Changes in the P&C industry are being sparked by a combination of factors, and technological advances play a huge role in tackling some of the issues you might come across.
The era of the one-size-fits-all insurance products is coming to an end as customers learn about personalized insurance.
Usage-based, on-demand and all-in-one insurance products will see an increase in popularity as the insurance industry gains a deeper understanding of customer behavior, one can expect more accurate risk assessments, personalized premiums and reduced false claims.
AI & Automation
Advancements in AI algorithms and Robotic Process Automation (RPA) will soon play a huge role in the insurance industry. Artificial Intelligence (AI) is already being used to eliminate paperwork amongst brokers and underwriters resulting in faster claims and reduced time and effort.
AI is also being used to accurately determine risks in underwriting thus resulting in a higher profitability. One can expect to see improvements in customer experience, operational efficiencies and cost optimization all with the help of AI & Automation.
Greenwood General Insurance Agency is staffed with seasoned Underwriters ready to assist you in your risk submissions to ensure all the necessary information is provided. The Underwriters at Greenwood specialize in providing our brokers with everything they need to ensure their success.
Blockchain technology solves the need for huge volumes of customer data to be processed in real time. The insurance industry will see a reduction in operational costs as blockchain addresses identity and fraud management, reliable data availability, policy management through smart contracts and claims processing.
Advanced Analytics & Proactiveness
Property and Casualty insurers will be able to extract real-time data on the loss exposure of customers with the assistance of InsurTech apps.
Drone and imaging technology will become a key tool in obtaining high-definition images for remote and accurate property estimations and analysis. Drones are being used by insurance companies to assess extreme weather damages all around the world allowing to settle big loss claims more efficiently.
Advanced analytics will be used to programmatically segment users and their needs, adjust policy premiums, optimize business operations, model behaviors and identify exceptions.
Here at Greenwood, we focus on fast communication and easy applications, which is what makes our brokers so successful. Get started by booking a free demo with our lead Underwriter.
Are you ready to start writing more profitable business? Book a free demo with us to learn about our fast and easy online quoting system