Liga Asuransi – Since the Covid-19 pandemic that hit all corners of the world, and certainly not separated from Indonesia, the development of technology and transformation towards digital seems to have accelerated quite quickly. All of a sudden everything is directed to digital, whether it’s meetings, negotiations, transactions, down to the sign document. This also encourages the insurance industry and insurtech companies to strengthen their focus on customer experience and digital transformation. These are just a few of the new insurtech trends that are rising in new social contexts and which we have compiled and you can read about in this article.
Insurtech companies continue to be well positioned to benefit from accelerated digitization in many industries, partly due to the Covid-19 pandemic. This helps them to continue to attract investment from large insurance companies that are struggling to innovate in their own operations and services.
The insurance industry, like many other industries, has benefited from the faster digitization that began after the Covid19 pandemic.
This in turn has helped attract investors to the sector, which continues to focus on growth and innovation.
In the insurance brokerage sector, such as L&G Insurance Broker, they have also started to carry out digital transformation by developing Ligasys as a new insurtech in terms of applications to simplify operational processes and services for insurance brokers. And this can also be applied to all insurance brokerage companies.
What follows is a review of the technologies that are modernizing the sector and which will shape the future in the years to come.
Artificial intelligence (AI)
AI automates human functions to provide faster and more accurate responses.For example, an AI-powered chatbot can help potential customers navigate the site and select products. AI can track, analyze and automate human actions to provide faster and more accurate responses.
A very obvious example is chatbots. This can help customers navigate to the right website or find the best deals.
Another example is the predictive service outage prevention model. Using AI data and techniques, identify key variables that characterize customers who are likely to leave the service. It is already being used by several companies nowadays.
Artificial intelligence is undoubtedly an important part of the insurtech trend to understand the market and opportunities.
Internet of Things (IoT)
Analysis of all data collected by internet-connected devices can be used for risk analysis and offering improvement. The more data you can collect and analyze, the more accurate the predictions you can make.
With the analysis of individual data, it is possible to offer each customer a more personalized offer.
IoT and IoB (internet of behavior) allow insurance companies to make more accurate decisions faster than traditional claims.
For example, is the use of smartwatches to collect health data and offer discounts to customers for doing so.
Blockchain
The insurance sector is already using blockchain-based transaction technology and continues to develop it.
From reducing administrative costs, verifying payments made by third parties, to as protection from fraud.
The technology can also be used to streamline claims processing, improve cybersecurity protocols, or even speed up payment times.
Drones represent the insurtech trend in the air
Insurance companies use drones in aerial surveys to inspect property in hazardous areas, such as those prone to earthquakes, liquefaction, erosion, or flood damage.
Insurers can also use drones to inspect and document locations where buildings or vehicles were involved in accidents.
Data Analysis
With data analysis, insurance companies can gain a better understanding of customer needs and specific products and services. They can also process claims quickly and personalize marketing for each customer. This gives them a competitive advantage over other insurance companies.
Customer experience is becoming a major trend for insurtechs
Improving user experience is one of the main axis of insurtech development.
As in other sectors, the customer has become one of the main focuses of the most successful companies.
Payment Solutions New payment
methods allow to automate many processes. Payment solutions digitize systems and enable customers to make payments easily. This automation and simplicity helps improve the customer experience and is one of the most important insurance technology trends we will discover this year.
Insurance premium setting
Technology solutions allow agents to easily upload information into the system and get pre-approved quotes. This reduces waiting time for agents and customers, who may evaluate several options.
Customer Identity Verification The customer
verification process is often a tedious process for both parties.
Several insurance companies have used blockchain to develop software prototypes that store customer identification data from issuing authorities. This allows the insurance company, reinsurer or reinsurer to have complete control over all customer records.
Claims management
Companies can use blockchain technology to create standard claim documents, evaluated by underwriters in real time. They can also automate elements of smart contracts, ensuring that their implementation is flexible and transparent. This strengthens the relationship between the customer and the insurance company.
Smartphone apps, one of the most widespread insurtech trends
As the mobile phone market is growing at such a fast pace, insurance companies must adapt to this consumption pattern.
An application can solve many time-saving problems by providing information that customers are looking for and which is not always available on the web.
A kind of insurance on demand.
In addition, marketing technology and interactive features can be incorporated into the application so that offers and purchases can be made in the application.
More insurtech trends based on new technology
Insurance on Demand
Insurance on demand is distinguished by its flexibility and possibility to be contacted anytime and anywhere.
This is in addition to the fact that a large number of new variables of goods and services to be insured can be added in a personalized way.
Their main characteristic is that the insured can manage themselves, can activate or deactivate their policy at any time.
UBI insurance
Usage-based-Insurance, which calculates the premium price according to the use of the insured object, based on parameters such as the time of use or use (responsible or appropriate) made from it.
Insurance as a Service
The main characteristic of this new Insurtech trend is that it is not insurance companies that offer insurance on their platform. They are an alliance between them by a third party comparing and providing details of each.
Insurance technology trends and climate change The
reality of climate change and the need to increase resilience to extreme weather events are hot topics for the insurance industry.
As a result, more and more insurance companies are concerned about their commitment to climate change.
We look beyond disaster recovery from an investment perspective by adopting environmental, social and governance (ESG) strategies. Develop solutions that provide protection against climate – related events.
As well as providing investment capacity for the transition to a more sustainable economy and offering risk management expertise to raise awareness, reduce exposure and increase resilience.
The new mainstream: insuring everything
It’s no longer just possible to take out insurance for a car or home. The trend is to be able to take discretion for every valuable item you use every day.
As a general rule, it is possible to ascertain
- the following Material or immaterial things (economic damage due to cessation of an activity, etc.).
- That they exist at the time of the contract, or at least when the risk begins to emerge.
They must be accessible with money. - It must be subject to valid judgment.
- Must be exposed to losses due to risks borne by the insured.
Short term insurance is a trend insurtech
Insurance no longer has to be for a year or a month. The trend is to create insurance for a much more specific period of time, even hours.
Some of these insurances may have special features.
For example, they can cover periods of no protection between policies.
P2P Insurance
In an increasingly connected world, people with similar lifestyles will be able to insure themselves together. This allows them to minimize the risks that lifestyle brings.
It is therefore a risk sharing network where a group of people pool their premiums to insure against risk.
Also, peer-to-peer insurance reduces the conflicts that inherently arise between traditional insurers and policyholders when insurance companies keep unpaid premiums in claims.
Cyber Insurance, a key addition to the list of insurtech trends
The advent of remote work has sparked many waves of phishing and different cyber attacks on companies in our country with different objectives such as theft of money, information, cyber espionage, paralysis of activities or damage to reputation. As a result, in some companies, these cyber attacks can lead to a complete shutdown of their activities.
Cyber insurance or cyber risk insurance, covers needs that arise after a cyber. As a consequence of the new context, there is no doubt that this is a new addition to the list of insurtech trends.
Therefore, cyber-safe is an insurance policy that helps protect organizations from the consequences of cyber attacks and hacking threats.
In addition, having a cyber insurance policy can help minimize business disruption during a cyber incident and its aftermath. This could also potentially cover the financial costs of some elements of dealing with and recovering from such attacks.
This article is brought to you by L&G Insurance Broker. A smart insurance broker.
For all your insurance needs, always use the services of L&G Insurance Broker!
Source: https://neuroons.com/insurtech-trends/
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