Insurance Operation: Rising demand for predictive pricing and automation in claim settlement is driving the market growth for advanced insurance operations.
Top Insurance Operation Trends:
Predictive pricing and risk selection adopting predictive modeling tactics have increased revenues and accuracy for many P&C insurers. Insurers using predictive analytics grew their direct written premiums by 53%.
Automation for faster claims personalized experience: Insurers can harness the results of AI to customize unique experiences for customers. The high-speed demand of modern customers is met with the help of AI.
Telematics devices: Auto insurers use telematics to obtain policyholder information in real-time via data transfer. The data is then analyzed to create a detailed risk profile and to calculate rates accordingly.
Mobile apps had a more satisfying experience than those who used desktops or mobile browsers to interact with their insurance companies
Key focus areas:
Wearables for Insurance • Microinsurance using AI • Usage-based Auto Insurance • Physician Appointment Scheduling • Digital Wallet • Health Monitoring using Wearables • Real-time Insurance Alert & Reminders • Digital Insurance Cards • Digital Claims Adjuster • Insurance Compliance Reporting Automation • Personalized Nutrition and Diet
CareFirst has partnered with ‘Sharecare’ to monitor and analyze the data received from wearable devices and offer specialized programs to improve customers’ wellbeing.
Allianz Care partnered with Tritan Software to offer Seacare’s tools include telemedicine, infectious disease management (including COVID-19), compliance reporting, case tracking, automated referrals, medical evacuations, and repatriations