We are looking forward with growing anticipation to exploring the future of insurance with our peers at DigIn, May 29-31 in Austin, TX. In advance of discussions to come, we’ve put down some thoughts on three topics we believe will shape – and shake – the insurance industry in the months and years ahead: AI, Blockchain and automation.
Predicting and preventing future challenges with technology would be a game-changer within any industry and insurance is no exception. Artificial Intelligence continues to evolve and advance rapidly across sectors and insurance could be the next. Insurers are using AI to glean new insights from data they already have to push the right solutions to the right customers at the right time. These analytics are no longer just about pricing, but also being deployed across underwriting, claims, sales and operations to drive a customized service experience to the end consumer. Customer experience, customer retention and greater customer satisfaction all stand to benefit from the power of AI. Data doesn’t mean much when insights stay buried within its hidden patterns. AI promises to empower companies to extract their secrets and make them actionable. Through the use of advanced real-time predictive models, AI will go beyond the prediction of issues to the prevention of issues. This type of power will create a better experience for both the business and customer by preventing the loss rather than simply predicting it.
Blockchain is a system where multiple computers connect in a peer-to-peer network record and track transactions made in cryptocurrency. While the insurance industry may be hesitant to incorporate the idea of non-sovereign currencies into their models, some players in the insurance industry have already made some progress towards utilizing blockchain. Canada-based Vouchforme harnesses the power of social connections among friends to reduce the costs of insurance services. Members of this platform invite people they know into the Vouchforme community where smart contracts make each and every penny transparent. Embracing this type of transparency could prove to be a turning point in the insurance industry toward the adoption of new blockchain technologies. Additionally, companies are using blockchain for the authentication of certificates of insurance when verification is mandatory and in real-time. This creates a smoother process for all parties.
Any time insurers automate traditionally manual processes, the cost advantages fall straight to the bottom line. In addition to using automation to reduce costs, however, competitive pressures are driving many within the insurance industry to look to automation for new revenue opportunities as well. Still, while organizations believe in the promise of automation plans, many still have not implemented or achieved a highly mature level of automation. Done right, automation, especially robotic process automation (RPA) saves costs and increases accuracy by making tasks more repetitive and predictable. RPA uses “bots” to perform advanced automation that goes beyond what traditional “scripting” has been doing for years. When scaled, automation also vastly improves productivity and speed, freeing up additional resources to help organizations personalize the experience for customers.
Come See Us at DigIn
What trends do you see jolting the insurance industry? We look forward to learning about what others are doing to shape the future of insurance at DigIn where we will showcase how DRC Rater fully enables true automation by transforming existing Excel raters and other manual or legacy pricing tools. We’ll be offering DigIn attendees our Two Week Challenge to demonstrate how quickly our technologies can make a real impact. This no-cost two-week proof-of-concept (POC) and deployment of any aspect of the DRC platform comes with no strings attached.
Please let us know if you plan to attend DigIn and we’ll look forward to connecting in Austin!