Last year, the insurance industry grappled with promises to support innovative technology such as artificial intelligence (AI), machine learning, and cloud services. As 2019 kicks into gear, many within the industry are wondering what to expect in the coming year.
If the past is anything to go by, technological demands will increase, fostering greater competition among insurers. To stay ahead of the curve, industry insiders will need to prepare for the following trends:
- Enhanced public scrutiny of artificial intelligence. As the excitement over the capabilities of AI wanes, public scrutiny is expected to increase. The public and regulatory bodies will want to implement controls to ensure AI processes are free of discrimination, are transparent, and, above all, are secure. Insurance providers will bear the brunt of that responsibility.
- Smart apps. AI combined with machine learning has allowed insurers to improve the customer experience on their websites and other platforms. For example, insurance providers have experienced great success with chat bots to improve customer service efforts. As a result, many are leaning harder on machine learning for data collection and analysis to find new ways to improve the user experience in real time.
- Increased focus on privacy. Several major data breeches consumed headlines in 2018, enhancing the public’s focus on privacy security. As lawmakers look into defining the legalities of online privacy, insurers need to keep an eye on their apps. Many applications rely on location tracking software, a feature that is coming under scrutiny.
Technological advancements aren’t likely to slow down anytime soon. However, insurance providers will need to keep up with consumer demand for innovative technology in claim reporting and other interactions while balancing their privacy concerns. Contact Actec to learn how we can help your insurance company improve claim intake and first notice of loss without compromising data security.