With technology evolving before your eyes, it can be challenging to know where and how to keep your insurance company’s tech up-to-date and healthy. However, some of the current trends have shown sticking power, and innovative ways to use this technology are discovered daily. The more updated and healthy your tech systems are, the better you can meet the needs of your customers and shareholders. Some tech areas you should focus on for your business include AI, analytics and cybersecurity.
The latest innovations in insurance predictive analytics have increased accuracy in identifying business needs, current and future. This innovation includes more accurate forecasts of risk factors and allows you to gain visibility into insurance cancellation risks and accident or theft-related risks. Predictive analytics can also recognize patterns across claims types to help you lower your risks and recover damages more quickly. Optimizing your analytics tech will allow you to mine larger pools of data for relevant information and even help you create cleaner data pools for all your information needs.
Arguably the most versatile tech for businesses these days is artificial intelligence systems. These systems can perform analytics, interact with customers as chatbots, digitize claims cycles, improve underwriting, and streamline claims processes. The appeal of AI comes in the ease of automation for many of the repetitive or tedious tasks your employees do daily. By automating those things with AI, you are freeing up personnel for tasks only humans can do, such as contested claims and negotiations.
Cybersecurity tech is one of the fastest evolving areas for various tools and techniques. This rapid growth is mainly because your security will need to keep up with malicious actors constantly innovating new ways to get around security systems. One way to increase your safety is by validating claims with social media data, such as using customer accounts as the second authentication method when signing into claims portals or using social media posts as additional claims documentation. Investing in an IT specialist in this area will help you keep up-to-date with the latest health metrics for your tech and security systems.
Optimizing your insurtech, or technology designed for insurance companies, will allow you to offer customer experiences with greater visibility and digital eClaims processes. Using Big Data techniques and AI to mine the data available, generate reports and forecast risk factors can help you optimize the insurtech you currently have and show you where to invest in new systems. You can even optimize your policy pricing with telematics – IoT sensors in cars that allow you to track driving habits and respond more quickly to accidents.
Shifting to the Cloud
Taking your data digital can seem like an excellent way to decrease its security, but actually, using the cloud or blockchain for your data can help build trust with your customers. These information storage methods work by breaking data into distinct packets and storing them in separate places behind several layers of security. Cloud-based application design platforms can also aid you in providing low-code tools to business stakeholders instead of designing more complex applications which take more time to build and implement.
Finding the right tech for your insurance company can be challenging when the software and devices you invested in yesterday are already obsolete. However, focusing your tech investments in the right areas will allow you to keep up with the latest innovative uses of technology such as AI, analytics and blockchain. An excellent place to start is by investing in your IT and cybersecurity department to not only keep your data safe but to keep you and your systems up-to-date with the latest tech developments.