insurance company technology Archives

6 Technology Trends That are Helping Insurance Companies Ensure Better Customer Service

June 26, 2023 Marc

customer data insurance technology trends 1

Did you know that the United States is the largest insurance market in the world? With total premiums worth $2.8 trillion in 2021, the US dominates the global insurance market as per a report published by Statista. Trailing the US in this ranking are the United Kingdom, Germany, Japan, France, South Korea, and so on. However, the gap between the US and the others on this list is mammoth, where America dominates over 50 percent of the global insurance market share. Despite its dominance in the global market, US insurance…

Digital Integration Hubs: Bringing customer service up to speed in the insurance sector

January 3, 2020January 3, 2020 Guest Author

When consumers request information, submit a query or make a claim with an insurer… there are a number of processes which take place behind the scenes before a conclusion is reached. However, with retailers and other services providing ever faster responses, whether online or on the phone, there is increasing pressure on insurance businesses to speed up these processes and meet the expectations of the modern customer. Now accustomed to finding what they need in a few clicks of a button, customers may simply switch to a competitor if they…

Insurance company technology not yet ready for IoT data use, study

March 30, 2018March 30, 2018 Julie Campbell

Insurance company technology -Technology News On Apple Ipad Air

LexisNexis Risk Solutions released a report on some of its latest research showing the insurer struggle with new tech. A new LexisNexis Risk Solutions insurance company technology study shoes that insurers aren’t sure what to do with the IoT. The report revealed that insurance companies know the Internet of Things is important. However, they don’t know how to use it for data collection and other purposes. Even though it seems as though the IoT could be the insurance industry’s best tool, it still baffles. IoT could potentially become highly effective…

Artificial intelligence insurance technology replaces 34 human staff members

January 11, 2017January 9, 2017 Marc

In Japan, an insurance company has laid off a number of people, replacing them with an AI system. In a move that sounds as though it was plucked straight out of a science fiction novel, a Japanese insurer has used AI insurance technology to replace 34 human staff members. The company has started laying off its employees who have been replaced with an artificial intelligence system. The company in question is Fukoku Mutual Life Insurance. The employees were replaced by the insurance technology which is capable of calculating insurance payouts…

Insurance technology is changing the game, says Swiss Re

May 20, 2014May 17, 2014 H. Cutner

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