Automation for Insurance Professionals | Product Innovation

Published: 7 July 2022

When it comes to insurance companies, staying up to date with technological advancements is key for your business and your customers. Learn more about how Tangent Solutions envisions using automation to improve insurance businesses. 

Technology in the Insurance Industry

Advancements in technology have led to new and better methods of innovating the insurance products you sell to your customers each day. By not exploiting this vital resource, many insurers are still trying to promote old products and pricing tiers that are not competitive in today’s marketplace.


How can Insurance Industries Benefit from Advancing Technology?

Customer behaviour demands, and individual risk assessments have drastically changed over the past few years. By leaning on technology infrastructure, you can enhance your product offering and improve your customer experience.

An insurance study by Gartner revealed that by 2020, a customer is expected to do 85% of their business without any human interaction. That time is now, and it’s “innovate or disappear for insurance professionals”.


The Internet of Things

With the age of the Internet of Things, billions of devices now connect to one another. For your business, it means better customer data available to you, allowing your systems to create more tailored or discounted insurance products for potential clients based on their unique risk factors.

Auto insurance premiums can be customised based on driver behaviour.

Property insurance can be evaluated through sensor data, which alerts and prevents accidents, while buildings can be monitored for electrical, water and structural risks to prevent expensive payouts. 

The capabilities of IoT are endless with the creation of enhanced product sets. Based on consumer behaviour, it is a win-win for all parties involved.


Insurance Companies Need to be Working in the Cloud

When you move to a cloud computing environment, you can also benefit from a faster time to market for product innovations. Automation cuts down on costs while delivering a better customer experience.

Now is the perfect time to partner with Tangent Solutions to reap the benefits of smart insurance.

Contact Tangent Solutions to learn more about how we can help your insurance business get ahead today. Watch the full video below.

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Automation is a vital resource in order to remain competitive in today’s marketplace. Lean on technology to enhance your product offering and improve customer experience.