Five technologies which could transform insurance

While before the coronavirus struck, the world was very much in the throes of a ‘digital age’, now more than ever, industries are doing what they can to keep up with the latest technologies and innovation.

While it’s fair to say that the insurance industry hasn’t previously been renowned for keeping up with all things digital, things change and now’s the time for fast innovation within the insurance industry.

So, what are some of the technologies that can be used to transform the insurance sector?

Social media
Customers are increasingly using social media to research insurance products and compare services. It can also provide a valuable resource to capture real-time data and to better understand the motives and needs of the customer.

Mobile
With the use of cookies, customers will be able to save all their policy data on their mobiles, meaning greater agility when it comes to finding policies and dealing with claims.

Sensors
Sensors can capture valuable data about client behaviours, such as the development of ‘pay as you go’ motor cover which matches the premium to the vehicle usage. This can be used to develop tailored policies to customers as it can judge how well the policyholder drives.

Analytics
Analytics can aggregate the data gathered from the likes of social media, mobile and sensors to create a much more accurate customer profile. This offers huge opportunities for more personalised and risk profiling products.

Cloud
Cloud gives insurers access to greater flexibility as well as opportunities to innovate and try out new services and solutions for customers.

Whilst it might not be the fastest industry when it comes to digital innovation, the insurance sector is beginning to catch up. In the next few years, we are likely to see a sharp increase in the advent of digital technology to provide greater customer profiling and to develop new and improved products.