Whether you like it or not, the world is in the midst of a technological era that is changing how consumers conduct business. The increase in digitized insurance platforms was in the making before the pandemic. Since then, it has become more of a need than a want. Innovative technology is taking over the world, including within the insurance sector in 2022.
You may be wondering how that technology will transform the insurance industry, and you would be right to ponder the question. Let’s take a look at how some of the new techs will affect insurance carriers and consumers throughout the year, and in the upcoming years.
- Customer Demand – Insurance companies are in business to make a profit.To do that, they must follow current and future trends, starting with what the customer wants. Customers dictate how companies conduct themselves, making it imperative for insurance carriers to adapt and change. Currently, customers want more online platforms and less one-on-one time with agents. People know that if they cut out the people in the middle, their prices will go down. In theory, at least.
- Self-Service – Perhaps one of the most significant changes that will be seen will be the ability of the consumers to file their own applications. The days of sitting at a desk with an agent to discuss the details are long gone. You can conduct all your business online, starting from the application and ending with any claims you may need to file.
- Virtual Customer Service – People always have questions that need answering.
Consumers want to ensure they get what they need in their insurance policies.They will need to change addresses or personal information, and so on. You get the point. What a virtual agent can do for you is to answer your questions and direct you to the information that you need to answer your queries. Soon, these chatbots will be infused with AI technology and can make all of the decisions on the issues that people like to ask about. Virtual customer service is the trend of the future. One that companies like iSelect promote through their online comparison platforms.
- Smart Contracts – One of the most exciting changes you will see is a substantial increase in the use of smart contracts that can be completed online.These contracts do not rely upon human interference because they run through Artificial Intelligence (AI). What this means to you is that you fill out the application online through the insurance carrier’s platform. Once uploaded, the AI system will go through it within a few minutes. It will then send you the policy that they would be willing to offer you based on that information.
- Cloud Computing – Blockchain is an innovative technology that is not new on the market, but it has been gaining popularity over the years. It is a way for numerous people on the same platform to share information with each other.A medical facility on one side of the country will upload the information they have on a patient, which an insurance agent on the other side of the nation can see while going over an application for coverage. This type of cloud computing makes it much easier for insurance carriers to verify and find facts about their potential consumers.
This is in no way a complete list of what you can expect from all the innovative technology on the market. In 2022 and beyond, you will see that AI systems will be taking over the majority of tasks that the insurance industry demands. There will always be people you can talk to when needed. But for the most part, you will be communicating with smart computer systems that run everything by the book.