Insight

What we think, say & do

9 March 2017
Top Technology Trends In Insurance

In the current digital transformation state, there is significant need for the Insurance industry to embrace digital change in order to address current business challenges such as increasing customer experience and reducing risk and costs. With minimal IT budget available to drive innovative projects, there is also a need to be effective with the implementation of technologies and that is why they need to be developed specific to your needs. Although there is significant pressure on the ability to drive this digital change, fortunately, the time and opportunity to do so couldn’t be better.

Here are the list of our top technologies that we suggest implementing:

Data Visualisation, AR & VR

Leveraging Big Data is not a new problem, many companies have identified ways in which to collect data, however there are far and few between who know how to leverage this data effectively. Utilising Data Visualisation tools and AR & VR applications you can present your services in unique and interesting ways, whilst also maintaining a competitive advantage.

Machine Learning

Machine learning has become well known to the world in the recent years due to it’s use in social applications, however it has been used by several industries for decades. The core of the Insurance industry is a risk management service for protection against financial loss. In order to assess the subject of the insurance to hedge against the risk. Insurers will be able to use this technology for the following analysis:

- Fraud detection

- Claims

- Marketing

- Profit and loss analysis

- Behavioural analysis

- Preventative insurance

Mobile Applications

With the forecoming of ML technology numerous insurance companies can leverage their use within mobile applications. Currently, only a couple of the biggest insurance firms have apps for perhaps one or two of their divisions, mostly within healthcare and travel related insurance sectors. Yet, they have a low satisfaction from users due to their sluggish performance, and limited set of features.

Automation

Ensuring that an application functions correctly and meets all of a systems requirements is the responsibility of the entire delivery team. Implementing test automation in the following areas can minimise operational spend, leaving more budget to push towards innovation:

- UI

- APIs

- Cross browser/platform

- Mobile device

- Performance

- Security
 

If you would like to read further, you can download our most recent Insurance White Paper here: http://www.cameronandwilding.com/content/2017-top-technology-trends-insurance-industry