Reimaging the way the insurance industry works with the help of AI and tech

  1. Because the Best of the claim is the one that doesn’t happen at all.
  2. This can happen through-

AI and Technological components combined with empathy will change the course of the automobile insurance sector let’s see how

Image source Provincial insurance broking

Motor insurance is something we all love to have but would never be wanted to be in a condition where we have to apply for a claim, sadly if we ever have to do this is what happens to a person who undergoes that experience.

Imagine the condition of a person who undergoes a road accident or an engine breakdown on a road trip. The person feels traumatized and constantly battles with things like first aid or even hospitalization and ways to tow vehicles in case of an engine breakdown. And in that mental state, the person has to gather the proof that the accident was real and you were following all the regulations at the time of the accident. And that is followed by running from pillar to post to get the claim assured and get our bill paid.

That sadly is the condition of the motor insurance industry and we would love it if Technology could solve it for us.

There is an ongoing debate on if artificial intelligence is good or bad. Let’s leave that debate for the future and dive deep into how It can not only make our commute safer but also can solve the biggest of our problems of gathering proof of accident and proof of our innocence.

Data sensors linked with vehicles, that record our speed, lane, and distance from other cars as well as the real-time condition of our engine and the inner hardware are increasingly used in practice. That is also linked with data centers with automobile companies to predict cases of accidents and alert us in advance if there is a case of a future accident.

Instead of looking for ways to fix the current situation we have to completely reimagine the future.

How can an automobile Insurance Company leverage the more available technologies to reshape the way the current system works.

1- First of all they have to keep all the technology aside and start with one of the most important jobs a claim manager has to do, which is to provide empathy and assurance for safety to the person ongoing that experience and leave the job of data collection for proof of accident and Innocence of driver to Technology.

2- Make the process of claim settlement more automated and self-service-oriented through the app combined with the data collected by the sensors. This will bring transparency to the process by letting the person know the status of their claim at each step, thus instilling faith of the customer in the insurance company.

3- Now the most important step which will be responsible for the success of the company that will disrupt the space is the prevention of accidents using Technology.

Because the Best of the claim is the one that doesn’t happen at all.

This can happen through-

1- Alerting driver about violations of regulations, rash driving, or other factors that may lead to an accident.

2- Sensors keeping a check on internal hardware conditions and notify customers about any system breakdown or fault that may happen in the future.

I hope you enjoyed reading it. if yes, give it a clap, and do let me know if you want to add a point or differ with any.