Insurance is a blend of art and science, the skillful combination of technology and tools working in concert with human experience and interpretation to create the best result. Insurance industry trends show a push toward automation with new technologies driving the way to the future.
But as risk management and mitigation tools grow even more sophisticated, the nature of the insurance business changes. Evan Greenberg, CEO of Chubb, made this point at Insurtech Connect Vegas 2021 recently when he commented “going digital is not just about the technology.”
Technology takes over routine workflows and people apply their expertise to the trickier and more challenging decisions. Whatever the tool is, people with the right experience need to interpret the results.
When it comes to innovations in the insurance and risk management industry, the next big disruption will come from the artful combination of people and technology. Insurtech is here to stay, and its disruptive power is multiplied when combined with human expertise.
Read on to learn more about how technology and human experience combine to create a compelling customer journey while saving time and money. Contact us for your free demo to see how Integratz makes things simple.
Insurance Industry Trends Show Technology and People Combine for Best Results
The next big innovations in the insurance and risk management industry will come from the combination of people and technology. We’ve seen advances in recent years with new Insurtech firms joining the space, but one thing remains key even with new technologies influencing risk and insurance —face-to-face interactions and personal expertise is needed to interpret and best use technology.
Virtual investigations. Consider how virtual collaboration is helping the industry. Claims can be investigated and settled through virtual means instead of in-person. In these cases, the technology facilitates the settlement but claims adjusters and evaluators review the results and make recommendations.
Telematics. The use of telematics is growing in auto insurance. Many personal auto insurance carriers offer discounts to their policyholders in exchange for their telematics data. Captured through a plug-in device or mobile app, telematics data like where and when consumers drive and their safe driving habits like how fast they accelerate or how hard they brake is valuable to carriers. But the data only tells so much – people need to interpret the data and determine how to best use the information to reduce risk and improve pricing.
Automation. Automation has been a game-changer in business for decades. Technology enables us to continue making work leaner, in turn allowing humans to focus on the parts of the workflow that need personal intervention. Many tasks within the insurance ecosystem can be automated. Consider the data entry required for policy administration or claims – much of this manual work can be automated, reducing the risk of human error and decreasing the time needed to update policy, billing, and claims systems. But people are still required even when automation takes over many routine tasks. For example, someone needs to design the system and decide which pieces of information to hand over to the machines. A person may need to audit or check the system or make updates as new compliance or regulatory guidelines are developed. Humans can work in concert with the automated system to make it even stronger.
Change Management. One issue not often considered in upcoming insurance industry trends is change management. As machines take over and change how we work and do business, we can’t forget about the human resource side of things. People have lots of feelings about change and their perception may be one of loss as they see traditional jobs changing.
The future of work looks different and while this is positive in many ways, people also need to be supported through the dynamic growth of the industry. Automation may take away some people’s jobs – or make their days look much different than before and this is stressful and challenging for many people.
A sound change management training or educational program can go a long way toward helping people work together in harmony with automation and new technology. And if people are accepting and excited for new ideas and processes, they’ll embrace them and continue pushing on the technology to develop even better workflows and ideas.
What’s Next in Insurance Industry Trends?
We will continue to see the evolution of technology and innovation in the insurance and risk management space – and the growth and expanded use of new tools will be driven by the people using the technology. Claims adjusters, underwriters, risk managers, product developers, and others along the value chain will be empowered by tools to streamline their work.
As technology takes over routine tasks, human specialists can focus their energy on more critical aspects of insurance and risk. The insurance and risk management industry can continue evolving, focusing on better risk management and rating. Having more information means we can pinpoint risk with greater accuracy leading to better pricing and more consistent risk mitigation.
Carriers, agents, and brokers will need to stay on top of current trends and technologies and working with an Insurtech partner is a good business practice. Many top carriers have incubator labs in house and are developing technologies to streamline every step of the insurance value chain. One benefit of working with an Insurtech firm is relying on their expertise to build automated workflows – relying on an expert lets carriers and agents focus on their policyholders.
Combine Face-To-Face Expertise and Technology With Integratz
Get started today combining innovative technology with your human expertise to give your policyholders the best customer experience possible. Integratz offers solutions to automate your repetitive workflows and redundant processes, letting your people focus their time and energy in the right ways.
Schedule your free demo and let us show you how Integratz makes everything simple.
External Links:
- https://www.carriermanagement.com/news/2021/10/06/227190.htm
- https://riskandinsurance.com/technology-is-enabling-better-virtual-claims-collaboration-but-heres-why-a-human-touch-will-still-be-necessary-even-vital/
- https://hbr.org/2018/10/dont-just-tell-employees-organizational-changes-are-coming-explain-why
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