Insurance technology is now evolving at a faster pace than most industry professionals are accustomed to. However, with change being inevitable, the question that arises is, “Are you investing wisely in your business?” In this article, we will discuss the importance of insurance technology, the best insurance technology to invest in and why, and what to look forward to in the future.
Let’s begin by discussing insurance technology as it relates to your business.
What you need to know about insurtech
Insurance technology – also known as “insurtech” is the combination of data, software, applications, and processes used to enhance the operations of the insurance industry. The overall benefit of insurtech for all industry professionals is lower costs, enhanced productivity, and higher efficiencies. Insurtech is quite simply the heart of the insurance industry.
Unfortunately, many industry professionals are so accustomed to manual methods of doing business that they may neglect to take advantage of new innovations, or they may inadvertently allow their current technology to become outdated.
As a result of these things, businesses waste valuable time working harder opposed to smarter, businesses lose potential clients due to lack of innovation and technological advancements, and they ultimately spend more money trying to keep with their competitors.
Additionally, agents and MGAs are becoming more aware of the tireless hours of manual work that can be eliminated by utilizing the technological advancements currently available. Luckily, insurtech leaders like Appulate provide a platform that allow businesses who are in a reluctant space of transition to invest in innovation seamlessly and comfortably.
Now that we have shed some light on insurtech and its relevance, let’s discuss the main areas of investment necessary to facilitate consistent success.
What areas do you get the most value for your money?
The best way to determine what areas to focus on in regard to the technology needed for your business is to think like a consumer, think like an agent, and envision the future. What that means is, opposed to being comforted by what is familiar in your business processes consider these things:
- Am I wasting clients time (as well as my time) with my current method of doing business?
- Is my current technology producing instant results for faster service?
- Is my data easily entered, stored, and managed for ease of access?
- Could I possibly be missing out on business due to my current technology?
- Am I taking advantage of the technological tools and resources available NOW to prepare me for the future?
With answers to these questions, you can narrow down exactly where you should invest in insurance technology in order to enhance your business and be prepared for the future. Take a moment to review the table below, which illustrates insurtech solutions directly related the questions posed above.
|Time-Consuming Tasks/Faster Results Needed||Automation|
|Data Input/Storage||Data Bridge Software|
|Distribution/Network Expansion||Digital Distribution Platform|
|Future-Proofing Business Processes||Automation|
The key to investing wisely begins with being open to change, then being able to identify the areas which could be enhanced, next finding tangible resources to evolve, and lastly connecting with a trusted company who can seamlessly implement what is needed for your success.
For example, insurtech leader Appulate provides the automation to deliver instant quotes and submit digital loss run request, the software that allows bridging of ACORD data from any agency management system, and an extensive digital distribution network. With companies like Appulate, you have access to a “one-stop-shop” for everything needed to not only work more effectively now, but to also be prepared for the future of insurance technology.
Next, we will take a look at what the future of insurtech holds.
Walking into the future of insurtech…
The future of insurtech will feature artificial intelligence, wearables, machine learning, and smart sensors. Although some of these innovations may sound intimidating, ponder for a moment on our present mobile features. Just as your heart rate can be identified on your smartphone, insurance companies soon will use activity data from wearables such as watches to determine movement, and evaluate risk factors.
Artificial intelligence will soon be implemented to determine risks for vehicle insurance, just as machine learning will be used for claims processing and training techniques. All of these are examples are how the future of insurtech is already in view and already in use in many ways.
Therefore, it is recommended to align your business with a leader in insurtech now to solidify a strong foundation for the technological changes to come. To learn more about how insurance technology can be beneficial to you as an agent, MGA, or Carrier visit www.appulate.com.