The insurance industry is in a state of flow, that change is ongoing with this incomprehensible structure running by a digital innovation. The insurance companies is loaded with a huge amount of data, high confidential information, with other personal information, to manage this all data and access it on time there is need of proper tool and technology.
Thus, digital innovation is providing support to the insurances industry for proper workflow and helping to reach right audiences at right time and also great profit margin. The rapid technological advancements, such as mobile applications to track driving behavior, reduce the cost of implementing.
The global market for insurance telematics to grow at CAGR of 80.20% and to reach 85.5 million during forecast period of in 2018.
The new insurance business models are being developed using digital platforms. The insurance companies are trying to build and develop a growing number of digital infrastructure. However, insurance companies do not yet fully strengthen the transformational power of digital technology, and many are still struggling to develop digital strategies aligned with their business objectives.
The digital technology, helps insurances industry to achieve their goals and achieve the target before the deadline. The major of issues are resolved on time with great support. This is the indication of the positive growth of insurance sector in the market, and they are working on providing high-quality services and enhanced the customer relationship.
In recent time, numerous insurance companies have opted for software-as-a-service cloud solutions to use non-core functions such as financial management, human resources management system and customer relationship management. SaaS has the ability to support full insurance business, but its use remains less for basic activities such as underwriting, forum detection, claims and product development.
Helping the customer in assisting the insurers in helping handling the claims, disbursing the first loss for the break, helping the customer for settlement, mobile applications can be used to submit claims and required details and the customer can be allowed to check the claim status. Consolidated cameras of mobile devices enable customers to take pictures and upload presentations.
Wearable technology is set to transform the health insurance category. Insurance companies also do not use usable technology to measure the risk using aggregated data, but also create a new category of value-added services. Wearable technology also has the ability to help improve their health and help to detect intimacies at an early stage.
Finally, In order to capitalize on the benefits of digital technology and respond to the challenges of digital transaction, the insurance industry recognizes the need to reconsider the traditional business model and understand the consumer behavior in the Digital Era.
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