In the past, where smart technologies could be adapted, there was too often a lack of profitability, a sparkling business idea or customer acceptance. The view of the insurance industry is therefore characterized by subdued euphoria for 2021 when it comes to the notable breakthrough of technologies. However, leaps in development are to be expected. Some technologies will be used more and more methodically by insurers. Other technologies will at least influence the industry and its business and bring about one or the other novelty.

Robotic Process Automation (RPA), Artificial Intelligence (AI), Cloud Computing

Dark processing, both in application processing and claims processing, has the greatest chance of making a mighty leap in 2021. The advantage of RPA over other technology approaches: Insurers do not have to make any drastic interventions in their ongoing processes. Small successes can be achieved quickly without having to set up large IT projects. This brings relief, but no breakthrough in operational efficiency.

In this regard, much greater effects can be achieved with the digitization of application routes and the fully automated cancellation processing. Automated underwriting also has the chance to become more widespread in 2021. Insurers will increasingly rely on standard covers in order to be able to implement end-to-end automation without traditional underwriting. In the case of major risks or tenders, AI solutions are so advanced that they support the process and significantly shorten it.

Internet of Things (IoT)

The Internet of Things, especially the industrial one, has the greatest potential for real market innovations. For example, the IoT is creating new business models such as pay-per-use. These rental models of machine capacity create new risks that have to be insured, such as failure risks. In 2021, more industrial insurers will also calculate usage-based policies – similar to telematics tariffs

Electromobility

The number of e-cars will increase significantly in 2021. This means that insurers will change their car tariffs. It will be more complicated to clarify how components interact and which manufacturer or supplier is liable for a defect or control error. In addition, defective batteries often lead to total write-offs. Insurers, together with manufacturers and authorities, will deal with these challenges more intensively in 2021 than this year. In addition, insurers will jump on the e-car train and start with special safeguards, for example the inclusion of certain components in the insurance cover or the assumption of the disposal costs for the battery.

Naturale Language Generation (NLG)

Even in reporting processes, AI is on the verge of relieving more and more monotonous work. Insurance companies are facing more and deeper tests by BaFin and other authorities. The trigger for this is, for example, the Wirecard affair. Insurers must also provide information on solvency and financial position (SFCR) on a regular basis in a page-long report. The data are unstructured in the insurers’ IT systems. Currently, an average of five employees take care of turning this data into written reports. With the help of NLG, an AI sub-area, natural language text can be automatically generated in very good quality – faster and more efficiently than humans would be able to do. In addition, the technology is suitable

5G, fiber optics, autonomous driving

World is facing a boom in investments in digital infrastructure and technologies. These projects are extremely interesting for insurers because they promise reasonably good and, above all, sustainable returns in times of low interest rates. In 2021, these technologies will thus indirectly gain relevance, namely as investment objects.

Chatbots

When using chatbots, insurers go through a maturation process. We’re going to see some small developments. However, completely bot-based communication via the website, as with Lemonade, will hardly establish itself as a standard. However, the lockdown as a result of the corona pandemic has certainly worked like a magnifying glass that changes in communication are necessary and possible. It can be assumed that by 2021 more insurers will not only use chatbots for written communication, but also take more of the workload off their call centers. The real added value will arise when customers complete their concerns together with the bot, i.e. when a chatbot also automatically changes the address, creates the contribution information or provides information on the status of a claim.

Technologies will primarily help with the renovation in 2021

One thing is clear: by the end of 2021, insurers will be more digitized than they are now. The progress will probably also be more noticeable than in the previous year. The current corona pandemic has played a major role in this. However, real disruptive effects are not to be expected. Above all, technologies will help improve processes, optimize IT and thus ensure cost efficiency. This competitive advantage will become significantly more relevant in all industries. In addition, technologies will help insurers to evaluate larger amounts of data in real time and thus support them to take existing business to a new level. Real technology-driven market innovations in the form of revolutionary policies and business models will be seen sporadically in 2021.

The post These Technologies And Digital Trends Will Influence The Market appeared first on TechReviewsCorner.

There is no shortage of new buzzwords in the “ TechTrends 2021 ” report by the consulting firm Deloitte, which was published for the 10th time this year: AI-fueled organizations, intelligent interfaces, experiential marketing, serverless computing, advanced connectivity or DevSecOps are just a few examples of this.
But today I don’t want to deal with the question of how artificial intelligence can become an integral part of corporate strategy? Still with the trend towards “serverless computing”, in which the cloud providers automatically assign computing power and storage to the companies according to their needs.

New Forms Of Interaction Arise

Instead, my topic is intelligent user interfaces and “marketing beyond marketing”, each of which has its own section dedicated to the study. Since the invention of the computer mouse, more and more ergonomic user interfaces have emerged. Even if touchscreens are the current peak of this development, there will be many more new possibilities in this area in the future, according to Deloitte.

The trend is moving away from the “glass” of monitors and towards the legibility of gestures, looks, or head movements. ” Completely new forms of interaction and use cases are possible thanks to new interfaces, ” the report says. The exact offline tracking of customer wishes and behavior makes a much finer structured knowledge about preferences and habits accessible, there are hardly any limits to the imagination.

Examples of this? For example, new sensory technologies enable dynamic olfactory marketing through the targeted use of scents and smells. In addition, “micro-personalization” is already within reach thanks to sensors and apps. Body data such as the stress level could be evaluated and used for useful services – from lifestyle to healthcare.

And here we come full circle to “marketing beyond marketing”. The data-driven “Beyond Marketing” – further buzzwords here are “Experience Management” and “Experiential Marketing” – is based, according to the Deloitte report, on much more precise and relevant customer data that can be obtained through the intelligent user interfaces.

To Meet Customer Requirements Even Better

“ As a result, the new world of marketing is personalized, contextualized, and dynamic, ” writes the authors. It is not about manipulating the customer, but rather about accommodating their authentic wishes. ” A more emotional, more human approach and a perfectly tailored customer experience are possible, even in the shop, ” the study reads. This is also urgently needed, because thanks to numerous digital options, customers are now known to be “ more king than ever ”.

For Beyond Marketing, three aspects are particularly important – the “three Ds”: data, decisioning, delivery. Data is the obvious foundation of the approach. Advanced algorithms provide situationally appropriate decisions on messages, actions, notices, and even dynamic pricing. Finally, the “delivery”, the transmission of the message via media technology, is consistent and dynamic at the same time, across the channels from e-mail to the customer portal, from the app to the call center.

Also Read: Difference In Online and Offline Marketing

The post Technology Trends [2021]: Beyond Marketing Takes Customer Interaction To A New Level appeared first on TechReviewsCorner.