Tech Trends That Will Change the Insurance Industry
2022 is a new era for insurance technology!
Last year was marked a higher consumer demand for insurance coverage. Hence, insurers are searching for technology to aid in the insurance process. Let’s look at the insurance industry trends forecasted to disrupt insurance this year!
What Are Current Insurance Industry Trends?
Historically, the insurance industry is reluctant to adopt new technologies, however as technology becomes a more integral part of our everyday lives the insurance industry is beginning to embrace new technology.
Popular insurance technology includes:
- Artificial Intelligence
- Mobile apps
- Wearable devices
- Robotic process automation
How is Technology Changing the Insurance Industry?
Let’s take a deeper look into the roles each piece of insuretech plays in revolutionizing the insurance industry.
- Artificial Intelligence
AI technology’s popularity for the insurance industry will grow as it continues to improve customer experience. As AI technology improves, so will algorithms and insights generated. Artificial intelligence will bring more accurate predictions to the insurance world.
- Mobile Apps
Mobile apps speed up the insurance claims process in ways never imagined even a decade ago. Insureds file insurance claims through smartphone apps that correspondingly allow adjusters to review the claim from remote locations. If an adjuster needs to come to the claim site, they use their smart device to send notes back to databases.
- Wearable Devices
Insureds can opt into wearing devices, like smartwatches, to track healthy activities that as a result help decrease premium costs. As these technologies become more popular, consumers want to use them to their advantage. Wearables will encourage insurers to overhaul their policies based on new technologies and consumer involvement.
- Robotic Process Automation
Robotic process automation eases routine, repetitive tasks. These are especially useful for insurers running on legacy systems because they are easy to integrate. More companies will adopt this technology to save time and free up their workforce for more complex tasks.
How Will Tech Developments Influence the Future of Insurance?
Advancements in technologies are altering insurance’s future. Both insurers and insureds want to save time and improve experiences – technology makes this possible.
As these tech improvements enter the insurance industry, customer trust in insurance will increase. The future of insurance is based on technology and will overhaul insurance products, processes, services, and customer experience.
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