Future of insurance is now, thanks to these five tech tools

Solutions as diverse as AI, blockchain, big data, social sensing and predictive analysis can help insurance firms improve efficiency and customer experience

- Virender Jeet

Technology has unleashed a modern era for the insurance industry. Gone are the days when paper-based processes, including insurance application, claims management and policy servicing, dominated the industrial landscape. With the advent of technology, insurers are leveraging digital to bring efficiency and agility into their processes, bolster fraud detection and risk management, and deliver superior customer experience. Here is a glimpse into five advanced technologies that have become an integral part of the insurance industry.

ARTIFICIAL INTELLIGENCE

AI has been a critical enabler for revamping insurance companies’ interactions with their customers, claims settlement, and new product development. Let us look at some of the AI applications in the industry.

Faster claims settlement:

AI-based online portals are more efficient at analysing claims requests by cross-referencing data with the existing customer information, thereby bolstering fraud detection. Virtual claims adjusters can settle claims quickly through the online interface as well.

USAGE-BASED INSURANCE: