In the post, we are about to reveal five disruptive and innovative trends that will disrupt the insurance industry for good which is already making big news across the world. It is expected to go stronger in this year 2018 & beyond.
Let us explore those trends!
Trend #1: Gamification is a New Talk in the Town
Potential of the Gamification is quite tremendous. Also, the gamification is now popular with the tech-savvy as well as young clients, a large number of the life insurers from the whole world are leveraging the gamification techniques in order to spread the awareness and about the complex workings of the life insurance policies.
Trend #2: Wearable Tech is Still a Thing
The wearable technology is actually not a new thing at all, but the life insurance industry across the world hasn’t yet realized its complete potential. Though, this underrated tech is completely set to get the positive momentum in this year 2018 & beyond. In reality, the experts trust that the wearable tech market would grow quite stronger at the CAGR of 15.5 percent to reach 51.6 billion dollars by the year 2022.
In the previous year 2017, we have seen some large industry names just like the State Farm Insurance and the John Hancock pushing hard on the usage of the wearable and another sensor-based technology in order to generate measurable and relevant client data to give the accurate risk underwriting.
Trend #3: Chatbot Technology would make the Waves in 2018
In the previous year 2017, the Chatbot technology was a very much famous among the life insurance companies across the world. In reality, one report by the Capegemini-Efma revealed that 75 percent of the life insurers are actually planning or investing to make an investment in the Chatbot technology in the coming three years.
Trend #4: RPA would Redefine Insurance Administration Process
It was the winner trend for the life insurance sector previous year and this is still there. It is the RPA (Robotic Process Automation) technology. There is the steep increase in the demand for the life insurance plans across the globe. There is just one demand for the robotic process automation. It is for the better policy administration, a claim settlement, and the underwriting.
At the beginning of this year, the Fukoko Mutual Life Insurance of Japan has embraced the RPA system in order to calculate the payouts to the policyholders.
Trend #5: Blockchain Technology Would Become a New Norm
The Blockchain technology is one more 2017 trend on a list. It is going much strong this year 2018 & beyond. This has made it quite easy than ever before. It is to increase the operational efficiency throughout its value chain. It boosts the operational transparency. And it makes it sure the seamless data transfer between all of the involved stakeholders.
Hence, the blockchain based on the technological solutions might make a claim process seamless as well as hassle-free for the dependents and the beneficiaries by using the inputs from the death registries. This might also assist the life insurance companies to decrease their operational expenses by the automating back-office transactions.