The digital transformation has created numerous tech opportunities in the insurance industry. And, insurers are eventually changing their hiring strategies to ensure they have the right resources in their team.
Here are the top tech trends to observe in the insurance industry in 2021 and above. Have a look.
Top tech trends transforming the insurance industry
1. Predictive Analytics:
Predictive analytics is used to collect a variety of data to help insurers understand customer behavior. Predictive analytics further help businesses to forecast the future and make well-informed decisions.
2. Artificial Intelligence:
AI helps in gathering information and analyzing data by running a model. In the insurance industry, AI is transforming areas such as underwriting, customer service, fraud detection, claims, and marketing. Further, improve customer experience and retention.
3. Machine Learning:
Machine Learning can help insurers in claims processing and automation. As the files are accessible via the cloud these days, ML improves processing speed accuracy.
4. Internet of Things (IoT):
IoT technology helps insurers in improving the accuracy of risk assessment by automating data from various smart devices. IoT, especially in the P&C industry, has a significant impact.
The global IoT insurance market value is projected around $42.76 billion by 2022.
Utilizing AI and ML, chatbots can interact with customers seamlessly, saving everyone within an organization time – and ultimately saving insurance companies money.
By 2025, chatbots will empower 95% of customer interactions.
6. Low Code:
Low-code configuration tools allow insurers to build intuitive and user-friendly apps even without coding skills. They help in improving the efficiency of internal operations and cut down unnecessary mundane activities.
As the insurance industry deals with user’s personal and financial data, there is a growing demand for cybersecurity. The cybersecurity experts ensure user data is safe and protected by the latest security protocols.
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