Technology trends in the life insurance industry
In today’s fast-paced world we’re continually faced with speed bumps that slow us down and let’s face it — insurance is one of them. Still, the days of phoning around and repeating your details are long gone. From comparison sites to timely reminders from the companies themselves — getting an insurance quote is becoming cheaper and easier.
- Technology and Life Insurance: A Valuable Combination
Technology is a key ingredient to enhance the life insurance industry. Life insurance will also be heavily influenced as a result of applying technology to products and processes. Most of the applications enable companies to serve customers better. Some of the most recent trends that demonstrate how the insurance industry can take advantage of technology are listed below.
• Gamification
One of the tools that are being used by the life insurance companies to increase awareness about the product is gamification. It refers to the use of interactive games that enable the player to understand the value of a life insurance policy. It helps companies increase penetration and improve sales performance in addition to making the general population conscious about the advantages of having one’s life insured.
• Blockchain
Blockchain has been a buzzword in the financial industry for a few years now. Recently, many companies started operating through blockchain as well. Blockchain technology has to do with a decentralized form of sharing records that cannot be manipulated. The life insurance industry can make the most of blockchain for maintaining database and claims processing. This will help service providers optimize their process and improve revenues.
• Data Analytics
Customer data is of a lot of value to the life insurance industry. With analytics capacity improving, customer data influx can result in an excellent opportunity for service providers to gain deep insights into customers and their expectations. It will also equip the industry with the right tools to prevent frauds, thereby increasing security. Data analytics offers powerful ways of leveraging data.
• Robotic Process Automation (RPA)
Robotic process automation is one of the tools that has a lot of potential for the life insurance industry. The need for automation is there because the customer base has widened, and companies require better administration of policies. Technology and Life Insurance…
2. Life Insurance is a Smart Investment for Businesses, Here’s Why!
Life insurance is a must-have for every business owner as it can protect the business assets. Experts state that it is the most crucial insurance coverage one can purchase as a business owner and suggests it to be at the top of the list. Undoubtedly, life insurance provides security, and there are other benefits to investing in life insurance. Take a look at the few reasons why business must have life insurance.
Life insurance is the only financial tool that offers guaranteed funds. In case of an unfortunate eventuality that insurance company is liable to pay the guaranteed life cover. This provides assured financial support in such cases. This considered the prime purpose of this investment. With life insurance as an investment, a business owner can plan their financial objectives. At equal intervals, the policyholder will get a percentage of sum assured. With different types of life insurances, one can meet all business goals at different life stages. life insurance as an investment…
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