Technology has been transforming a number of industries for years and the insurance industry is no exception. There has been a significant shift towards digital channels and the use of digital tools. This is because of the continued growth of consumer demand for self-services. Services that have always been in person are making a transition to the online world. Technology trends in insurance have even transformed many underwriting processes digitally now!
With the strong digital shift; companies are using low-code development and apps lot more, proving very beneficial for their business.
It:
- Increases speed to the market
- Allows widespread development across an organization
- Allows companies to build a strong foundation that can be expanded upon
- Empowers employees to take charge of their work
Artificial intelligence (AI) is also emerging in the industry allowing for the automation of the insurance process. As a result, it’s improving claim processing, policy administration and risk assessment. AI is creating more accuracy and improving the process as a whole.
All in all, the main focus of this digital shift is to provide a tailored experience for clients, and ensure they get the best experience possible.
Technology trends in insurance are creating a competitive advantage for companies as well. We see more clients expecting the customized experience that comes with tech. It’s more important now than ever to emphasize client needs and ensure clients are cared for at the highest level.
At Paramount, we are consistently work towards optimizing our processes to cater to all of our clients needs.
This blog is subsequent to an article from the Insurance Business Mag
To learn more about how tech is transforming the insurance industry, visit https://www.insurancebusinessmag.com/ca/news/breaking-news/tech-trends-that-will-transform-the-insurance-industry-in-2021-251194.aspx
