In 2019 it is projected that $2 Billion will be invested into emerging insurance technologies known as “InsureTech.”
Leadsurance, an automated marketing platform for insurance agencies, researched the top InsureTech trends in 2019 and put together this list.
These trends are going to completely disrupt the way consumers buy insurance and initiation claims.
Before we get to the infographic sharing the top 11, let’s take a look at the major 3 categories that each of these technologies falls into.
1. Artificial Intelligence (AI) and Machine Learning
Advances in machine learning and Artificial Intelligence are disrupting the insurance industry. For example, Leadsurance, automation and AI platform for independent agents, is using artificial intelligence to improve insurance quoting for prospects and agents. AI being available 24/7 to initiate quotes online for visitors has drastically improved efficiencies and improved experiences for both consumers and insurance agents.
New data sources such as social media are making AI even “smarter” as they can learn and know even more about consumers.
An extension of AI, chatbots are the front end that consumers are interacting with to get everything from insurance quotes, policies written, to initiating the claims process. Chatbots are continuing to learn more and get better at what they do for customers and agents. These bots are making customer’s experience from the first touch in marketing through the claims process seamless, engaging, accessible, and easy.
Chatbots are a great way to engage with consumers using a mobile device. They beat the heck out of dated forms as they are so much more engaging.
3. Digital Engagement
In 2019 the use of mobile apps, social media, and the web will increase and reach an all-time high. This means that new ways for insurance companies to engage digitally are popping up in 2019. More agencies will be investing in their own mobile and web applications to serve their existing and future clients.
Agencies are already building custom digital solutions that tie a number of different channels together to maximize their reach and effectiveness with customers. By staying top of mind in the apps and digital content that consumers love, insurance agencies can be available to help when needed without having to “sell” to clients.
Well, there you have it, the top 11 InsureTech trends that are shaking up the insurance industry big time in 2019.
If you are looking for ways to improve your insurance agency, then keep an eye on these tech trends and consider how the solutions may impact your business.
A great place to start is with Leadsurance’s SEO guide if you are entering the world of insurance.