Self-driving cars that are insured by the manufacturer. Smart homes that warn of perils in real time. Predictive analytics and automated underwriting and renewals. Wearables that measure your daily activity. Drone, sensor and video technology that help insureds avoid losses….
Telemetry, IoT, wearables, AI, chatbots and drones are tools that help group Insurers better engage with customers and improve business processes. There is one thing that all of these technologies have in common: data.
Insurance technology ties it all together Many Insurers have made progress in automating some aspects of their group insurance benefits. But underwriting, quoting / rating and renewals are often still bogged down in manual processes.
Artificial intelligence is booming in insurance. In a recent report, Celent identified AI use cases around the globe and across the insurance value chain. Uses include customer engagement (USAA’s Nina), product optimization (Celina Insurance Group, Protektr), marketing and sales (Usecover,…