, its emergence in insurance has allowed various stakeholders to manage web applications, update software, and perform other functions that an IT manager may take on.
The most important technology of all is that which facilitates communication—and indeed, that’s what the insurance industry is funding. Also, insurers can connect with clients and resolve claims more efficiently with better communication applications.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at (818) 707-4295.
