June 6, 2017
When talking about insurance, it’s important to understand whole life insurance in order to get its general concept and principles. Insurance takes many forms, which include but are not limited to life insurance, term insurance, health insurance, property insurance, and commercial insurance. In the past, these were easily defined; nowadays, technology is beginning to make them even more complex than ever before.
Insurance may be a simple concept from the past, but technology transforms insurance into become something new. Recently, we have witnessed a series of tech innovations from artificial intelligent (AI) to the Internet of Things (IoT). Such innovations deliver a great impact on almost all industries, including insurance.
Insurance tech is now beginning to surface and is changing the way it is being marketed, and today we will cover more about this. Let’s get started!
The Rise of Digital Insurance Agent
Since time immemorial, until now, insurance has been offered, promoted, marketed, and managed by insurance agents or financial consultants. Before transactions were done mostly through personal interactions as it was normal if they cold-called you point blank to see if you need insurance.
Nowadays, you don’t have to look for an insurance agent just to obtain an insurance. You can now use your laptop or smartphone to connect to an insurance company. There is an online insurance calculator you can use to create your desired insurance package.
In just a click of your mouse or a tap on your mobile screen, you can apply for insurance in just minutes. You don’t need to attend any sales seminars or product presentations just to learn a particular insurance policy. Today, you can simply navigate an insurance platform to get straight to a particular knowledge base.
Digital Signatures Easy as 1-2-3
Signing a contract can also be done digitally. You don’t need to wait for an insurance agent to set an appointment and sign a contract. You can now do this online and sign a contract digitally.
When it comes to payment, you can directly pay online using different type of payment platforms offered by third-party payment merchants. Online receipt and statements can also be automatically generated online.
In other words, insurance transactions are no longer the dominion of insurance agents only. All such transactions can now be completed digitally.
Cloud Data Management
Insurance tech has huge amounts of data that is almost comparable with banking industry. However, insurance companies do not only maintain fresh data, but also old and sensitive data, which must be kept for many years. Analyzing such data manually can be a daunting task, and this is why more and more insurance companies are using cloud data management system that helps them manage the stream of data.
Although most insurance companies used to have their own data centers, they now begin to shift to cloud-based technology because they find cloud data management more efficient. Moreover, people who apply for insurance policies online can easily access, and this is made possible by cloud technology.
Technology has changed the way insurance transactions are done and managed. Just like what happened to the banking industry, the insurance industry will be transformed into a whole new industry. Insurance and tech are now beginning to integrate.
In fact, some insurance companies are now looking into AI to apply to their existing systems to save on human resources. The IoT may be still be irrelevant, but tech experts still continue to find a way to connect it with insurance in order to take the insurance industry to the next level.