Published on Sep 12, 2017
Updated on Dec 26, 2019
Insurers need to spin the technology that offers their customers with more efficient, optimized and relevant policies. The ones that could be customized could be fed with data from a wearable/mobile device or the ones that are applicable for just an hour. With such customer focus initiatives, they yet need to achieve core business objectives like price and operational efficiency and compliance to stringent regulations. Could the Insurtech meet up the expectations? Could technology lend a helping hand? Let’s explore how the insurance vertical is evolving with the latest technology and what its future is –
The Present of InsurTech
The insurance firms are under immense pressure of reorganizing their house – customized policies, risk mitigation strategies, real-time analytics, instant claim settlement, sensors, drones and augmented reality (AR) apps are playing a significant role. So, what are the technologies adopted by the firms? Let’s take a closer look –
Robo-Advisory Services
Robo-Advisors have seen a broad adoption across insurance sectors. Unlike olden days when hiring a financial advisor was a dream for many individuals, with Robo-advisors people of the low-income group could use DIY advisory for their financial portfolio. Should you opt for all critical disease cover or only a few? Should buying an integrated policy be beneficial or an individual one is some of the questions that could be answered via Robo-Advisory Services.
Policies via Sensors, Detectors, and Telematics
Sensors, Detectors connected via the internet could send early signals of smoke/radiations to the rescue services, helping in minimizing the damages. Also, Telematics like monitoring automobile speed, the behavior of a rash driver could assist in making a clear judgment of claim policies for individuals and insurance firm. Hence while IoTs and interconnected network could be a boom in offering customized policies, these minuscule are taking insurance services to the next step.
The Future of InsurTech
Could technologies like Blockchain, Augmented Reality, Virtual Reality change the world sees insurance sector? Would they bring in the exotic flavors of policies? Only time can tell, for now, let’s explore how these technologies could be handy in insurance sector?
Blockchain
A distributed ledger technology has the potential to ease out fraud detection and risk prevention as per a report from EY. The report also highlights that blockchain is efficient in establishing transparent and customer focussed claims building trust and loyalty for the insurance firms.
Augmented or Virtual Reality
Just imagine driving in stormy weather, an AR app helps you define the road/lane border so that you do not bombard a tree or a car in your parallel path. Or how about a 3D modeling and simulations help customers in making insurance claims easier and faster? Or how about before you go for the home insurance a simulation helps you pinpoint all the areas under insurance rather than reading the lengthy document? It all is a possibility with AR and VR technologies.
With the evolution of technologies, the secret is to be adaptable to change. @Mantra Labs we believe in this, and hence one of our esteemed clients Religare is using our InsurTech solutions in Post-sale, pre-claim, post-claim and renewal processes. It helps in providing customers with transparent and intuitive services that is robust and secured for businesses. A win-win for all.
Reference Links:
https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2016/10/how-augmented-and-virtual-reality-changing-insurance-landscape.pdf
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