How Information Technology Changes Insurance

Information technologies are changing the world and every other industry and insurance is not an exception. Insurance companies improve their work by innovation inspired by the latest developments of IT industry. Companies management realizes they need to become more customer-oriented and thoroughly explore their target audience to offer services that would cater their needs in the best possible way minimizing time frameworks and maximizing company’s profits. The use of tech innovations in insurance domain can give companies the opportunity to find the key towards their overall profit increase by.

So what kind of technologies are instrumental in Insurance Business?

Telematics

One of present-day insurance tech solutions is telematics. Insurance companies use insured driver’s GPS fleet tracking and software applications to monitor the behavior of drivers on the road including driven miles, destination, speed, braking, etc. This information enables company to tune its service package with different types of customers [1].

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Big data

An insurance company can find a lot of information about their policyholders. Anyone can get a wealth of information about a person after reviewing a profile on Facebook or another social network (and now there’re a lot of social networks, just remember how many of them you use and how much personal information you share every day). But it would be very silly to check profiles of each insured in the era of Big Data. Thanks to Big Data it is real not only systematize and store constantly increasing digital information, but also to help to understand this information by means of advanced analytics procedures, predictive analytics and deep learning [2].

Mobile technologies

Mobile gadgets have become indispensable in our everyday life. Insurance companies can remain close to a customer 24/7 and sell their services via mobile phones. App development became inevitable for insurance companies willing to maintain their leading position on the insurance market. The insured individuals can get a quick mobile consultation, access to information, an opportunity to call agent to their home just by using insurance apps. Let’s review some of the most popular insurance applications.

Nationwide: Make Safe Happen

This application was developed in order to help parents monitor their children’s safety at home. The application allows you to specify the age of each child, access a safety checklist and get advice for any part of your home (available on iPhone and Android).

Zurich: What If?

This application was created to facilitate user’s understanding of risk assessment. Visualization is based on scale of Zurich’s risk-grading technology (available for iPhone).
Liberty Mutual: Home Gallery

This application will make it easier to keep track of home inventory. In the insurance case, information about your property that has been saved in this application makes the process of filing a lawsuit simple and ensures that nothing is forgotten (available on iPhone, iPad and Android).

MetLife Infinity

The application helps to create digital legacy which can include photos, videos, financial and insurance documents to your relatives and friends. You can open an access to your information anytime and even save it for future use (available on iPhone, iPad, iPod Touch and Android)[3,4].

Insurance for self-driving cars

The future is here. Tesla presented cars with an automated control system and Apple is working on the development of its own driverless cars. Google cars can recognize and react to red light and speed limit signs. Having regard to the above, insurance companies should leave a place for future auto-insurance and decide whether it will be necessary or not [5].

1. http://www.telogis.com/blog/insurance-industry-uses-technology-to-make-life-easier/
2. http://www.forbes.com/sites/bernardmarr/2015/12/16/how-big-data-is-changing-the-insurance-industry-forever/#3b19e8e4435e
3. http://tech.co/5-coolest-insurance-apps-2013-09
4. http://www.insurancetech.com/channels/mobile-strategy-8-cool-insurance-apps/d/d-id/1319600?image_number=7
5. http://www.propertycasualty360.com/2015/02/03/4-technologies-that-are-revolutionizing-the-insura?page=5&slreturn=1454946254

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