Insurance Technology is not a new topic for veteran insurers in the market. And even if you are an up-and-coming insurer, you would’ve come across it too. With the development of technology over the recent years, digital transformation has been prominent, but have you ever considered the size of the impact of this digital transformation on insurers by insurance technology over the past three decades?
Early 2000s
Basic computer systems to store and manage claims data marked a shift from manual paper-based processes to digital records. This grandeur of change improved data accuracy and retrieval speed. Insurers began to embrace the Internet, allowing customers to submit claims online and access customer service through websites.
2010 – 2015
By 2010, the rise of Insurance technology, especially from insurance technology providers brought digital transformation unlike any in the past two decades. The insurance technology targeted areas like underwriting, claims processing, and customer engagement, and challenged traditional methods with more efficient, technology-driven approaches. Through 2015, artificial intelligence began to spread like wildfire, an innovation that blew up the tech space. Machine learning technologies began to be used to automate claims processing. These tools helped insurers quickly assess claims, detect patterns, and make more informed decisions, reducing human error and speeding up the process.
2016 – 2020
The latter half of the 2010s, following the introduction of Artificial Intelligence within the insurance Technology space, saw the utilization of chatbots and virtual assistants more common in the insurance industry. These tools were deployed to handle initial claim reporting and customer inquiries, providing instant support and guiding customers through the initial steps of the claims process. As every tech that blew up during the COVID-19 pandemic in 2020, insurance tech too saw an accelerated acceptance and adoption rate, with insurers shifting towards digital documentation and remote claims processing. With social distancing measures in place, insurers adopted digital tools to handle claims remotely.
Present Day
Today, insurance technology has taken a step forward with improved data integrity and technological advancements that automate policy and claims management, reducing fraud to enhance trust and transparency in every stage across the insurance value chain.
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