With the continuation of COVID-19 and the disruption it has caused finds many of us still working from home as we adjust to the new norm.
This change in the way we do business has caused a major digital disruption in the business sector. Digital disruption includes the ever-changing climate of our digital space as businesses work out how to adapt to technology in the age of a worldwide pandemic.
What does this mean for the insurance industry? What's the key for the insurance industry professional who looks to win the game and embrace digital disruption? In unprecedented and uncertain times, we're here to breakdown the biggest changes that digital disruption is bringing to the insurance industry.
Digital Disruption in Changing Times
With a world pandemic changing the way millions of people work and interact, a new dawn of the way we do business is upon us. Covid-19 has effectively changed world of business as we know it and like many other industries, the insurance sector must adapt to these changes.
What can the insurance industry to do prioritise business growth while staying safe and remaining relevant with the new technology in the workforce?
One of the biggest things a company can do to be at the forefront of digital disruption is to embrace change and be proactive when it comes to the health of their employees. This proactiveness includes searching out or developing new technologies and working hard to implement measures that will keep both employees and clients safe and happy.
Digital Disruption in the Insurance Industry
Digital disruption can come in many forms. With the world adapting to the online space in a matter of only months due to the pandemic, digital disruption has moved swiftly throughout the workforce. In the case of the insurance industry, the biggest disruptions have been through analytics, blockchain, the cloud, and of course customer interactions.
In the 21st Century, the truth is, everyone want's to go digital. In a world where human interaction is
slowly fading has become less frequent, with no certainty as to when regular in-person transactions will return, getting online and improving your business' technology is more vital now than ever before. Check out the top ways to embrace digital disruption in the insurance industry:
The world of analytics is changing at lightning speed with the introduction of new analytical technologies. Computers are faster than ever before and can support platforms that can boost analytics instantly.
Analyse customer interactions, business growth, and more just with the touch of a button. Embracing the use of analytics gives customers more visibility into their data, allowing for more refined and targeted goals. Especially during the pandemic, analysing your trends can have major effects when it comes to making vital business decisions.
Originally designed for the tracking of the digital currency Bitcoin, blockchain technology has grown far past the use of just currency. Blockchain can be highly useful in the insurance industry.
When dealing with any information in the digital age, security is key. This need for security is amplified even further when we're talking about the storage of health or other personal information. In the insurance space, blockchain could be used to facilitate a safer and more secure network to act as a repository for protected information.
Blockchain can also detect fraud more efficiently by employing the use of smart contracts to search databases for any fraudulent information.
3. Cloud Technology
One of the best things about cloud technology is the ease at which data can be integrated and shared. This ability to share data instantly can come in handy when we look at risk management fundamentals.
Being able to integrate risk management reports, risk data, and other risk factors into a
seemly secure framework can not only allow for easy sharing but also keep the data protected from any potential breaches.
Cloud-based systems can also help companies assess customers' needs faster and more effectively. With cloud computing, insurers can access big data and look at the latest trends of users worldwide. This method would not only help with current customer retention but also encourage the growth of new customer bases.
4. Artificial Intelligence (AI)
Artificial intelligence is one of the fastest-growing sectors of technology. With AI and robotics technology continuing to produce innovations almost daily, the effects of this new technology are being felt across multiple workforces, the insurance industry included.
One way that AI is affecting the insurance industry is through the implementation of AI chatbots These chatbots can offer users a customised customer experience all without having to endure the costs of employing an actual customer service agent. AI bots can be customised based on the user's geographical location and social data to ensure a highly personalised experience.
5. Robotic Process Automation (RPA)
Robotic process automation is a system that automates wrote tasks through the employment of various technologies. This method of technology can significantly reduce the workload and cost of operations for a company while still improving the overall customer experience.
One of the best ways that RPA can influence the insurance industry is through the automation of claims processing. Automated document processing and information extraction from claims paperwork can significantly reduce the overall turnaround time for insurance claims.
Another way that RPA is changing the insurance industry is through data management and collection. By automating data collection and entry, insurance companies can greatly decrease errors and inconsistencies in their systems while improving the speed of the data management process.
Ready to Win the Digital Disruption Game?
As we've already established, the world is changing at lightening speed due to innovations throughout the global pandemic. New demand for tech savvy companies is rapidly expanding during these unprecedented times.
If you’d like to learn how our technology can help you achieve your risk management goals and plan for the future, contact us today.