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Technology is becoming more important to the insurance industry

January 18, 2016January 17, 2016 S.Vagus

insurance industry technology idea innovation

Technology may direct the future of the insurance industry as a whole in the coming years Technology is beginning to play a very important role in the insurance industry. 2015 was the first year in which technology issues took up a significant degree of discourse within the industry. During the recent Property/Casualty Insurance Joint Industry Forum in New York, several insurance experts noted that change is coming quickly to the industry. Insurers will have to prepare to tackle challenges concerning technology in order to continue operating effectively. Volume of data…

Insurance news is undergoing a massive evolution from technology

May 26, 2015May 23, 2015 H. Cutner

Insurance news technology internet of things

The Internet of Things (IoT) is expected to be a driving force behind massive changes to the industry. Technology has been making insurance news for many years, but it is only of late that the changes have been at an exponential rate, as smart devices have become a typical part of the average household, and as the Internet of Things begins its own expansion. The solutions offered by the IoT can be as simple and practical as they are personalized. This means that insurance news generated by the IoT is…

Mobile apps could disrupt the auto insurance market

December 11, 2014June 4, 2015 Logan B.

Google and Apple may become market disrupters by supporting mobile applications Both Google and Apple may soon become disrupters in the auto insurance market. A growing number of insurers are beginning to use telematics to offer new, usage-based policies that are popular among consumers. These companies are using relatively expensive devices to monitor the driving habits of policyholders and this information is being used to determine the cost of an actual insurance policy. Mobile application may soon become a powerful tool in helping insurers cut the upfront costs associated with…

Technology is affecting the future of the insurance industry

November 28, 2014November 25, 2014 S.Vagus

Insurers are beginning to feel the need to embrace technology more aggressively Technology is beginning to shape the future of the insurance industry. Strategy Meets Action has released a new report that highlights the role that technology is playing in various insurance sectors. As various forms of technology begin to play a larger role in society, insurers are feeling the need to adapt, providing new services and products that account for this ongoing trend. Though investments in the tech field have dropped this year, the insurance industry may still see…

Auto insurance telematics market is growing quickly

October 24, 2014October 22, 2014 Nordstrom

Demand for telematics technology has reached a new high in many parts of the world A new report released by Timetric shows that the insurance telematics market is set to see strong growth in the coming years. The demand for telematics technology within the insurance industry has been on the rise for some time, particularly among auto insurance companies. This technology is used to track consumer information and is becoming a valuable tool for auto insurers looking to offer new products to drivers. Telematics has lead to the creation of…

Insurance industry must take the digital age seriously

September 4, 2014September 2, 2014 Logan B.

Report highlights the changing behavior of consumers around the world Improving digital engagement may be the key to success for the insurance industry, according to a new report from PwC. Consumers throughout the world are becoming more digitally oriented, relying on the online realm to conduct their daily lives. These people shop online, communicate with their loved ones online, and even work online, and if the insurance industry cannot cater to the changing needs of digital consumers, it may risk losing its ability to engage customers effectively. Consumers are favoring…

Software is making the insurance industry more efficient

September 2, 2014August 31, 2014 Marc

Technology is becoming a powerful tool for insurance companies IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent…