4 September 2023

The next chapter in insurance: a ‘smart’ approach

Digital transformation is reshaping the landscape across various sectors. In the insurance industry this wave of change has led to a progressive approach known as ‘Smart Insurance’, which uses data and advanced technology to redefine insurance services.

A recent insightful Forbes article by Elad Schaffer, highlighted the defining traits of smart insurance:

Personalisation: Cover is customised to each customer’s needs, utilising data analytics and machine learning to understand their unique risks and preferences.

Efficiency: Streamlined experiences are created from the use of automation and digitisation. Reliance on manual processes and paperwork is reduced.

Transparency: Policies are more easily understood by customers due to open data and standard reporting practices.

Accessibility: Mobile-first convenience is a given. Value-added services are vital, enabling customers to have information at their fingertips.

Optimised AI: Tools such as ChatGPT are efficient are efficient at doing some of the heavy lifting but need to work alongside human involvement for maximum benefit.

Partnership: Modern, user-friendly systems can unlock new revenue streams, so relationships with technologically advanced third-party collaborators is vital.

The core values of smart insurance are set to shape the industry’s future. As the industry undergoes more and more digital evolution, we can expect an increase in innovative products and services. This evolution benefits everyone. Insurers are empowered to improve customer satisfaction, reduce costs, and increase their market share. Customers, in return, get the best cover for their needs, fair pricing, and a better understanding of their protection products.

In short, smart insurance promises a future where insurance is more accessible, affordable, and convenient for all – it’s certainly a significant leap towards making insurance more customer-centric. In our opinion, the future of smart insurance looks promising.

Do you see smart insurance as the future?

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