Technology in the insurance in industry is constantly changing and evolving. This means that insurance companies must develop and launch products that meet specific needs in the marketplace. Below are five technologies that will continue to impact the insurance industry, based on a 2014 Property Casualty 360 article.

  1. Aerial and digital imaging. EagleView Technologies has developed products that are effective at simplifying many insurance processes. This technology can provide information about damages that help underwriters assess risk. It can also provide geocodes which are useful in assessing property exposures in geographic areas.
  2. Business Intelligence (BI). Business intelligence is constantly improving and becoming easier to work with. There are BI platforms that are specifically designed for insurance usage and are very beneficial to work with.
  3. Customer experience management. The role of the carrier is now extended to direct involvement with the customer as well. In the past many transactions were handled primarily by the agent.
  4. Case Management. Insurance companies are often on the forefront of implementing document management and workflow to streamline internal operations. Claims and underwriting, however, still uses old manual processes that can be updated. Automating these last departments could significantly increase efficiency.
  5. Portals 2.0. Most insurance companies have implemented portal technology to facilitate communication among agents as well as with customers. Improving this portal technology could greatly improve its use throughout the carriers’ ecosystem.

Technology within the insurance field is constantly changing and improving. If done correctly, the use of new technology could streamline the insurance process and significantly improve business.

If you’re in healthcare, insurance, technology or other professional services industries, and need help with a PR, marketing or social media campaign, contact Scott Public Relations.

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