The insurance industry has not been around for that much. It has been pretty much the same since its conception. When you start to look for a suitable insurance company, you may not know which to choose. You can’t deny the need for having your house, family, and car insured. Anything can happen when you least expect it to. So, it is better to have these things insured, just in case.
Each industry in the world has suffered a significant change under the influence of technology. It is not surprising to see how advanced technology has become. So, it is only natural that it influences every aspect of living. Even insurance companies have accepted the fact that they need to evolve. It is easy to stay behind in technological advancements nowadays. Everyone wants to be online now and make every bit of information available to clients. That is made possible by brand new software designed just for the insurance companies – InsurTech. If you want to read more about it, click here https://www.investopedia.com/terms/i/insurtech.asp.
What is InsurTech?
InsurTech is short for insurance technology. It consists of all technologies that are being used by insurance companies. It has undoubtedly changed the way they work. It works by collecting and analyzing the customer’s information. Then, based on the data, it makes sure to provide them with the best service available. It depends on their specific insurance needs.
Also, it has definitely changed how policyholders look at the business. Some people may have invested in an insurance company. However, many things are not available to them. They may not understand everything that is happening. Now, with this technology, they are more involved in the process. They can effortlessly monitor everything that is going on.
The best thing about InsurTech is that it’s easily reachable. You can access it by your Smartphone. You do not have to look for the nearest computer to log in. The insurance companies are always experimenting with the technology to please the clients and their needs. They are inventing new Smartphone apps and new tools. They also enable their sites to have chatbots. All of this is done just so the clients can enjoy faster service. This way, the relationship between the client and the company is improved. This is the aim of all software insurance companies like Scheme Serve.
You may associate this term with dangerous robots and futuristic movies. This term may provoke negative feelings. However, you should know that this is totally harmless. Artificial intelligence is used only in chatbots. If the client has something to ask, it is more likely that they will come across AI. They can ask the question verbally or by text. It all depends on the client’s preference. There are many companies that have this feature. It is not that weird as it may sound. It is only one aspect of InsurTech.
This term is a subcategory of artificial intelligence. The name says it all – it is a technology which makes computers learn. A machine can do that because it uses mathematics and algorithms to mimic the natural process of learning. The machine learns by noticing patterns from all the collected data. It does not follow specific instructions. It recognizes the patterns and can quickly help the insurance company in the future.
Unfortunately, not a lot of companies are using this type of technology. They do not grasp how beneficial it could be for them. Machine learning could help them to extract valuable information. Insurance companies gather lots and lots of unnecessary data. This technology could easily recognize what is essential and what not. It will rid them of going through all the data. It will navigate them in the right direction.
Machine learning could be very helpful in detecting insurance fraud. They could help the company see specific patterns of behavior, which may cause harm. Processing claims is very important to the policyholders. They want the claims to be processed as fast as they can. Machine learning makes this possible. It could also help in the process of underwriting. Computers can quickly notice if any errors or inconsistencies have been made. They could also check the accuracy of the information gathered by looking through external sources.
There are many insurance companies that have Smartphone apps. Most of them are made for the individual client’s use. There are not that many that help businesses. However, there has been a recent growth in this kind of apps. For example, there is an app that is made for companies which deal with activities that may trigger a fire. Those activities can be welding, soldering, and cutting. The app is designed to create a permit, calculate the monitor time, and collect permit and site data. It makes the job easier for them.
Drone use in insurance companies may sound a bit far – fetched. Drones are often associated with recreational use (read here). However, there has been a growing popularity of their use in insurance. They can be especially useful for inspecting properties that are out of reach and dangerous to people. They can also be used in casualties. They can fly over the scene of the crime, inspect it and photograph it. The insurance company does not need to send someone over to investigate the scene. They could just send a drone.