Technology is changing the insurance industry, even in ways the insurance companies may not be ready to transition. New technology is developing at a rapid pace, and the technology that is already developed is being used in ways that make the lives of many easier and safer.
Advances in technology make it possible for insurance companies to maximize efficiency, saving them time and money. Some of the technological tools used by insurance companies include the use of social media, drones, telehealth and artificial intelligence (AI).
Insurance Companies on Social Media
Businesses that have a social media presence can communicate with their clients in ways their clients prefer to communicate. Making a business that is available to people when they need it or want it, that is what will make a company stand out.
Customer service is the glue that keeps people sticking to the companies they do business with regularly.
Insurance companies understand that a lot of their current and potential clients utilize social media. Many social media platforms like Twitter, Facebook and Instagram make it possible for insurance companies to engage with people across the nation.
Engaging in customer service via social media is ideal for consumers and any successful insurance company knows to exceed consumer needs. The majority of clients will expect a response time of sixty minutes when they have a question, concern, or comment to an insurance company via social media.
It is critical for insurance companies to receive notifications that alert them when a consumer on social media has a question or concern, this will allow them to respond in a timely manner.
The best lesson people can learn is to “work smart, not hard.” Insurance companies that utilize programs like Hearsay Social can maximize time by scheduling customized pre-approved posts to Facebook.
Programs like Hearsay Social enable insurance companies to customize posts to their followers and track any engagement on their threads.
Insurance companies have tapped into the wearable device market, offering consumers a discount on their insurance rates. The wearable devices similar to “Fitbit” have a social media mobile application that allows users can connect with friends, participate in group challenges and share success stories. These devices can also help users maintain a healthy weight and diet, boost energy and mood.
Drones Benefit Consumers and Insurance Companies
The use of drones can help insurance companies lower the costs associated with underwriting. Drones can also shorten the claims process, making for a better customer service experience.
Cognizant believes that drone usage will make the work of claims adjusters 40-50% more efficient. Drones allow claims adjusters to avoid climbing ladders or roofs and they keep claims adjusters safe during damage assessments.
Drones improve the speed in which consumers receive settlements and provide claims managers with a more accurate sense of how many agents need to be in the field and where they need to be.
A potential policy could be evaluated quickly before it becomes issued, drones would be able to collect data that would inform agents if the homes features are vulnerable.
Aerial footage collected by drones delivers larger quantities and enhanced quality data from which to develop catastrophe model components.
Drones assist companies in preventing fraud by giving them capabilities to assess damage before an extreme event. This will mean that false claims wouldn’t be paid out, and insurance companies would have photographic proof of damage.
It is expected that by 2020 there will be 50 billion internet devices and sensors. This will provide insurance companies with real-time information, allowing them to offer better prices and more accurate underwriting.
There are over 48 million seniors in the United States, meaning the demand for senior health care will only increase. The purpose of telehealth is to allow patients to have access to quality physicians through a secure internet connection and a two-way interface system.
Physicians have expressed that the lack of payment is the reason for the slow transition into telehealth. Many insurers across the nation have refused to adopt telehealth service coverage, even as technology advances.
The insurance companies have concerns about cost, definition of telehealth services, and confidence in the efficiency of telehealth services.
Telehealth is more than just a doctor’s visit, telehealth encompasses digital pill dispensers, remote monitoring systems and electronic bed sensors. These technological advancements are changing senior healthcare.
Remote monitoring systems allow healthcare providers to monitor blood pressure, heart rate and respiratory rate while the patient is in the comfort of their own home.
For those concerned about sleep quality, electronic bed sensors can provide in depth information about how a patients body is working throughout the night. The bed sensor can provide information about heart rate and respiratory rate. It can also keep track of how many times you leave the bed at night.
All of these technological advancements equate to more accurate claims, saving insurance companies and consumers money.
Artificial intelligence (AI) is providing new ways to measure, control, and place a price on risk. AI also allows companies to engage with customers, reduce cost, improve efficiency and increase customer experience.
In a recent announcement from Lemonade Insurance they demonstrated in just 3 seconds how Artificial Intelligence can be used to completely handle insurance claims, making the whole process faster, easier and more efficient.
When drones are integrated with Artificial Intelligence we have a device that is more independently functional. IBM’s AI system, Watson, is able to automatically process aerial imagery, assess hail damage, and calculate damage.
AI will allow for an expedited claims process, reduce costs and increase the level of customer satisfaction.
AI can help with more than just claims processing; it can help in setting prices, modeling the risks associated with insurance, customer acquisition, distribution, and operations. It can solve problems across the whole value chain of the insurance industry.
The Future of Technology and Insurance
Social media has come far since it’s inception, changing the way people and businesses communicate across the world. Advancements have allowed companies to maximize publicity and minimize costs.
The way technology is progressing, insurance adjusters may need to also have drone pilot experience in the future. In the digital age we live in today, consumer demands are constantly changing and insurance companies are striving to exceed the desires of their customers.
The future of healthcare could be virtual doctor’s appointments and remote monitoring systems that detect major illness before severe damage occurs. The telehealth advancements will revolutionize healthcare for everyone around the world.
Patients will have access to doctors around the world. Doctor’s will have access to specialist providers across the globe. Telehealth will help insurance companies obtain the most accurate data, meaning prices will accurately reflect risks.
Artificial intelligence will eventually be integrated into devices that remind patients to take their medications at the best times, eat a healthy diet and encourage daily exercise. AI is likely to change the way insurance and healthcare are provided on a global scale.
No matter what the future holds, one thing is for sure, technology will hold its presence in many areas of society. Technology is the future of many things; healthcare, claims, insurance and an overall healthy lifestyle. Changes in the insurance industry will be made as long as technology keeps advancing.
Jagger Esch is the President & CEO of Elite Insurance Partners and MedicareFAQ, a senior healthcare learning resource center. As a young entrepreneur and seasoned insurance expert, he has a passion for helping people. Since the inception of his first company in 2012, he has been dedicated to helping those eligible for Medicare by providing them with resources to educate them on all their Medicare options. Jagger lives in the Florida sunshine state and loves boating with his family on the weekends.