Technology Drives Insurance Efficiencies/Policy Holders Allow Their Habits to be Tracked for Lower Insurance Rates

Like other financial services sectors, the insurance industry has undergone major changes due to the internet and advanced data networks. The internet and the development of e-commerce have delivered more expedient operations and cost efficiency to the insurance industry, while enabling customers to get pricing and to order policies online. Now, very fast cellphone networks, smartphones and tablets will be the biggest drivers of change in terms of interfacing with customers and with agents in the field. At the same time, the advent of “big data,” that is, vast databases of customer activity, claims data, environmental data and more, is enabling underwriters to better evaluate risks and thereby adjust pricing correctly on an individual customer basis.

State of the art software, often based on machine learning or artificial intelligence (AI), is also providing powerful risk modeling and management tools to insurance underwriters. Such software makes it easier and faster for underwriters to rate customers according to risk and thereby quickly determine the most appropriate (and profitable) price for a given policy. Adopting risk modeling technology can enable an underwriter to confidently enter new areas of risk and write new types of specialty insurance.

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Technology Drives Insurance Efficiencies/Policy Holders Allow Their Habits to be Tracked for Lower Insurance Rates, Business and Industry Trends Analysis

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