Automation in the insurance industry benefits consumers, agents, brokers, underwriters, and insurance providers

  September 2022       InsurIQ Team

Once considered a slow adopter of digital transformation, the insurance industry is now experiencing tremendous changes and adaptations. And automation in insurtech is one of them.

From the online real-time rate, quote, comparison, and purchase to consumer/broker portals, technology has played a pivotal role in the insurance industry. In fact, McKinsey & Company reported in 2019 that companies using insurtech “may end up automating 50 to 60 percent of traditional back-office operations.”

Let’s unpack the most prominent trends that are shaping insurtech today.

Top trends driving automation in the insurtech industry

During the COVID-19 pandemic in 2020, we witnessed a deluge of tech trends across several industries. However, many of these trends were already in motion in the insurtech space:

Insurers can use this information for tasks ranging from underwriting to customer acquisition and retention. According to a 2018 market report from SNS Telecom & IT, big data produced 30% better access to insurance services, 40-70% more cost savings, and 60% higher fraud detection rates.

Automation is the fuel for insurance providers, agencies, brokers, MGAs, and MGUs who want to remain competitive in the age of digital transformation. It supports sustainable growth and performs mundane tasks with greater accuracy and efficiency–giving you the time to take better care of your customers.

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