InsurTech – Is Your Business Ready for The Evolutions in Insurance Technology?
From cloud-based computing to apps and newly designed APIs, InsurTech is evolving at a rapid pace. It was inevitable. In today’s technologically advanced age, industries and companies that have not grown with the times are left behind. And the insurance industry is no different.
Insurance technology has implications for the volume of business companies do. It affects how you disseminate information and messages and build your brand. It impacts how you execute on doing the work. How you establish yourself as subject matter experts.
However, the evolution of technology in the insurance industry is not just for the benefit of insurance companies, brokers, and risk managers. It’s also for that of the companies and people they serve.
Benefits of Tech in Insurance
Information is increasingly at our fingertips. Therefore, a successful insurance company cannot expect to make it in today’s technological society without upgrading its tech – both for employees and clients.
Real-time information is now available for quotes. There’s improved efficiency, automation of applications, pre-population of data that cuts down on the data entry part of our job. As another example, the claims process has been automated in some instances, which allows our clients flexibility in filing claims.
At Treadstone Risk Management, we’ve found that certain technological applications serve to free up our time to focus on high-level ROI matters for our company and our clients.
Of course, there will be some of the limitations of insurance technology. For example, it can remove the personal element that is important to deliver the right type of service to some business verticals.
More of a Podcast Listener? Check out our episode on this topic here: https://anchor.fm/call-your-broker
More of a VLOG watcher? View the full episode below:
The Future of InsurTech - Should Insurance Brokers be worried about Tech in Insurance?
As the ways to handle insurance continue to change, more technological advancements will come to the forefront. But, as brokers, we only need to embrace the tech that makes it easier to do business and adds value to our clients.
Tech can free up time for insurance or risk mitigation companies to build relationships based on trust and benefit your business. What tech cannot replace is the one-on-one relationship necessary for certain high-risk insurance requirements.