How Can Insurance Companies Pivot To A Digital-First Future With Technology?
Too Long; Didn't Read
Insurance industry has historically been slow to hop aboard emerging emerging tech trends. Insurance technology has helped insurers streamline their manual processes and make it easier for insurers to lodge, triage, and process claims. Insurance claims costs have risen by 10 percent annually since 2010 due to a number of factors such as an aging population, operational inefficiencies, threats from fraudulent claims, and more. Insurance companies are able to shorten the renewal cycle time and make the renewal process seamless which increases customer satisfaction. The use of technologies such as RPA, Machine Learning (ML), and Artificial Intelligence has been helping insurers automate their renewal processes.