How the world is gradually getting transformed into a digital sphere, that every one of us knows, very well. This change has not failed to influence the insurance industry as well. Nowadays insurers and brokers are making use of technology that is benefiting them double time. The good news is that these automated ways of carrying forward an insurance-related business will soon become a fundamental part of the daily lifestyle. So, here we are discussing the technological trends that are helping the insurance industry in carrying out their trade. An insurance industry overview in this regard will also be extremely helpful.
Best Technological Trends Helping The Insurance Industry –
Conceived and delivered by modern technology, social networking sites have started becoming such platforms where people from all walks of life can take benefits off. While Facebook alone has over 700 million users, Twitter has more than 7 million active users. These social networking forums have revolutionized almost all buyer’s buying habit along with their expectations. Facebook and Twitter can be easily used to create the perfect awareness about the services, products and offers that the insurance industry has got to offer. Moreover, activities such as solving customer’s concern and getting feedback can be smoothly done online.
Gone are the days when mobile was used only for the purpose of calling. The contemporary ones are much smarter and user-friendly. Blended with the benefits of the internet, at present, insurance companies are planning grand strategies to hit their customers through this medium. Special insurance mobile applications are being developed, through which existing as well as interested consumers can stay in touch with the concerned insurance firm. Even many mobile carriers are joining hands with some of the insurance firms to provide mobile capabilities for policyholders.
Insurance departments have a lot of data and records that requires proper handling and perfect management. Till a few years back, all these activities were carried out either manually or with basic systems from one department to the other. This means there was a high risk of misplacing or losing any information or evidence that could have hampered business. But now with the introduction of cloud-based systems, organizations can store and distribute records not only safely but as well efficiently.
Service Oriented Architecture:
Receiving popularity as SOA, service-oriented architecture is another promising technology trend of the current era. It permits insurance companies to offer their computing resources, customer database and other related applications obtainable on an as-needed basis. It offers a new approach to software deployment while also tackling serious problems head-on, such as complexity and ineffective data integration. with the help of its consistent service, it becomes much smoother to integrate old as well as fresh content. Additionally, it also lessens development time and maintenance cost by making the services and information reusable and centralized.
Telematics have been introduced to carry our analytic activities by merging wireless technologies with computers. It is mostly used by auto insurance companies to detect customer driving behaviors and to then to mould out services and policies accordingly. For example, few years back, State Farm joined hands with Ford through the auto company’s Sync system. Now it is easier for both the organizations to maintain details about their policy holders who are also customers for Ford.
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