10 Insurance technology trends in 2023Sachin Kalaskar
1. No-code software development:
This allows insurers to create custom applications without coding, saving time and money. No-Code platforms offer an easy-to-use interface with drag-and-drop tools for building apps. Insurers can focus on developing products that address customer needs and automate workflows rather than getting bogged down in product cycles.
It refers to the real-time sale of insurance policies at the POS of a product/service. Embedded Insurance can help bridge the gap between the amount of insurance customers should have and the insurance they purchase. Embedding insurance policies in non-insurance products can also make it easier for insurers to enter new markets and expand their reach.
It is essential for delivering a superior customer experience. It allows insurers to collect data through cookies and mobile apps, offer personalized policy recommendations, and assist customers through each stage of their journey. To stay relevant, insurers should work towards a user-centric and omnichannel strategy.
4.Internet of Things:
The Internet of Things (IoT) can help insurers improve customer experience, boost brand loyalty, and reduce the cost of the claims process. Cost reduction can be achieved by allowing IoT devices, such as wearables and sensors to access relevant data and distribute it through the network, speeding up the claim process and minimizing duplicate work.
Chatbots are a helpful tool for insurers to meet customer expectations and provide round-the-clock assistance. They can collect visitor information, qualify leads, answer policy questions, automate the claims process, and be placed on websites and apps.
AI can help insurance companies deliver a personalized experience by processing large amounts of customer data and providing a curated, customized offering. It can also reduce churn time and aid in real-time service delivery, which is essential for customer retention.
It can improve the accuracy of insurers offering property and casualty coverage, identify outlier claims, and provide data to identify factors that can impact the claim outcome. This can streamline the claim process and mitigate traditional claim processing risks.
8.Telematics for Insurance:
It offers usage-based coverage, such as pay-as-you-go or pay-how-you-drive policies, by collecting data about driving habits through monitoring devices or GPS providers.
They can help insurers access high-quality videos and images from hard-to-reach locations, speeding up the claims process for property and casualty insurance. This can increase efficient reporting and accurate damage evaluation, avoiding disputes about insurance payouts.
They simplify policy management, claims handling, insurance accounting, premium payments, and policy questions, which are expected to become a significant trend in 2023 to improve customer experience.