5 technologies that are shaping the insurance market

5_technology_trends_shapping_insurance

Technology currently, and even more in the future, will be one of the biggest differentiators when choosing an insurance entity, whether you’re a policyholder or business partner. Technologies available today have been developed to support both fully digital offerings and enhance the traditional personal relationship approach. Companies with more sophisticated technology will have better processes, and having better processes will lead to more satisfied customers and partners.

Here are 5 of the top technology trends that I am watching with interest, each poised to shape the future of insurance:

1- Digital Omnichannel offers: Whether in B2B2C, B2C, or in support of the partner or the end customer, we have to provide several channels for interaction with the customer, allowing them to transact, purchase or manage their policies in a way that suits them. They must be simple and attractive; the development of simple technology combined with excellent design is essential.

2- API integrations: API development throughout the chain from insurance and distribution channels to broker and consumer channels, for example embedded insurance, will be fundamental to the customer and partner experience. The customer and partner will choose who delivers the product and price in the easiest way.

3- Data: Applying technology to data is essential for making more assertive decisions and better understanding customer behaviours, shifting the paradigm to a more predictive and less reactive process.

4- Platforms plug in: We are seeing an increase in the availability of platforms that can connect insurers with partners and customers for the sale of insurance – helping make the transfer of risk more straightforward, and less susceptible to human error in the transfer of information.

5- Gamification and grouped sales: One of the difficulties of the insurance activity is to obtain interactions throughout the time of the insurance policy. Using strategies that allow more interaction such as gamification and grouped sales will be fundamental, and technology is fundamental to operationalizing all of these.