How Technology helps insurance businesses to obtain and manage their policies effectively as well as ease their claims

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In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process

In other not to leave Nigerian Insurance companies behind in this digital evolution age, the operators should target how the company can harnessing data and technology to help owners better protect their properties in this Insurance space


As we all witness to how technology is changing the insurance landscape in many exciting new ways. From pricing and purchasing policies to filing insurance claims, technology is streamlining the entire insurance process and allowing insurers to develop new products. How property insurance company that is making it easier for customers to protect their homes while providing products that ease many of the burdens associated with homeownership.


The emerging technologies and innovations are beginning to transform the insurance industry, and for the better. New technologies are creating novel ways to assess, manage and price risk, reduce costs and ultimately expand insurability.  Also, in essence these innovations will reinvent the insurance industry.

The research has showed that in 2018, North American insurance companies spent 82.6 billion U.S. dollars on information technology hardware, software, and services. In the same vein, the research has shown the latest developments in technology that can help insurance providers increase revenue and profitability. Those technologies instrument can also help the businesses to obtain and manage their policies effectively as well as ease their claims.


For instance, the impact of AI on the future of insurance is very huge that in the future, the insurance companies, as seen through the eyes of the customer in the year ahead. For instance, a digital personal assistant instrument can order a vehicle with self-driving capabilities for a meeting across town instead a driver decides he wants to drive today and moves the car into “active” mode. There is a personal assistant maps out there that have a potential route and shares it with client mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. The same gadget assistant notifies client that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a “pay-as-you-live” basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account.


When a client pulls into his destination’s parking lot, his car bumps into one of several parking signs. As soon as the car stops moving, its internal diagnostics determine the extent of the damage. That personal assistant gadget instructs him to take three pictures of the front right bumper area and two of the surroundings. By the time client gets back to the driver’s seat, the screen on the dash informs him of the damage, confirms the claim has been approved, and reports that a mobile response drone has been dispatched to the lot for inspection. If the vehicle is drivable, it may be directed to the nearest in-network garage for repair after a replacement vehicle arrives.

While this scenario may seem beyond the horizon, such integrated user stories will emerge across all lines of insurance with increasing frequency over the next decade. In fact, all the technologies required above already exist, and many are available to consumers. With the new wave of deep learning techniques, such as convolutional neural networks,1 artificial intelligence (AI) has the potential to live up to its promise of mimicking the perception, reasoning, learning, and problem solving of the human mind.


In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process. The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers, and suppliers become more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.

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