Emerging technologies facilitate digital transformation of insurance sector, says GlobalData

The growing maturity of emerging technologies such as artificial intelligence (AI), biometrics, cloud and alternative reality, and data ubiquity are facilitating the insurance sector’s digital transformation. The trend will accelerate as stakeholders become more cognizant of the new technologies, finds GlobalData, a leading data and analytics company.

Abhishek Paul Choudhury, Senior Disruptive Tech Analyst at GlobalData, comments: “Emerging technologies are increasingly becoming crucial to the digitalization of insurance services to better manage risk, automate claims, and enrich customer experiences.”

The Innovation Explorer database of GlobalData’s Disruptor Intelligence Center highlights how emerging technologies are enabling the automation of several processes across the insurance sector value chains.”

Biometric Data Analytics

French reinsurance giant SCOR provides an automated ML-based biometric cardiovascular risk calculator ‘Vitae CVR’. Embedded in SCOR’s underwriting manual SOLEM, Vitae’s ML algorithms consider risk indicators like calcium score, waist circumference, and physical activity, leading to a more accurate cardiovascular risk assessment and better pricing decisions.

Automated Claims

American home insurance startup Openly offers an automated property claims management solution using CoreLogic’s Claims Connect platform. The cloud-based platform benefits Openly’s clients such as independent agents and homeowners with real-time and secure access to claims data and QX. This helps ensure claim consistency and increase the quality of data collected.

Mobile Apps

Tokio Marine Insurance’s Vietnamese subsidiary provides TM Care, an insurance app for Japanese companies operating in Vietnam. The app leverages AI to offer digital insurance in Vietnam and can be deployed for collaboration with point services, the B2B2C market for members, and target marketing.

Mobile-First Brokerage

British insurtech startup Hubb uses metaverse-driven technology to enhance its customer engagement in a virtual environment. The startup leverages Oculus’s Horizon Workrooms to create a hybrid working environment where customers can interact with brokers, therefore maintaining the client’s comfort at the forefront of its customer service.

Choudhury concludes: “While nobody can forecast exactly what the insurance sector might look like in the future, insurers must get smart on emerging tech-based trends. They must start formulating and implementing comprehensive data strategy to develop engaging services, generate insights, streamline processes, and lower costs.”

More Media