Couple discussing with an insurance agent

The Marriage of Insurance and Technology

Couple discussing with an insurance agentThe advent of technology has made such a huge impact in different areas of our lives is amazing. Businesses are now more connected to their customers through different social media platforms. Payments, money transfers, and other financial transactions are safer done online.

In the dental field, for example, there’s 3D photo printing in place of regular x-rays to make the diagnosis and treatment process faster.

Bout, one industry that’s really reaping the benefits of technology is insurance. There’s property and casualty software that help make claims analysis and record keeping easier and more accurate for insurance agencies.

It’s not only the agency that benefits from it but their clients as well. Here’s how technology worked its way through the insurance industry and how it’s continuing to help.

Digital Data Analysis

Insurance companies hire large teams to handle claims, claims adjustments, underwriting, and encoding policyholder information. This process used to be time-consuming and demanded a lot from the customer.

Thanks to Big Data analytics, insurance companies can analyze claims and underwrite assessments fairly as they compare it with previous cases.

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Telemetrics and Risk Assessment

By automatic measurement and transfer of customer data through the Internet of Things, technology has helped insurance companies assess the risks their customers face based on insights and valuable data. In turn, it helps them get more accurate costs and action plans for treatments.

Insurance Mobile Apps

In 2017, there was a forecast of 197 billion mobile app downloads worldwide. It’s no surprise that even niche businesses like insurance would have their own. It provides easier communication between agents and clients, and it also gives users a convenient way of inquiring or changing information on their policies.

The one thing technology is doing for all industries is making work easier. With these technological advancements in the insurance industry, companies will now have seamless processes and produce accurate assessments for their customers.