InsurTech Trend transform the way we buy, sell and claim on car insurance

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💓InsurTech is abbreviation of insurance technology which means all advance technologies in trend like Artificial Intelligence, Cloud Computing, Big Data Analytics, Data Science, Machine Learning, Deep Learning, and much more. These technologies have potential to revolute the whole insurance industry structure entirely. If we see one application of only one technology like IoT with Artificial Intelligence in car insurance product of insurance industry, it has great potential to revolute whole business structure on which base this product is offered. Lets understand the revolution process only by this one technology like IoT with merging Artificial Intelligence. IoT means internet of thing defined as any object which has capability to be connected with internet falls in this category. for example, smart watch, smart home, smart city, smart building, smart camera, smart T.V, smart manufacturing plant, smart car and so on.

Telematic is a device which falls in IoT category as it can measure driver driving behaviour by speed, breaks, acceleration, turns, and mileage coverage. This data collected by telematic can be connected or shared with mobile phones or other devices. Driver can share this data with insurance company which can observe driver driving behaviour and accordingly can reset premium amount that can be reduced or increased in case of good or bad driving. This telematic based shared data will be beneficial for both parties like driver and insurance company. Driver can get discount in car premium amount and insurance company will get low claim report against car accidents. This is also beneficial for government as accident ratio will be reduce on road and people live will be save.

Artificial Intelligence is applied on collected data by telematic for analysing and generating output or report on good or bad driving of driver. This technology can make automate the sharing of telematic data with driver and insurance company and hospital  and police and FIA and car repairing shops.

Artificial intelligence makes the road accident transparent and quick. Driver need not to give evidence or wait for lengthy procedure to make report on road accident with FIA or police department. Insurance company can automatically reimburse the car accident insurance amount based on transparent evidence directly provided by A.I technology. Car repairing shop can repair the car on recommendation of insurance company and report directly to both parties like insurance company and driver. If driver gets injury then call directly can be made to hospital emergency numbers for medical treatment. Driver can get medical treatment by insurance company who approves his case on based of visible evidence.

IoT, Artificial Intelligence, mobile devices and internet connectivity can offer car insurance product on finger tips. This technology offers new product "pay as you go" which means car insurance can be get on travelling hours basis or daily basis or monthly basis. Driver can on or off to car insurance service on his finger tips or on his convenient.

This is only one benefit of above technologies. There are so many benefits of other technologies which will make outdated the traditional method of doing insurance business. Insurance business will expire in future if they do not adopt novel technologies.


For more articles relating to these technologies, remain in touch with this blog.



Author

Maryam Saeed




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