PriyaPatel
TLDR:
Technology innovation is crucial in the insurance sector to meet the evolving needs of customers. Advancements like AI, blockchain, and IoT have revolutionized underwriting, claims processing, risk management, and customer engagement. Insurers embracing these technologies will succeed in the digital world.
Like every industry, the short-term insurance industry has undergone significant tech transformation over the past decade. This change is largely driven by technological advancements, which have redefined and enhanced customer experiences, streamlined operations, and introduced new ways to assess and manage risk.
From AI and machine learning to IoT and blockchain, technology has disrupted traditional insurance models, offering both opportunities and challenges to insurers, UMAs, and brokers in meeting the needs of the most disruptive force in the sector – the Customer.
In the article, the Chief Operating Officer at GENRIC Insurance Company Limited, Cornel Schoeman, unpacks some of the ways that technology has reshaped the short-term insurance landscape over the last decade and what it means for customer experience.
Key elements highlighted in the article include:
- The impact of AI and Machine Learning on Underwriting and Risk Assessment
- Improved Claims Processing through Tech
- Internet of Things (IoT) Technology
- Blockchain Technology
- Big Data and Analytics
- Enhanced Risk Management
- Mobile Technology and Digital Platforms
Overall, technology has reshaped and disrupted the short-term insurance industry, transforming how insurers assess risk, process claims, and engage with customers. Insurers that embrace and integrate these technologies will be better positioned to meet the changing needs and expectations of their customers, ensuring their continued relevance and success in an increasingly digital world.
