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How Insurance Technology Has Influenced Business Growth

Leibel Insurance Group

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It’s no secret that technological advancements are impacting virtually every industry across the world. This is especially true for businesses that have to consider the introduction of artificial intelligence, big data and other machines. Insurance companies are looking to invest more in tech businesses and startups to develop new advanced technological platforms and mediums.

As a business, it’s important to monitor these technological trends and how they may impact or evolve your business insurance. Check them out below.

1. Artificial Intelligence (AI) Is Essential For Usable Data
AI is still in its early development stages, however, it is already making a dramatic shift in the insurance industry. AI and machine learning are extremely helpful for insights that are data-driven. AI assistants, like Alexa and Siri, make search extremely convenient and easy. The days of hiring a coder or data expert to analyze data are in the past, as these AI machines can analyze and provide data easily within seconds. Businesses should be using AI to analyze trends and determine what the company should do to develop better outcomes and solutions.

2. Technology Helps Prevent and Predict Loss
Many tech businesses and businesses of other industries are using loss prevention technologies and sensors to help predict upcoming shortfalls and how to prevent them. For construction companies, investing in moisture detection technology is able to detect a leak on a floor before it causes severe water damage to the lower levels. There are also weather tracking apps and technologies that inform businesses when bad weather or weather changes are going to happen. With these devices, the likelihood of loss may be reduced and eventually reduce consistent claims. These technologies can mitigate the frequency of these claims and prevent loss in business.

3. Improving Communication
Many businesses have chosen to offer many customer-based online solutions, such as online forms to submit claims. This makes for a more efficient and easier claim submission and for policyholders to handle the claim more quickly. Businesses must also take advantage of technology that pushes their company’s information to customers in more efficient and easier methods. These include:
● Similar interest offers
● Status of their information with business
● Deals and offers
● Specific payment due dates

4. Driving Business Evolvement
As technology increases effective customer communication and solutions while cutting costs, this allows businesses to focus on how to grow. The specific trends that insurance technology helps businesses achieve include:
● Collecting big data for business strategies and insight
● Improving effective and efficient customer communication
● Documents are easier to access when they’re digitized

Leibel Insurance is your insurance brokerage for a variety of personal and commercial insurance policies. We make insurance simple and straightforward and ensure that whatever you own will be covered. As the top-rated insurance brokerage in Canada, Leibel Insurance guarantees your protection and satisfaction to allow you to focus on the important things in life. For any personal insurance or commercial insurance, contact us for a quote or give us a call at (886) 484-8880 or ask Alexa or Google to connect you to us.

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