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Digital transformation in the General insurance industry 🔎🔗📊💻✉


Digital transformation is rapidly reshaping the general insurance industry, enabling insurers to better understand their customers, develop more personalized products, automate manual processes, fraud detection and improve operational efficiency.

Here are some key ways that digital transformation is impacting the general insurance industry:


Robotic process automation (RPA) is a software technology that automates repetitive and rule-based tasks.

Eg: Data entry and processing, Order processing, Invoice processing, Customer service tasks, Financial reporting, IT support tasks etc.

Artificial intelligence (AI) is transforming claims and underwriting in the general insurance industry in a number of ways.

Eg: In Claims: Triaging, Investigation, Claims processing, Fraud detection etc.

In Underwriting: Risk assessment, Pricing and New product development etc.

Predictive insurance analytics is the use of historical data and machine learning algorithms to predict future events, such as claims, customer churn, new product development and fraud detection. Insurers are using predictive analytics to improve their underwriting, pricing, and customer service operations.

Customer insurance applications are software applications that help insurance companies to manage their customer interactions and provide better customer service.

Eg: Policy management, Claims processing, Customer service and Fraud prevention etc.

Omni-channel customer experience is a customer experience strategy that provides a seamless and consistent experience for customers across all channels, including physical stores, e-commerce websites, mobile apps, call centers, and social media.

Internet of Things (IoT) and Telematics devices are used to collect data about policyholders and their assets, and then using that data to improve underwriting, pricing, risk management, and claims processing.

Eg: Driving data by Telematics devices, Home data by Smart home devices, Health data by Wearable devices etc.

API-based insurance is a new approach to insurance that uses APIs (application programming interfaces) to connect different insurance systems and applications. This allows insurance companies to create innovative new products and services, improve operational efficiency, and provide a better customer experience.

Eg: API to connect its policy management system to its claims processing system. This would allow the two systems to share data automatically, which would improve the efficiency of the claims process.

Chatbots are computer programs that can simulate conversation with humans. They are often used in customer service applications, where they can answer customer questions and provide support.

Self-service insurance portals are online platforms that allow policyholders to manage their insurance policies and claims online. Policyholders can use self-service portals to View their policy information, Make changes to their policies, Pay their premiums, File claims, Track the status of their claims, Contact customer service etc.

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