Developing IoT trends and their benefits
The digital transformation of the modern world has been prevalent for many years, with the introduction of new technologies appearing all around us. The digital revolution has had a massive impact on business as a whole, with more and more industries embracing the digital shift from ‘conventional’ business operations – and the insurance industry is no different. Although IoT (Internet of Things) is not necessarily new to the industry, the ways in which it is being developed to better the industry is receiving well-deserved attention. We look into some of the current and developing trends below.
Remote signalling technologies are being utilised more frequently across the wider insurance and damage management industry. Remote technology is being used to create a faster, cost-effective and more economical restoration process, when dealing with water and fire damaged properties. Remote monitoring systems allow practitioners to receive live accurate readings from a property, without the need for them to be on-site in person – saving both time and resources, whilst producing a far more effective process for the policyholder. A win-win for the wider industry.
The initial introduction of Artificial Intelligence (AI) to the industry has already started benefiting the wider claims process, by making it both quicker and easier for insurers, practitioners, technicians and policyholders.
Drones have recently taken the industry by storm. Drones can benefit every stage of the property insurance life cycle and can even gather relevant data before a risk is even insured. Drone technology can take images of the property pre-cover, and in case of a fire or flood disaster when practitioners and emergency services can’t get on-site straight away, a drone can provide live updates on the levels of damage.
Another aspect of AI that the industry has already positively adopted is the use of fraud detection through data analysis. Technology such as link analysis, statistical analysis and geo-location mapping can be set up for internal company systems to monitor and detect fraudulent behaviour, pre and post claim – helping the industry mitigate against fraudulent activity.
Although it is impossible to anticipate the future extent of AI in the industry, it’s clear to see that the industry has a lot to gain by further investing.
IoT can often be seen as a replacement for individuals working in the industry, but this is not the case – IoT should be seen as an enhancement. New technologies such as online Q&A systems and website chatbots are already allowing insurers to respond to queries quicker, meaning this extra time can be channelled into closing the claim successfully. IoT enriches insurers abilities to provide better solutions for the policyholder.