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Apply NowHave you ever wondered how insurance companies can continuously offer you premiums and schemes that are more and more relevant to your needs? Do you know how or why the claims settlement process has become faster than it ever was before?
The answer is technology!
Going digital is no longer a trend or the latest bandwagon for brands to jump on to stay relevant. Adopting emerging technologies helps insurance providers offer a more personalised experience to customers by automating processes and ensuring newer and better ways to measure and track risks. Here are three tech trends that are currently transforming the insurance sector today.
As an informed consumer, you can now buy motor insurance with as much awareness regarding your options as your car or bike itself, all thanks to the following technologies:
1. Artificial Intelligence (AI)
By automating high-volume tasks, AI has revolutionised the insurance industry, making processes less time-consuming and more efficient. Take, for instance, underwriting - a process that determines whether an insurer should accept the risk of insuring a client. By pre-assessing claims and automating damage evaluation, AI mechanisms have made this process much easier. This can help fast-track loss analysis and eliminate human bias in underwriting. Artificial Intelligence brings increased accuracy to the highly data-driven motor insurance sector. Such knowledge precision leads to tailor-made policy offerings that can suit particular needs.
2. Machine Learning (ML)
The advent of digital self-service damage assessment has eliminated the need for third-party damage verification to settle claims. Driven by Machine Learning, it has reduced the steps involved and brought about a greater degree of transparency between you and your insurer. Integrating chatbots for quick redressal of your grievances is one way to do so. Today, an increasing number of customer queries and interactions are handled by capable chatbots that can seamlessly walk you through a policy application or claims process.
Machine Learning can do more than just improve your claims settlement process; it can even automate it! All data is now digitised and accessible via a cloud where information is stored. This allows for analysis using pre-programmed algorithms, thereby increasing speed and accuracy. Furthermore, employing ML can automate the processing of payouts for small claims and enable software to dig deep into previous tasks to learn, replicate and provide case-specific solutions.
3. Predictive analytics
Insights from the past help insurance companies serve you better, and predictive analytic algorithms take into consideration several variables to gain these insights. For instance, your geographical location, local weather conditions, population density, vehicle usage patterns, foreseeable wear and tear, personal behavioural signals, buying preferences, spending capacity, and several other such data points are constituents in anticipating your motor insurance needs. These insights make it easy for insurance companies to offer dynamically adjusted premiums so you can get optimal coverage. Driven by predictive analytics, several insurance companies now also provide personalised, flexible pay-as-you-go motor insurance plans.
By considering the outcome of various situations concerning an organisation or individual, the "what-if" model enables insurers to answer the "if this, then what" dilemma. This pre-emptive approach allows insurers to be better prepared for an unprecedented change, evaluate its impact, and develop a strategy for a future course. All these measures remarkably shorten any claims settlement process, which previously would take weeks or months to complete. Predictive analytics can also help prioritise certain claims.
Be it the way you work, travel, or even relax, technology is omnipresent and here to stay. Artificial Intelligence, Machine Learning, and Predictive Analytics are only some of the disruptive trends that have made technology a positive influencer in the motor insurance sector. Such advancements bring transparency and efficiency to the services provided by your insurer and aim to make the process more amicable for you as well.
IDFC FIRST Bank provides insurance solutions for your two & four-wheeler vehicle with 3300+ cashless network garages & roadside assistance. To know more about motor insurance solutions and avail the benefits, visit our website.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.