How technology has evolved in the insurance industry

Technologies play a very important role in grooming the processes of the modern age wherein industries and businesses are moving from offline to the digital medium. The impact of technology on different segments of businesses is huge and helps create a mark over the competitors. The impact of the technology has immensely changed the way insurance companies used to process earlier. It has also helped the insurers to build an enhanced customer experience and create personalised services for clients as well.

A few decades ago, the insurers followed the most basic and traditional way to incorporate processes into their domain. This included monotonous and analogue based patterns that barely had any innovations induced within it. Imagining what an insurance company would look like at that time, you could see huge people standing in a queue waiting for their chance, a number of files and papers piled one on another, huge mainframe computer that would require air conditioners to maintain the temperature and the elevated floors to conceal those cables. You could see staffs that look works tirelessly with things done manually and physically.

Also, it is significant to know that the level of technology at that time was significant in shaping what the insurance companies in that period where digital transformation or software developments were not available. After a few years, there were changes in the filing systems that enhanced the workflow of the insurers. However, this change is not considered to be as significant as it was before.

Later on, with the technological innovations and start of software companies, the use of technology increased. Insurance companies started to dedicate few people or assigned software companies to design platforms that would make their work easier and quicker.

Today where the modern and advanced technology has substituted all the traditional methodology, the internet and mobile have opened up the box for insurance in its entirety. Numerous innovations and technological advancements introduced by the software companies have urged many insurance companies to come together with them, owing to its necessity to stay ahead of the curve.

The ever-changing business of consumer insurance tied to changes in industry regulations continues to consistently require advancements in the platforms used within the insurance industry. To enhance the customer experience, insurance companies are now investing heavily in technology and understand the need for advancement very well.

Various improvements in software and platforms used within these businesses are now seen as integral to increasing revenue. Policy underwriting is transforming individual risk assessment. Insurance firms are now able to transfer customer data into achievable insights assisting in the creation of appropriate policies.

Therefore, the incessant evolution of technology the insurance companies must ensure that they keep up with the pace of the new changes and updates in the industry. At the same time, they must continue to meet the business aims through the development of new technology. Insurance companies must discover the new ways so that they are able to remain at the forefront of the complex and data dependent industry.

— Rakesh Goyal, Director, Probus Insurance Broker Limited

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