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Insurtech continues to be an emerging market and one investors are pouring money into, based on both its impact and potential. Across the first three quarters of 2020 there were 274 insurtech deals globally totalling $5.1B. These companies are on a mission to inject innovation and advanced technology into an industry ripe for a change from its traditional ways of doing business. Technology has been deployed into every stage of the insurance lifecycle. From getting quotes to filing claims, technology such as artificial intelligence (AI) is changing the way insurance carriers, brokers, companies, and consumers do business. This blog will look into some of the ways insurance companies are using technology to add value for their customers and distribution partners, and explore some of the ways technology is set to reshape the insurance industry in 2021.
The following questions will be explored to see how technology will continue to change a conservative industry for the better:
The insurance industry had lagged behind other service industries like retail when it came to embracing the most recent technological revolution. But this is changing as business and technology leaders are embracing how innovative technologies can transform their products, services, and internal operational efficiency. Technology is also being leveraged heavily to improve the customer experience (CX) for an industry where the buyer comes to the table not always by choice, with insurance often being required versus otherwise desired. A few ways insurance carriers are embracing technology include:
Advanced technology is helping the insurance industry in all areas of the business, from marketing to claims. Modern solutions provide carriers with more modular replacements of their legacy core systems. Newer systems not only enable the current customer experience, workflow and product demands. They offer carriers faster speed to market and the ability to layer in capabilities over time. Partnerships are on the rise, giving insurance companies more “plug and play” options to introduce new functionality. Digital outreach is an enhancement that gives insurance companies the ability to initiate meaningful customer interactions throughout the year, to establish a differentiating relationship versus simply having an annual transactional connection. Lowering costs and improving customer satisfaction are two of the main ways technology is helping the insurance industry. Below are a few benefits technology can provides to help insurance carriers in 2021 and beyond:
With the technological disruption of the insurance industry well underway, it is time to look forward to seeing what the future holds. As the industry continues to embrace innovation, here are a few hot technology trends to watch out for in 2021:
It is an exciting time for technology in the insurance industry. Perhaps the most interesting innovation is how the participants are changing. Carriers are embracing insurtech more than ever with more insurers investing in, acquiring or partnering with startups to help innovate their current business models. Digital-first companies like Uber, Tesla, and Amazon have expanded into the insurance space. Car manufacturers are partnering with insurance companies for their dealerships to become points of sale. Insurers are looking to improve the customer experience, lower costs, and more accurately assess and price risks in an increasingly diverse and competitive marketplace. With these goals in focus, technology will be an essential and strategic partner to help achieve insurance carriers’ goals for this year and for many more years to come.
Ushur delivers the world’s first AI-powered Customer Experience Automation™ platform that has been purpose-built, from the ground up, to intelligently automate entire customer journeys, end to end. Designed to deliver delightful, hyper-personalized customer experiences through rapid issue resolution and unified, omnichannel engagement, Ushur is the first-of-its-kind system of intelligence. It combines Conversational Automation and Knowledge Work Automation in a No-Code, Cloud-native, SaaS platform to digitally transform every step of the complete enterprise customer experience – from Micro-engagements™ to entire customer journeys.
Backed by leading investors including Third Point Ventures, 8VC, Pentland Ventures, Aflac Ventures and Iron Pillar, Ushur’s Customer Experience Automation™ solutions are currently in production at some of the leading insurance providers across the globe including Irish Life, Unum, Aetna, Cigna and Tower Insurance.