What Impact Does Insurance Technology have in the Insurance Industry?

1. Insurance Technology​ How agents can use it to maximize business potential​

2. Introduction​ • Insurance technology is helping revamp the industry and give controlto clients​ • People want customized digital experiences more than ever​ • Next, it willallow people and businesses to make digitalchoices​ • It will be easier to inform clients about their experiences​

3. Ways for insurance agents to use Insurance technology for business​ 1. Customer Relationship Management to digitize your client database​ 2. Reimagining insurance through AI​ 3. Blockchain 4. Big Data​ 5. Machine Learning​ 6. Telematics Devices

4. 1. Customer Relationship Management to digitize your client database​ • A CRM system allowsyou to digitallystore all your customer data​ • Allows you to search and access a client’s information, can anddigitalize all their paperwork for instant access​ • Allows agents to access information wheneverand wherever – for clients who rely on paper documents​ • Help agents to communicate andshow the agency's efficiency andresponsiveness quickly​ • Enablesagents to personalize every interaction, track data better, andhave more opportunities to cross sell​

5. 2. Reimagining insurance through AI​ • Designed to mimic human intelligence – great in terms of decisionmaking, and reasoning​ • According to Accenture, 79% of insurance executives are in favoror humans and machines collaboration​ • Benefits in areas of claims, underwriting and customer service​ • Helps to meet the high-speed demands ofclients​ • Help clients to mix and match their coverages, how they want and when they want it​

6. 3. Blockchain • Helps insurance companies in fraudulent claims, third party paymenttransactions and handling big data​ • According to UC Berkeley report, it helpsto enable a multibillion-dollar global market of anonymous transactions​ • Promotes transparency, trust and stability​ • Helps reduce administrative costs through verified payments from third parties

7. 4. Big Data​ • Providessolutions that understand, analyze and process large lumpsof data​ • Canenrich customer experience by using insights from data andresolving issues​ • Canfacilitate claims processing by using machine learning algorithmsto outcomes​ • Canaccurately underwrite, price risk and improve risk reduction​

8. 5. Machine Learning​ • According to Forbes, "Machine learningis based on the idea that we can build machines to process data and learn on their own, withoutour constant supervision."​ • Can improvethe claims process by automatically from the startingreport to analysis and contacting the client​ • Help agents classify risks and calculate more predictive pricing models​ • Helps to speed up the underwriting and reduce premiums leakage​ • Agents can create better personalized services for their clientsthrough advanced analytics​

9. 6. Telematics Devices​ • Is a system that can be installed inyour client’scarto monitorand report on theirdrivinghabits,speed, the number of milesdrivenetc.​ • Helps to determine risk factors and adjustinsurancepremiumsaccordingly​ • Not only supports pricing but also claim management and payments​ • Helpsagents to develop personalized offers and nurture clientrelationships​

10. Conclusion​ • Digital revolution is creating massive disruption across manyindustries including insurance​ • Givesagents an in-depth lookat their companiesto uncover new insights​ • Helps in fraud detection and developingalgorithms to determine the best pricing strategies​