Insurance technology is changing the game, says Swiss Re

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The company released its latest sigma study, which has shown that tech has brought considerable change.

Insurance TechnologyA new sigma study released by Swiss Re has shown that insurance technology is considerably altering the way that insurers and customers interact, as each of those parties has been presented with considerable information and tools that had never before been available to either of them.

Insurance companies are particularly benefiting with the amount that they can learn about their customers.

What the conclusion of the study suggested was that insurers use the insurance technology resources that are now readily available to them so that they can adequately adjust to the preferences of consumers. Swiss Re also pointed out that by doing this, it will help them to properly adapt to the current market and will not require them to have to replace all brokers and agents.

The insurance technology study looked at many channels such as the internet and mobile devices.

The report for the study was entitled “Digital distribution in insurance: a quiet revolution.” Within it, research from a number of different countries was analyzed. The report discussed the impact of the internet as a whole, as well as the use of mobile devices, and the ways in which those forms of tech are providing consumers with new capabilities for reviewing, searching, comparing, and purchasing their insurance policies. This allows many people to skip the “intermediaries” and shop directly from the insurer’s site.

However, at the same time, these same resources, combined with Big Data developments, are providing the insurers with a considerable amount of information and understanding of consumers. This could be directly used to be able to shape and enhance marketing and sales strategies. In effect, said the report, it would give insurers – as well as insurance agents and brokers – the capability to become more focused on the consumer and what the individual or business wants most from the protection, and how he or she would like to obtain that coverage.

The insurance technology report quoted the chief economist at Swiss Re, Kurt Karl, when he stated that “a quiet revolution is underway”. Though the premiums from online sales remains small in many countries, in continues to grow in every nation that was studied.

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