With the advent of disruptive digital technologies, new roadmaps for digital transformation are being rolled out in major insurance companies worldwide. New digital initiatives are being planned and implemented in Life, Property & Casualty, Automotive, Business and Home Insurance Calgary.
The underlying objective of these initiatives is to utilize technology to make insurance more humane and more likeable by consumers. This trickles down to creating new products offerings & solutions that will:
a) Improve customer experience
b) Make processes more efficient and reduce waste
c) Bring about automation in the insurance value chain
Some of the latest technologies in use are as follows:
Artificial Intelligence (AI)
AI has made a profound impact on house insurance in Calgary. AI offers advanced algorithms that enable insurance companies make behavioral economics the cornerstone of their business model, and build innovative house insurance products that match their customers’ behavior and protect the company against potential fraud.
There is an immense amount of historical data available with insurance companies and AI makes use of these large voluminous data-sets to build new solutions that seek to improve customer experience at various touch points – such as buying insurance, filing a claim or seeking to upgrade or modify an insurance policy.
For example, some insurance companies are using “virtual assistant” bots on their websites. These bots are replacing service agents in call centers as they can quickly answer customers’ questions not only on specific policies, but also pay out claims in a matter of seconds.
Some House Insurance Calgary companies are using AI based solutions to detect fraudulent claims. AI helps to flag such claims that do not look genuine.
Personalization across all touch points
House insurance Calgary companies are doing away with the “One size fits all” approach. They are becoming more savvy with data collection, processing of historical data and data analytics in order to come up with hyper-personalization that will lead them to offer solutions and charge premiums that are crafted to the individual house owner’s specific needs, level of risk and demographics.
One of the ways is offering usage-based and on-demand house insurance products. The other is offering innovative coverage options that include micro-insurance, peer-to-peer insurance, and more flexible coverage options.
Although new, Blockchain technology relies on the ever-growing consumer need for massive amounts of customer data processing and a quick, efficient and secure method of transferring data across organizations.
Blockchain technology facilitates data transfer and allows multiple stakeholders to be able to access its data. Using Blockchain it is possible to build and deploy solutions in identity access management, fraud management, claims processing and underwriting, at operational costs that are lower than traditional methods.
Contribution by insure-techs
Just like fin-techs serve the financial indsutry, insure-techs are technology firms that build technology solutions specifically for the insurance industry. Some insure-techs are startups that have an innovative idea that is bound to create disruption in the insurance industry.
Traditional insurance companies either work very closely with insure-techs by offering them incubation labs in their own premises, or sometimes even acquire them through an outright purchase, in order to leverage their technology advantage, implement their solution and have ownership over the IP of the solution.
House insurance Calgary companies are relying on new technologies to be able to better serve their customers. The emphasis is on being proactive and personalized in approaching customers, so that responses can be dynamic, personalized and based on their specific needs.
Staying ahead of the game is the key to the success of house insurance Calgary. It enables insurance companies keep up with the rapid changes brought on by new technology and trends, adapt to it and in this way improve their ability to protect their clients.