
Technologies Affecting the Insurance Industry
Insurance companies will be able to analyze risk with IoT's first-hand data better, providing insureds greater control over policy pricing and increasing accuracy while also increasing income.
FREMONT, CA: It is critical for both carriers and insureds in the Property & Casualty (P&C) market to use cutting-edge insurance technology. The insurance industry's technology is likely to progress significantly by 2021, according to current predictions. Digital insurance services and a well-established omnichannel approach to customer service are accelerating change in the P&C insurance market. To stay ahead of the competition, insurance companies of all sizes are searching for evergreen solutions. Evergreen solutions include technology that can scale and upgrade to meet changing needs as well.
The following insurance technology trends should be considered by insurers seeking a competitive edge.
Internet of Things (IoT)
Most consumers are willing to share more personal information in exchange for lower insurance policies, and the Internet of Things (IoT) will automate much of this data sharing. Insurers may use data from IoT devices like smart home components, car sensors, and wearable technology to help assess prices, reduce risk, and even prevent losses from occurring in the first place.
P&C insurers cannot afford to wait to take advantage of IoT capabilities, as forecasts predict a 42.76 billion dollar global IoT insurance market by 2022. With first-hand data, IoT will bolster other insurance technology, enhancing risk assessment accuracy, giving insureds more power to directly influence policy pricing, and insurers the ability to increase accuracy and revenues.
Insurance Technology (InsurTech)
Insurtech, or more precisely, insurTech companies, use cutting-edge insurance technology to lower costs for consumers and insurers, increase operating performance, and enhance the overall consumer experience. Although insurTech may sound similar to digital insurance offerings that have been around for a while, it brings those capabilities to the next level.
Insurtech investment totaled 4.9 billion dollars in 2018 since insurTech is transforming how real-time and predictive data can be collected and used. That is to facilitate the production of insurance products that are sensitive to emerging risk, allow for tailored coverage and pricing strategies to respond to macro-risks like climate change or cyber risk, and drive potential resilience.
See Also : Insurance Agency Management Companies
ON THE DECK
Featured Vendors
Seebo: Modeling the Production Line with Machine Learning for Accurate and Actionable Predictive Insights
Seebo: Modeling the Production Line with Machine Learning for Accurate and Actionable Predictive Insights
Smart Connect Technologies, Inc.: Capturing Data from the Edge -Enabling the Industrial Internet of Things (IIoT)
Titan Cloud Software: Fueling Profits in the Petroleum Industry with IoT Device Monitoring, Advanced
Stream Technologies: Disrupting the Connectivity Space with an Industry Leading Connectivity Platfor
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance