The 5 technological trends that will drive the insurance sector in 2022

MADRID, Jan 29. (Portaltic/EP) –

The insurance industry has learned with the pandemic to adapt to a new business landscape that was already deeply marked by digitalization at the hands of Industry 4.0, and that will change gears again to continue moving forward in a still changing environmentas predicted by the neoinsurer of Spanish origin, Tuio.

In 2022, insurers set themselves the goal improve the customer experience, optimize its processes and streamline its management. To do this, they must incorporate a series of innovations in which new technologies must be a fundamental pillar on which to base their strategies.

“The insurance industry needs more than just trying to improve bit by bit. It just a truly transformative approach It will allow insurers to survive and prosper in a post-coronavirus world in which organizations have had to drive their transformation even further, and even reinvent themselves, in the face of the new business models that are imposed,” said the co-founder of Tuio, Juan García.

In this sense, from Tuio they point out that among the main technologies that are understood as fundamental to pave the way for any insurer, are those called ‘no code’with which business teams can manage all the points of contact with the user themselves.

As they explain, these are development technologies primarily aimed at conducting experiments, finding and adapting these touchpoints faster, and improving iteration with customers, allowing decouple business teams from IT teams. They also help improve business performance and customer experience.

There is also no lack of artificial intelligencewhich represents a revolution for many processes and allows insurers to increase their capabilities, improving service and reducing costs, through the generation of advanced models for pricing or fraud detection, or the use of computer vision for recognition and detection. automatic processing of simple claims.

According to data from ICEA -the service of statistics and studies of the insurance sector in Spain- highlighted by Tuio, artificial intelligence is one of the technologies already implemented in 41.5 percent of the projects in the insurance sector.

On the other hand, the technologies digitization of processes (process mining, RPA, OCR) save employees time by freeing them from performing repetitive tasks and avoiding possible manual errors, improving service and, in turn, reducing costs.

The management of any interaction with customers can be improved with conversational technologies, such as chatbots or chat applications. With them, the insurer gains immediacy, and asynchronous communication is facilitated for the management of more communications with clients in parallel, who can also see at what stage the management of their incident is and how its resolution is progressing.

Lastly, Tuio also cites the importance of ‘big data’. The new technologies for capturing, maintaining and exploiting data make it possible to understand customer behavior in a much more accurate way, always maintaining regulatory compliance and privacy protection as dictated by the General Data Protection Regulation.

From Tuio they point out that together with the mentioned technologies, there are others that are in different stages of maturity. An example of this is the chain of blocks or ‘blockchain‘, which “may have significant transformation potential for the future if we think about smart contracts”, as the co-founder comments.

“The innovation and introduction of technology by the ‘insurtechs’ is the way to transform and bring insurance into the presentnot even bringing them closer to the future, as they help us improve our operations, develop new products and services, and design more evolved ecosystems capable of responding to the demands of all stakeholders”, concludes García.

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