The digital revolution has delivered technologies that can deliver dramatic business improvements for insurance companies – if they are bold enough to take advantage of them.
So here are a few ways that some of the most innovative enterprises & rapid startups are transforming the way they operate.
6 Technology Opportunities for Insurance Companies
1. Big Data Analytics
By collecting data on their users, forward-thinking insurance companies have been able to customise their service to each customer.
In recent years, ‘Executives at large and small carriers alike have been building centers of excellence (COEs), with dedicated staff focused on advanced analytics,’ according to McKinsey’s report.
2. Internet of Things [IoT]
But where does the IoT data come from?
In car insurance, black box insurance has become a category allowing insurance customers to install a telematics device that measures their driving safety and calibrates their quote accordingly.