Category: Business

Business

How Technology is Changing the Insurance Industry

As advanced technologies increase in momentum, each sector in the business world has to decide what types of changes will and will not impact their industries. Because of all of the improvements in the most recent innovations, the insurance industry is using a huge array of software and hardware tools to make significant changes for the future. Many of these tools will be used to make their services simple and easier to understand and their customer’s experience better.

Here are a few current and upcoming changes along with a briefing of what to expect.

Self-Service Dashboards Helps with Managing Insurance Accounts

Though the self-service dashboards have been around for quite some time in restaurants, grocery stores, fast-food chains and the like, many insurance companies have lagged behind in these types of innovative features. Since the average customer has now being trained to use their mobile devices for so many different personal and business activities, the need for the same capabilities is needed for insurance policyholders and prospective customers that need to change terms or purchase a new insurance policy. The insurance self-service dashboard can be described as a one-stop-shop. The incorporation of a self-service dashboard also means putting control in the hands of the policyholder. For instance, a self-service dashboard gives the user the option of making changes to a current policy terms and filing a claim immediately for a car repair.

Mobile-Friendly Innovations Speeds up Claim Process

In past times, filing a claim after an accident appeared to be more of a pain than the accident itself. The steps of the process were not only time consuming but also very disruptive to both business and personal schedules. Particularly, when the policyholder was required to match schedules with an adjuster during the busiest times of the year.

Today, with the newest upcoming changes, mobile-friendly claims cut down this time and effort drastically. With the use of mobile capabilities, you can do everything that you need to do without physically communicating with an agent by telephone or face-to-face. Instead, you can provide all of the information needed to initiate the claim process via your own mobile phone.

Use of Drones for Inspections

Drones are becoming more and more useful in today’s innovative technically advanced environments. Many industries around the globe, including insurance providers, are looking for the best ways to capitalize on these advancements. Because drones are small and easy to maneuver, their remote features are of great value in many different ways. For instance, insurers are expecting to use drones to perform roofing inspections, which eliminates the need for humans to travel to the areas that’s required.

Technology is constantly changing the insurance industry’s best practices and the way that they are servicing their customers. By providing self-service dashboards to manage their policies and using drone technology to complete site inspections, these practices will save time, money and customer frustration.