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Insurance of different kinds is becoming more sought after by various individuals due to the rise of challenges brought about by the global pandemic. It means if your insurance firm wants to compete, you need to think about innovating your current setup. Fortunately, you have access to tech consulting and even various software consulting companies more than willing to help you. Just ensure you have some ideas about possible IT insurance products to consider. For your convenience, feel free to use this article as your guide.
1. Predictive analytics
Many professional insurance providers want to maximise profits while servicing their clients since their data on consumer behaviour seems to limit their capabilities to expand to other markets. Luckily, tech consulting can offer a solution through predictive analytics to study significant data trends and foresee outcomes, further enhancing accurate readings and impressions to direct insurance brokers. In particular, predictive analytics can do the following:
If you are considering predictive analytics as a possible insurance product, you can expect favourable results. In fact, according to a 2018 study by Valen Analytics, insurance companies that utilised predictive models and analysis enjoyed the improvement of their loss ratios from 3-9 per cent more than those who didn’t have predictive analytics. Additionally, you can refer to IT consulting services for further recommendations.
2. Internet of Things
You may have health insurance clients who enjoy having smartphones, watches, and other fitness trackers to help them manage their active lifestyle. These allow them to study their sleep patterns, input medication tracking and even monitor their heart rate. All these offer great resources for your insurance products and the possibility of investing in the Internet of Things (IoT) or online-enabled devices with sensors and metrics for the users’ convenience.
Luckily, most consumers are willing to provide their personal data for the sake of saving cash through their insurance policies. You can use IoT to your advantage as a means to regulate your professional relationship with new clients to keep to their healthy lifestyle, leading you to mitigate loss risks and automate your insurance products.
3. Insurtech companies
Risk management on both the micro and macro levels are essential to the insurers’ financial stability and their professional reputation among clients. As the risks get more complex through climate change, cyber threats, and other related trends, it can overwhelm your operations, affecting your client experience and management of assets.
Luckily, you can rely on the professional assistance of insurtech companies that strike a balance between operational efficiency and client satisfaction. As predictive data continues to advance, you can expect this technology to progress and may even become the gold standard for new insurance providers.
Conclusion
Innovating your insurance products with technological solutions can be a great way to reach more clients and do so more effectively. It can even allow you to mitigate risks by assessing certain applicants and how they would perform down the line once they have their policies. Fortunately, you now have a better idea of what to look out for and what you may want to integrate into your own operations. Consider your options and think about upgrading today!
Are you in need of professional IT consulting services to address your clients’ needs? We at Informatics can provide you with that. Our main office in Sri Lanka and other remote locations worldwide is ready to offer mainly clients in the Asia-Pacific region the latest and most efficient technological innovations. With our help, you can be one of the leading providers of personalised security policies. Contact us to find out how else we can assist you!
Written by Daniele Paoletti
