TECHNOLOGY
“ It is now possible to settle a claim within minutes just by processing images of damaged vehicles through computer vision algorithms and automatically generating an accurate repair cost estimate ”
MARCOS MALZONE SOLERA EMEA streamline processes and allow human skills to benefit the customer in more valuable ways . “ We must also consider the rise of IoT ( internet of things ) and how quickly the best user experience becomes standardised due to customer expectation ,” O ’ Loughlin says . And as insurtechs scale at speed , incumbents will struggle to maintain their established marketplace position , says Donnelly . “ While every life insurer recognises the role of automation for scaling business volumes , the value of consistent decisioning , accelerated processes for brokers and customers should not be underestimated . Insurers who rely on outdated modes of doing business will be quickly left behind .”
A technology-driven future Right now , insurtechs are still in the
102 January 2022