Top Tech Trends that Drive Transformation in the Insurance Industry
Updated: Nov 2, 2021
Digital transformation has since been changing the way the insurance industry operates. However, this has been accelerated further by the need to address the different challenges caused by the pandemic especially to the people that insurance companies serve. To meet the growing expectations and demands of clients, automated and digitalized processes are now becoming more of an industry-standard rather than "nice-to-haves".
As insurance companies face the challenges of the new normal, we enumerate some top tech trends experts say will transform how insurance companies cater to and deliver services to their clients.
1. Digital, Self-Service Channels
While customers and insurance brokers continue to work from home and stay at home, the industry expects an increase in the adoption of digital tools especially self-service digital channels that enable customers to access services and provide insurance brokers tools to cater to the needs of their clients. These include technologies such as widgets, apps, chatbots, with capabilities for e-signature capturing that make it possible to process claims or to purchase policies anytime, anywhere.
2. Automation and Artificial Intelligence
Accuracy in data and efficiency are crucial in insurance processes whether it's customer onboarding, underwriting, or filing claims. With the use of digital forms and AI software, financial advisors or insurance brokers do not only ensure a smoother customer experience, but they can now also automate many aspects of the insurance process and speed up turnaround cycles.
3. No-code/Low-code Development
Low/no-code tools enable business users in the insurance companies to build solutions according to their unique processes by using intuitive, user-friendly drag and drop functionalities. With this, apps that can be used by customers to access insurance services can be rolled out faster at a fraction of a cost
Digitally Transform with BlastAsia
Continuous digital transformation in the retail industry is inevitable especially with the ever-changing business environment the pandemic brings. Technology is key to adapt, innovate, and seize opportunities to better retail services and meet consumer expectations.
In leveraging software development for customer onboarding, underwriting, claims processing for insurance companies, it pays to partner with an established tech company with a proven and tested track record in building e-platforms and RPA & AI projects with various clients globally like BlastAsia.
Established in 2001, BlastAsia envisioned to be a leading global software product engineering company for ISVs outsourcing to the Philippines. From day one, it has been committed to delivering quality agile development services with cost efficiency and flexibility. BlastAsia offers a myriad of services including continuous software development, new product development, and product implementation. Its talent pool also consists of competent professionals with expertise in web development, mobile development. artificial intelligence (AI), blockchain/crypto, internet of things (IoT), machine learning, and microservices.