In our recent blog we talked about how Connected Intelligence enables companies to connect disparate technological dots in the modern-day digital landscape. Hence, this paves the way for multiple emerging technologies to function in tandem and collectively work towards achieving common organizational goals.
Keen to find out the result? Streamlined organizational processes with lower costs and better solutions is what we get. This blog talks about some of the leading use cases of connected technologies and showcases how the potential of the Connected Intelligence platform can be leveraged for the insurance industry. Let’s find out more here –
1) Drones + IoT + Blockchain
Drones can be leveraged for purposes ranging from claim adjustment and risk engineering to post-catastrophe claim settlements. They can even help weed out fraudulent agricultural claims. But the integration of IoT and Blockchain is where their applicability gets more interesting. By using IoT devices to collect hand-on data about assets, like the quality of agricultural lands, insurers can develop predictive models to understand the frequency of claims. The resulting data points can then be stored in the Blockchain for tamper-proof security.
2) Automation + Artificial Intelligence
Automation can transform complicated internal processes of insurance companies from a manual model into a digitally automated model. For instance, communication channels can deploy self-service customer bots that use automation to handle customer queries, with the underlying AI learning from each interaction to extend more assistance.
3) Analytics + Machine Learning
Machine Learning holds the potential to optimize the operations of insurance companies, automating up to 30% of the tasks. Related data can be analyzed through advanced algorithms to unearth patterns to identify pain points. For instance, Machine Learning uses existing customer data to predict premiums and losses for the policies through predictive analytical models.
4) IoT + Digital Media
Data collected from end-point IoT devices and social platform can provide copious amounts of personal user data. This can help both customers and insurers. Consumers receive highly personalized services with cheaper and better coverage, while businesses realize more accurate risk assessment, stable margins, and satisfied clients. A recent study from Morgan Stanley makes this model viable by revealing that customers are ready to share personal data to receive cheaper risk coverage.
5) Telematics + GPS + Mobility + Analytics
A combination of these technologies has given rise to telematics insurances. It involves a box that gets installed in the car and includes a GPS system, motion sensors, a SIM card and analytics software. It can then accurately capture data points such as speed, location, time, crash accidents, driving distances, breaks, and other related data sets. Through this, insurers can provide customers with tailor-made insurance plans and better risk management. The resulting capabilities enable insurance companies to charge more from irresponsible drivers, reward drivers for safe driving and notify the right authorities in the event of a car accident.
6) Blockchain + Smart Contracts + Apps
Blockchain has paved way for a peer-to-peer insurance model where a network of customers come together to cover similar risks. This is facilitated by creating a single finance pool that consists of their premium shares, eliminating the need for intermediaries. By pairing such a platform with Smart Contracts, participants can realize better claim and policy management through transparency and self-regulation.
7) Virtual Reality + Augmented Reality
The proliferation of AR and VR in the insurance industry has led to an increase in the number of applications and requests. This includes tasks such as risk assessment, accident recreation, remote claims handling, and customer education. At the same time, technologies are also helping to address the issue of rising customer experience expectations. In a labor market that is increasingly facing a shortfall of candidates due to constant technological disruptions, AR/VR is abetting the industry to upskill present employees and facilitate remote mentoring of new workers.
With such and more use cases for every possible digital industry, Connected Intelligence aims to weave together diverse digital touch points. Not only will this help organizations to break through the glass ceiling of present technological infrastructure, but it would also make them realize new-found abilities that will disrupt the way they function.
Have you experienced the potential of the Connected Intelligence platform yet? We would love to hear your views. Share them with us in the comments section!