Logic Insurance, The Insurance Industry Trends and Innovation in 2015 - New technologies and innovations have permeated the insurance industry and upped-the-ante in quality and efficiency for products, claims and business practices.
Re-Engineering Underwriting
Assessing income risk is more thorough than ever. Using spatial data, such as information from Google Maps to public statistics on crime, education, income and health care, will help insurers assess risks and liabilities in new and sophisticated ways in the coming year.
Cloud/Client Computing
About half of insurance carriers today are “in the cloud,” and this tech trend should continue to grow this year. Cloud computing is a tech term for the practice of sharing a network of remote Internet servers to store, manage and process information. Operating in the cloud enables organizations to optimize IT and will prepare businesses for everything from product growth to potential data loss disasters.
Technology in 2015 will require insurers to be agile, think connectively, and be prepared to assess and utilize data in new unprecedented ways. More importantly, failure to adapt could bring new risks to your business, including anything from data loss to consumer dissatisfaction with delivery of products and services.
Standards in business, customer service and insurance continuously evolve, and it is the responsibility of our industry to meet these changing needs. If insurance businesses recognize tech trends, evaluate the opportunities they present, and actively incorporate relevant processes and programs into their business model, they will find themselves outpacing and outperforming the competition. (Latest insurance news article author and source: Parker Beauchamp - Inguard.com)
Though insurance has been historically viewed as a slow-moving industry, recent technology integrations and evolving customer needs have created a significant shift; and next year will only continue to change the game.
Insurance trends in 2015 will revolve around increased data intelligence, improved accuracy in underwriting, and an emphasis on customer-center services and processes.
Below are four technologies insurance companies should strive to integrate in 2015. If these aren’t already on your radar, they should be.
Insurance trends in 2015 will revolve around increased data intelligence, improved accuracy in underwriting, and an emphasis on customer-center services and processes.
Important Insurance Trends for 2015
Growing connectivity between the real and digital worlds will determine major and innovative trends in 2015. Insurance companies will continue to invest in digital tools needed to enhance products and services delivered to policyholders, increase operations efficiencies, and better connect networks of partners and providers.Below are four technologies insurance companies should strive to integrate in 2015. If these aren’t already on your radar, they should be.
Big Data Analysis Analysis based programs can help insurers improve their efficiency in a variety of ways, such as assessing fraudulent claims or improving the rate at which your business changes to meet changing client needs and expectations. The evolving data dashboard, which compiles metrics from multiple locations into a visualized platform, will provide insurance professionals with more comprehensive insights into business performance and changes over the next year.
Mobile
Thanks to advancements in mobile and wearable technology, digitizing life activities became the new standard in 2014. Across platforms, from tablets to mobile phones and the up-and-coming smart watches, consumers are looking for ways to further mobilize their spending and management practices in nearly every aspect of life.
Most major insurance companies already offer mobile apps for easy access to accounts, insurance quotes, claims support or even roadside assistance. The key in 2015 will be to further connect policyholders to the insured in order to more quickly exchange information and expedite the claim report and response process.
Thanks to advancements in mobile and wearable technology, digitizing life activities became the new standard in 2014. Across platforms, from tablets to mobile phones and the up-and-coming smart watches, consumers are looking for ways to further mobilize their spending and management practices in nearly every aspect of life.
Most major insurance companies already offer mobile apps for easy access to accounts, insurance quotes, claims support or even roadside assistance. The key in 2015 will be to further connect policyholders to the insured in order to more quickly exchange information and expedite the claim report and response process.
Re-Engineering Underwriting
Assessing income risk is more thorough than ever. Using spatial data, such as information from Google Maps to public statistics on crime, education, income and health care, will help insurers assess risks and liabilities in new and sophisticated ways in the coming year.
Cloud/Client Computing
About half of insurance carriers today are “in the cloud,” and this tech trend should continue to grow this year. Cloud computing is a tech term for the practice of sharing a network of remote Internet servers to store, manage and process information. Operating in the cloud enables organizations to optimize IT and will prepare businesses for everything from product growth to potential data loss disasters.
Standards in business, customer service and insurance continuously evolve, and it is the responsibility of our industry to meet these changing needs. If insurance businesses recognize tech trends, evaluate the opportunities they present, and actively incorporate relevant processes and programs into their business model, they will find themselves outpacing and outperforming the competition. (Latest insurance news article author and source: Parker Beauchamp - Inguard.com)
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