The insurance industry is robust, and insurers are rapidly adapting to insurance technology solutions that will help them streamline operations. However, what will set the insurance software providers apart in this sea of software solution providers? To sustain and create a unique mark merely offering software solutions won’t help. It is all about building a culture of excellence that is typically a mix of innovation and adaptability. However, will these norms be enough for an insurance technology provider to shine? Keep reading to explore the top trends that are setting the software solution providers in insurance apart.
Trends that are Setting Insurance Technology Providers Apart
The goal that top insurance technology providers sail with is to create solutions that will streamline the operations for the different stakeholders in insurance- insurers, brokers, MGAs, and their customers. Insurance technology plays a pivotal role today in aiding insurers to stay ahead in the competitive curve.
Here are the top trends that are setting software solution providers apart in insurance:
AI-Powered Underwriting
It is not a hidden truth that AI in insurance is making waves and changing the insurance landscape. Ai is no longer a buzzword and in fact, it is changing underwriting. Not only that, but it is also even making claims processing and fraud detection much easier and simpler for insurers. By analyzing the vast datasets and identifying the patterns, AI will be able to help insurers make more informed decisions along with streamlining their operations. Insurers who have resorted to AI for claims processing experienced a 20% to 30% reduction in fraud and much faster payouts. AI in insurance not only has helped in streamlining risk assessment but also helped in improving efficiency and delivering better outcomes for customers.
Customer Centric Innovations
70% of insurers rank improving customer experience as their top strategic priority. Today the insurance industry is seen not just as an industry that is solely for profit but also for offering value. Hence, insurers look for software service providers who are not delivering them technological aid but are helping them to contribute value to their customers. The software solutions are designed in such a way that aids the insurers to focus on high-value tasks rather than petty admin. From offering intuitive self-service platforms to real-time policy updates, the best insurance technology providers make it a seamless journey to navigate through the insurance operations and offer a seamless experience to all the stakeholders involved.
Hassle-Free Integration
While providing cutting-edge insurance technology solutions is the prime focus for software service providers, enabling it to be integrated seamlessly into the existing insurers’ systems must be another. Top insurance technology providers excel in providing API-based architectural software solutions that smoothly integrate with other platforms at a pace and allow users to future-proof their business. 84% of insurers consider API-based integration essential for improving operational efficiency. This capability has allowed the insurers to adapt to new technologies quickly!
How iNube Inculcates These Trends Intricately?
These are the top trends that set software solution providers apart in a robust ecosystem of the best insurance technology providers. iNube stands at the forefront of this ever-changing insurance market with cutting-edge insurance technology that follows the API-first approach and enables hassle-free integration. With AI making waves in the insurance industry, iNube’s AI Quest- the exclusive lab’s wing of iNube empowers insurers with various capabilities of AI to streamline insurance operations across lines of business.
Discover the best insurance technology with iNube’s modular and cutting-edge insurance technology.
Book a session with our insurance technology expert to learn more.
