Search
 

InsurTech Center

Commentary

Mass consolidation & advanced tech are shaking up the insurance industry

New technology is disrupting the legacy insurance experience and mass consolidation is inevitable.

By Adrian Dzielnicki, CFA | October 12, 2022 at 12:45 AM
Another technology which has streamlined the insurance policy acquisition process is robotic process automation (RPA). This refers to the use of bots that interact with customers in human-like ways while connecting to digital systems and software to deliver relevant results. RPAs can even deliver more accurately and consistently than human counterparts. RPAs also reduce staffing costs for insurance companies, while allowing licensed agents and highly-skilled workers to spend more time on higher value tasks. (Credit: ESB Professional/Shutterstock) Another technology that has streamlined the insurance policy acquisition process is robotic process automation (RPA). This refers to the use of bots that interact with customers in human-like ways while connecting to digital systems and software to deliver relevant results. RPAs can even deliver more accurately and consistently than their human counterparts. RPAs also reduce staffing costs for insurance companies, while allowing licensed agents and highly-skilled workers to spend more time on higher-value tasks. (Credit: ESB Professional/Shutterstock)

Just about every established B2C industry, from entertainment to health care and travel is being revolutionized by advancements in technology. Driven by savvy, mobile-first consumers who are demanding faster results and more streamlined experiences from their service providers, the insurance industry is the next sector to benefit from a major disruption.

To understand the differentiators at play in the insurance industry today, it helps to understand the different types of businesses operating in this sector.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

The metaverse: An evolving technology

The metaverse: An evolving technology

Andrew Zarkowsky and Michael Kearney |

While insurers should be open to utilizing new technology, they should also be cognizant of the unexpected exposures it can create for customers and their businesses.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.