Global InsurTech market is heating up. Insurers are constantly looking at means for differentiating themselves in a competitive market. In India, there are more than 50 insurers and more than 20 general insurers. The tussle to be “top of the mind” of the consumer is making insurers find new ways to connect with the consumers. Clearly, as the insurance market matures, improved service levels will become important. Insurers globally are experimenting with emerging new digital technologies and differentiated services in vastly commercial market. Technologies like chatbots, mobile dashboards and other smart tools are helping the insurance companies to build digital intelligence tools to bring efficiency and grow direct sales channels in the business.
In recent years, emerging technologies like Artificial Intelligence, machine learning, functional programming, image processing are finding application in the insurance industry. These technologies allow greater automation of mundane insurance processes. Automation will not only reduce the cost and processing time, but it also helps in opening up new claims assistance opportunities. Property assessment using site imagery, vehicle assessment using pictures and crop assessment using satellite imagery are some of the processes where technology is helping insurers make assessment processes quick and efficient. With intelligent data analytics, insurers cas easily analyse customer insights, personalize interactions, and improve fraud detection. Since most of the back-office operations can be automated, the insurers can focus on improving front-office services in a transparent and error-free transactions.
Technology can help improve all parts of insurance lifecycle. While we have already seen many web aggregators simplifying insurance buying process, insurers should now focus on improving the other parts of insurance ecosystem.
While initial assessment of assets could be completed using image sensing and other data collection and sharing techniques. Quote generation itself could be moved to fully automated data platforms. Underwriting is also an area which is being disrupted by advanced data analytics using data new data points which are emerging. Emtire policy administration could also be moved to digital channels where consumers could easily manage their own policies using e-services such as changing nominees and updating personal profiles. Claims servicing could also undergo a massive change with connected ecosystem such as fully integrated healthcare ecosystem. Cashless service initiation is one such facility which the insurers can provide in an automated manner.
The scope of disruption in existing insurance ecosystem is vast. We are seeing just the first steps in the evolution of the ecosystem which is still figuring out the best use of various technologies.
At TrueCover, we aim to provide more tools to consumers to be able to manage their own insurance better. Watch out for our new product launches and updates on our website.