It would be difficult to find an area of life that hasn’t been affected by modern technology. Artificial intelligence has made it into our homes and our cars, while mobile tech has made it possible to interact with much of the world through smart phones. Insurance companies are not immune to these changes and are riding the technological wave of innovation. Here are some of the technologies that insurance companies will be focusing on in the new year.
Probably the biggest tech trend that needs to be addressed effectively by insurance companies is mobile computing. With 2.16 billion people expected to be using smartphones by the end of 2016, the need to simplify every step of the insurance process through digitization and app-based solutions has never been greater. Interestingly, according to a report by Harvard Business Review, insurance carriers seem underprepared for such a revolution. The report stated that “only 50 percent of carriers have budgeted for long-term digital goals, and just 30 percent have a multi-year investment plan to support digital.”
It seems that insurance companies need to get a head start on long-term digital planning. From parsing digital data to target customers who would be a great match for your service, to developing apps that make the claims process a breeze, companies that take their digitization efforts seriously are poised to benefit greatly in the coming year.
With the internet now reaching virtually everyone, internet lead providers are busy developing their strategies. With the main focus being to take the guesswork out of prospecting sales, vetting clients who are already far along in the decision-making process and connecting them with sales professionals who can accommodate their expressed needs. Lead providers will continue to be a crucial resource for agents as the insurance market makes the shift into the digital space.
Innovation is the driving force that keeps technology moving forward. We will no doubt be seeing new more new products and services in the months and years to come.