Fintech Today curates the latest news and trends in the financial technology industry including the insuretech sector. In this roundup, we focus on the use of artificial intelligence to improve the claims process, the impact big data is making in the insurance industry, and the use of IoT technology to revolutionize smart homes.
IMPROVING THE CLAIMS PROCESS USING ARTIFICIAL INTELLIGENCE
The claims process can be both lengthy and tedious. However, artificial intelligence (AI) refines business operations in claim processing to reduce costs, enable re-investment, and improve the customer experience. According to Venkatesh Srinivasan, Venture Leader for Cognizant Property Insights, AI can improve processing for about 40 to 50 percent of claims involving exterior damage by eliminating the need to have an adjuster on-site for documentation – this can shorten the claims process from 4 weeks to 5 to 10 days.
Read the full article here.
BIG DATA IS MAKING A BIG IMPACT IN THE INSURANCE INDUSTRY
Big data is seeping into all areas of business and is becoming especially prominent in the insurance industry. “As available data sources multiply, big data is shaping the next wave of [insure]tech technology and has already helped us build better products and experiences,” explained Peter Colis, CEO and Co-founder at Ethos Life. Using risk assessment procedures to estimate the cost of an insurance policy is very much the backbone of the industry and big data is making this easier by allowing insurers to correlate behavior with risk.
Read the full article here.
INTERNET OF THINGS TECHNOLOGY MAKES FOR SMARTER HOMES
Internet of Things (IoT) technology has greatly impacted the insurance industry by revolutionizing the term “smart house.” According to Matt Poll for ITProPortal, “The adoption of IoT by home security systems and [insure]Tech companies has resulted in smarter home security systems. Leak sensors, door and window sensors, and smart fire alarms have been introduced into the home to help minimize damage caused by an unexpected disaster, such as theft, fire and water damage. This gives customers the ability to take proactive and preventative approach when protecting their homes.” With the help of IoT technology, homeowners have improved safety through prevention, –which indirectly cuts costs.
Read the full article here.
