Applying technologies has been a long overdue process for insurance companies.
Just getting the «house» in order is not easy since there are manual processes and strict government regulations within the house.
However, the 2020 and the pandemic have opened the eyes of the insurance industry. They began to employ digital technologies thanks to investments in insurtech, which has allowed the sector to evolve.
In this article we tell you about some of the most relevant technological applications that will be present in insurance in 2022.
Automation
According to the Mckinsey study, 25% of the insurance industry will be automated by 2025 thanks to artificial intelligence and machine learning techniques.
In fact, the industry is full of bottlenecks and manual processes such as claims processing, fraud detection, customer service, among others.
Some tangible automation use cases include:
- Claims processing
First this processing has several layers, such as review, investigation, adjustment, forwarding or denial of the claim.
For each layer, insurers must process a large volume of documents that can be automated.
With document automation, insurers can extract data from documents, identify fraudulent claims, among others.
Automation with LISA Insurtech
At LISA Insurtech we use AI to interpret images of automobile accidents and estimate repair costs.
In fact, we do the same with damages in the household line of business.
As a result, claims can be settled quickly and insurers respond up to 10 times faster.
To conclude we can say that there is no doubt that applying technology, although it is not something simple, is an opportunity for growth and revolution.
Although the insurance industry is one of the oldest, it has many opportunities when going digital.
This not only applies to making life easier, but also to making your customers much more satisfied.
Now stay tuned! In our next article you will learn about other important applications that will set a milestone in the insurance industry this 2022.
Expect it very soon!