When you think back to 2012, life doesn’t seem all that different now – until you examine it closely. The world around us has changed immeasurably in the last decade, from the growth and boom of social media and influencers to pandemics indelibly leaving their marks on humanity, nothing is the same as it was.
That isn’t necessarily a bad thing. At the risk of sounding toxically positive, technology has continued to make positive changes overall – and where would we be without it? Disconnected and discontented, for the most part.
Tech trends have transformed industries, including the insurance industry, and changed things for the better. Below are four of the top ways it has reshaped and reformed a decades-old industry:
When you think of artificial intelligence or A.I., your mind may conjure up images of futuristic movie scenes – and you wouldn’t be entirely wrong. It’s just, in this case, A.I. refers to computer systems working to make signing up, claiming, or querying products that much faster and easier for the end user.
The result is a voice-activated A.I. assistant or chatbot that improves productivity and increases the efficiency of claim submissions and approvals, amongst other things.
When you sign up for insurance coverage, no matter what kind it is, technology generally takes over. The insurance company will collect data from you during your application, that data could be answers to questions surrounding your driving ability, age, gender, and even driving history.
That data is then processed at impressively fast speeds and the result is a score to base a decision on and enable the insurance company to offer you coverage at a rate that is uniquely your own. This improves business and customer relations.
These systems aren’t always 100% accurate, and they can require supervision, but they work well enough to make a mostly accurate prediction on the likelihood of accidents and incidents taking place – all depending on a predetermined selection of controllable or uncontrollable variables.
Machine learning falls under the umbrella of A.I., but it is much more specific. Machine learning gets built around the concept of designing and creating machines that can process data and learn from it – without the supervision mentioned in the point above.
This kind of technology is constantly being improved, but the premise behind the concept is to enhance claims processing – which is the backbone of every insurance company. That is why you need to choose an insurance company that has embraced technology – so before signing up, check out Progressive insurance reviews to get a better idea of how their systems can benefit you.
Social Media Data
This one may surprise you, but social media plays a significant role in the insurance industry. It has impressively evolved beyond clever marketing strategies, and by mining social media data, insurers are improving risk assessments, fraud detection, and even customer experiences.
Insurance companies can interact with their customers entirely over social media and craft an experience more pleasant for younger generations who prefer to do business using apps and chat systems instead of phone calls and emails.
Overall, the continual advancements of technology in the insurance industry will keep insurance companies on their toes and fighting for relevance and value for years to come.