Taking a Closer Look at Technology and the Insurance Industry
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Technology is slowly but surely changing the way that insurance producers interact with customers, carriers, associations, leads, and insurance products. While many of the changes are positive, some can be frustrating, the most flagrant example being the ACA exchange enrollments, whose internet interface is rife with confusing malfunctions and contradictions. Following, here are seven ways in which technology is changing insurance, and what factors producers should consider when examining their roles in the industry.
Consumer demand can now be more accurately assessed, and responded to, through technology tools. Customer expectations are also forming around their experiences of using technology in other sectors to make purchasing transactions more efficient. Barbara Crowley, chairman of NAILBA, told us: “One of the most powerful influences to our industry is consumer demand; as consumers begin to exist in a world dominated by rapid delivery cycles (think Amazon prime, electronic bank statements, mobile deposits, virtual grocery shopping and delivery, etc.), our producers and our industry must find a way to meet their delivery expectations. We must welcome and embrace online applications, streamlined underwriting, and ePolicy delivery. The future of these processes rely on producers being responsive and participating, thereby meeting consumer demands.”
Risk and Compliance:
Risk and compliance is turning into a whole new ball game, now that technology is enabling faster ways to identify risk, and market risk management. Benefits Pro noted that key drivers for innovation, in terms of risk and compliance, include: “new market opportunities and rapid execution of the right propositions to exploit them, such as advanced data security, master data management, hedging technology, cloud for business continuity, monitoring social media for reputational risk and big data.”
Thanks to technology, it’s easier than ever to know that you’re not alone out there! Take the newly-formed Insurance Technology Organization, for example - a community for insurance business and IT professionals. Joining an association, participating in a forum, getting a question answered, or finding like-minded professionals has never been easier.
Last year, Tech Cocktail published a list of the 5 coolest insurance apps, which included the GEICO app and the MetLife Infinity App. In addition, apps like Evernote make taking notes and organizing them easier than ever. And the CRM sector deserves a whole article unto itself, but Salesforce, Radius and Ezlynx are among those CRM’s that are widely-viewed as revolutionizing the insurance industry, helping to streamline operations and help producers reach a wider audience on a consistent basis.
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- State Farm reports $1.2 billion pre-tax operating loss in 2016
- DOL aims for initial 60-day delay in fiduciary rule effective date
- Report aims to put a stop to ‘Use It and Lose It’ homeowner policies
- Most LTCI claims begin and end at home; insurers pay out $8.65 billion in 2016 claims, new data confirms
- MetLife annuity and life products officially rebranded under Brighthouse Financial name
- 2017 health insurance trends: HSAs, wellness incentives and other tactics employers looking at to reduce costs
- Advances in underwriting: Saliva samples now being used to analyze biomarkers of settlement prospects