5 Insurance Technology Trends Transforming the Industry in 2019

Industry insurance technology market is projected to grow faster in the upcoming years accounting to increasing demand for improved insurance services. The industry observes a competitive landscape with more diverse technology trends coming in. 

The following are some insurance technology trends that you should not miss: 

Artificial Intelligence (AI)

Incorporating Artifical Intelligence into insurance industry has helped leverage personalized services and offer unique experiences to the modern customers. AI allows insurers to improve the underwriting process or even change the insurers’ claims turnaround cycles. It also provides the consumer to obtain data faster thereby improving insurance services. 

Machine Learning: 

As per the Insurance market research reports, the trends in the industry will experience machine learning being integrated with the insurance services. With this, the insurer can own, process data without the control or supervision. Most importantly, it will bring accuracy in operational data and tracking the same will become easier than before. 

IoT:

Internet of Things allows automate data sharing and hence helping the consumer saving money on their insurance policies in certain cases. Smart homes, wearable technologies, etc. can advance the better determine rates, prevent losses and minimize risks if any. 

Social Media data: 

Unlike earlier times when the social platforms were used only for marketing, today social media is helping the insurance industry for improving risk assessment for P&C insurers. Customers today can log into insurance profile using Facebook credentials and obtain the services they need. 

Drones: 

That’s right! Insurers are taking to the sky. The drones are being used for collecting data. Some insurers are also using the technology to offer preventative sustenance and analyzing the damages in any. 

With this, the latest industry trends will account for greater developments in insurance and technology. Though new technology will help enhance the consumer experience, it will also lead to a globally competitive landscape. 

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