How Tech has Evolved the Insurance Industry
May 30, 2018
No industry is immune from the lure of cloud technology. That includes the insurance industry. We all know the competition is fierce among insurers across all sectors, from property and casualty to health and life. But what’s changed over the past few years is that these carriers have begun incorporating cloud services into their offerings as a point of competitive differentiation.
Let’s look at some specific examples of how insurance companies in all sectors have begun leveraging cloud technology to reach an increasingly digitally savvy target market.
Insurance in the Cloud
One of the coolest things we’ve seen from how cloud technology is changing the landscape of the insurance industry is in apps. Because of these apps, insurance policies ranging from car insurance to life insurance can be personalized to every person based on their own personal tendencies, instead of being subject to a blanket coverage.
This model has become so popular that even some of the traditional giants like MetLife Auto & Home have begun to integrate this into their business. They have a phone app that tracks how drivers handle themselves on the road and then gives them premium discounts and tips to improve safety. This kind of innovative technology could not have been made without the cloud.
Not only can insurance be personalized for each person, but cloud technology has made it so it’s also a lot easier to obtain. With apps, someone can get home insurance in just a few swipes of their finger. Convenience is the name of the game these days, and the easier it is for someone to buy insurance on your app, the more business you will have.
What’s particularly interesting about these new insurance apps is that they are anti-insurance companies. Their advertising literally suggests that insurance carriers make more money by denying claims. They say the current American insurance model increases the distrust between client and carrier – and they’ve set out to change that.
Let’s flip to property and casualty, where CIS Group has partnered with a company that analyzes the data captured from drone technology to change how their field inspectors work. Now, instead of inspectors hanging off a roofline, they can send drones with cameras to capture and analyze data. According to Property Casualty 360,State Farm and Allstate are following suit, by teaming up with start-up drone companies to help with catastrophe response and roof inspections.
Agents are also getting into cloud services by submitting online applications. Agents agree that this is a more time and cost-effective method of facilitating the underwriting process. Some agents are even using automated chat bots to facilitate more leads, as well as using online customer relationship management (CRM) databases with automated marketing.
For more information on how the cloud can completely modernize your insurance company, check out the TOSS C3 website or call us anytime at 1-888-884-8677.
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