With interconnectivity and smart automation leading the way, the Fourth Industrial Revolution is already here. You can see the effects in the insurance sector, where insurance tech is powering new and connected experiences for consumers. Technologies like artificial intelligence (AI), machine learning (ML), and data analytics are being harnessed to build customer journeys that are pleasant and frictionless.
Research has found that 60% of customers worry their insurance coverage is not enough for emergencies and the long term (Source: PwC). Therefore, any developments that spur insurance penetration and help close the protection gap are more than welcome. That means insurance tech companies have a major role to play in the days to come.
Connected experiences are driving insurance.
Digital insurance has been available on websites and apps for many years now. But it is only now that digital policies are coming of age.
Everybody is an intermediary. Customers can buy insurance while shopping online for medicines, booking a holiday, or making a mobile payment. Any digital-forward business could sell insurance online thanks to low-code insure tech solutions like application programming interfaces (APIs).
Policies can be hyper-personalized. That’s thanks to the big data, advanced analytics, and AI capabilities of insurance tech software. In a connected ecosystem, any tech-enabled insurance platform could automatically provide tailored policy offers based on customer information that the insurance carrier or intermediary holds.
Self-service is now easier. Digital insurance purchases haven’t always been simple. But tailored offers are now available through non-insurance brands that the customer already frequents. For example, you can pick up damage protection together with a new laptop through an online electronics seller.
Inspections today are tech-enabled. Drone technology, telematic sensors on vehicles, and wearables like fitness trackers are enhancing how insurance providers collect data and assess risk during the underwriting and claim processes.
Things are going to get even more interesting as technology advances. Today a fitness tracker collects your health data by the minute. But imagine if you had biometric implants that assembled and interpreted your health information. Such implants could be used to assess health risks, predict disease, and set you on the course for preventive healthcare. They could even suggest better policy options, which would simplify your insurance journey.
Technology matters in a connected world
Digital insurance consumers want their insurance experience to be easy. A user-friendly digital interface, the option to submit claims via their smartphone, and 24/7 access to their insurance provider are just some of the basic requirements. To sell insurance online today, carriers and intermediaries must embrace new-age technologies to improve the customer journey at every single stage.
Digital-first opportunities: Insurance carriers and intermediaries must use the potential of AI, ML, and data tech to streamline the process of not only insurance purchase but also after-sales support and claim settlement. Leveraging the latest insure tech capabilities would drive transparency around premium pricing and ensure a simplified process for customers and personnel.
AI-powered support: Chatbots have already become a standard feature in the banking space. A digital insurance platform could also benefit by integrating AI-powered chatbots that communicate with consumers and offer policies that are tailored to each digital user’s needs. Aside from their usefulness at the initial purchase stage, a chatbot could also generate renewal reminders and ease up the claims process.
Analytics in product design: Any insurance platform would gain from employing intelligent analytics to develop innovative new products, especially in underserved segments. Usage-based car insurance such as ‘pay as you drive’ policies are a recent example of new-age, tech-enabled insurance products.
Reducing operational bloat: Back-end insure tech and the right insurance API could speed up the insurance experience for customers. For example, Turtlefin has created customized solutions to streamline operational processes and improve data management for YES Bank and DBS in the recent past.
A connected ecosystem runs on partnerships
Anybody can be a part of the insurance ecosystem in the Fourth Industrial Revolution. But to get ahead you will need the right partner—one that understands the insurance industry and has the technological expertise to help you navigate an interconnected world. You need an insurtech partner like Turtlefin.
Our experts can power up your core processing system, offer customized solutions for your front-end and back-end insurance platforms, and fit you out with advanced tech so that insurance purchase is a breeze.
The Fourth Industrial Revolution will require you to be agile as technology changes rapidly. With Turtlefin as your insurance tech ally, you can adapt quickly and bring incredible added value to your digital customers.