Impact of Technology on the Insurance Industry
Like all other fields, the insurance sector has also witnessed anonslaught of technology. Companies can set up not only paperless but peopleless branches that would handle the entire insurance operation. Insurancebusinesses are now looking forward to new and varied concepts in technologythat gives a marked advantage to software companies. Many insuranceagencies using technology to expand their business operations and increasethe efficiency have also shown a remarkable business growth. Let us firstunderstand how technology helps insurance companies towards their "Paperless" is synonymous with digital imaging. It involves scanningand storage of pages and photos, and integrates them into a computer filingsystem. Once the domain of rich big corporations, digital imaging today hasfound place with small firms as well. Take the case of Cortes & Hay. Forthe last 30 years as their business grew so did the mountains of paper.Their basement contained rows of filing cabinets. Not only did they have tostore the years' of paperwork but also have access to them when situationdemanded. To combat all this, they finally
One of the major challengesfor the industry is governmental regulation and reporting of data. 20%, the insurance sector spends the highest at 2. The most obvious benefits are faster client service, easy retrieval ofdocuments and their submission, less paper mounting and to work with,electronic submission of claims and other forms, and digital security forcustomer protection. There are alsoadvantages like reduction of errors in claims processing and applications,in quoting and underwriting and avoiding fraudulent claims. This can be used as aneffective marketing strategy for further business growth and profits. Insurers will alsobecome a leading force in the computer and network security business. Analysis and statistical methods like data mining canplay a significant role for the insurance companies to study customer needsand providing the right product. Self Service innovations will be major criteria for customers todecide which firms they will ally with. Reporting data to the regulators can now be less burdensome when datastandards are being used. Now, there is greater investment in datawarehousing for better analysis of customer information to tailor theproduct to the Canadians' needs. Theywill also shape the digital policies to address threats such as virusattacks, denial of service attacks, web site defacing and even cover cyber-extortion. Basic security aspects like firewalls that guardagainst hackers can sometimes be improperly configured and in these days ofincreased threats, may prove futile against protecting customer data. Data mining technology can also offer newermodels of customer behavior using the existing data available withinsurance firms. The risk of privacy andsecurity has been decreased to a large extent with new innovations innetwork security. (Future of Insurance Industry) As insurance companies look toretaining customers and increasing new customer bases, the customer can beassured of better deals with adequate security.
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