Information technology has touched almost every industry to the point where it is now synonymous with every industry. Insurance is no different; with the large amount of data that insurance companies have, it is important that they are able to utilize this data to get even better results in providing insurance coverage while being able to calculate risk in a manner that isn’t detrimental to their own interests.

Right off the bat, insurance companies are providing various kinds of services like change of nominee, change of address, payment mode change, raising a claim request, etc. right from their websites, as they understand that people may not have time to visit the insurance provider in a lot of situations and would benefit from these services being available on the website. By providing these facilities on the website, it is guaranteed that these changes will take place in their own database as well. Through websites, people can also know their premium renewal date, pay premium online, and generate their payment slip, etc., thereby, adding more convenience to users as well as insurance companies as they do not have to maintain this data manually.

Like mobile banking, mobile apps are also being developed by various insurance providers which allow for easier premium payment, insurance policy renewal date, downloading policy details, and direct onboarding for a certain kind of insurance policy. This adds another touch point for users to avail the facility, and mobile app users are much more likely to pay insurance premiums on time, hence being beneficial to users as well as insurance providers.

Using technology to help underwrite policies and Artificial Intelligence, many new startups in the insurance sector have been set up that use technology in every step of the way to interact with consumers. By keeping human interaction to a minimum, these startups are saving money, which is transferred to clients, and hence policies are sold at highly competitive rates.

To analyze the huge amounts of data insurance companies have at their hands, different kinds of proprietary software are used, which considers all the data that they have. This software helps understand patterns across different regions; and hence, insurance companies can tailor their offerings accordingly. This software also helps calculate the reinsurance amount that should be charged; as insurance companies frequently offer a discount for renewing policies with them. Similar kinds of software are also developed that help expedite the process of claim processing.

To leverage the power of social media and to provide convenience to policyholders, insurance companies are also using different social media channels to get their message to the right audience. As social media provides highly targeted delivery of content to your audience, various kinds of targeted ads can be shown to people searching for insurance policies across social media apps, which can lead to inexpensive lead generation compared to other media platforms. Insurance is a heavily regulated sector, so newer innovations are hard to come by.

Despite this, the insurance sector has embraced IT to provide more convenience to customers, analyze data to produce better products and offerings, provide policies at competitive rates, etc. We would love to help you get better at your insurance offerings by providing you with a digital approach across various verticals.

• Website design and development.
• Mobile app design and development.
• Desktop app development.
• Social media content planning and ads.
• Creating algorithms for various insurance modules.