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Insurance Companies using Casio Technology for their Online Sales

With technology progressing a breakneck speed, it would not seem as a surprise for insurance companies and other startups to be popping up like mushrooms. With low start up costs and the convenience that would be attached to it, it just does not seem to get any better than this. This is because you would no longer have to spend months drawing up plans and budgets about how you would start up your company and then operate it. This is because technology seems to have made things easier for everyone.

The same thing could be said for Irish insurance companies as well. They seemed to have recognized the significant role that technology would have to play in boosting their sales, particularly the online ones. As a result, they would no longer be able to just stick with the traditional methods and hope that it would be enough to keep them afloat. If they would really like to survive and then thrive in this competition, they would need to embrace technology rather than moving it away.

How to bring about change

One of the main complaints that have come from the industry is it not having sufficient ability to be innovative. This has posed to be quite a problem since technology advancements seems to be so much. However, in current times, all this is about to change. This is something which could particularly be seen in the case of startup companies since they want to bring forth something different. With the identification of quite a few weak spots, tons of potential business opportunities would be brought in to the limelight. As a result, the companies in the insurance sector would be forced to embrace the change rather than sticking to the backdated methods that they seemed to employ.

Some benefits

By incorporating technology, Irish insurance companies would be able to enjoy a wide array of benefits. Some of these are as follows:

  • Cost reduction

First things first, you would be able to see that almost twenty to forty percent of operating cost and cost for acquiring customers like distribution and marketing still seem to exist. By adopting technology, companies would be able to eliminate these costs. In fact, startup companies seem to be building innovative ways to meet challenges in the short run. This would include risk reduction, sophisticated underwriting, development services that would be cost efficient, and improved management of claims.

  • Customer engagement

The sector seems to be frequently criticized for the absence of proper customer management. This is because at the modern digital age, where customer demands seems to be increasing with every passing minute, you would not be able to let yourself be sidetracked. This is because if you fail to comply and meet customer demands, they would easily be able to switch. Not only would you be losing a customer, but this might even lead to some negative advertising.

Thanks to technology, major developments in today’s customer requirements would be the ability to switch off their policies on and off at any given time, round the clock access to insurance offerings, and product offerings being highly personalized.

  • Data analytics development

Data analytics seem to be becoming highly important for Irish insurance companies, with promising technologies such as Artificial Intelligence and Internet of Things entering the scene. This is because these technologies seem to have the potential to gather insights in customer behavior from data flows that seem to become available today. These would all be helpful for companies to improve their engagement with their client portfolio.

  • Boost in innovation

Lastly, the question would arise about how long the current conservative pattern of companies would remain. However, with a boost in technology, it would be safe to say that innovation would not seem that far off. The longer that companies would wait, the more they would actually be losing out.

Insights in future developments

With the future still looming dark ahead of us, it would be important for insurance companies to know about some of the insights in future developments. This is because this would imply both potential threats and opportunities for the sector.

  • Blockchain

Even though a lot of startup companies seem to use the blockchain technology, there would be no denying the fact that there seems to be a lot of unused potential here. This is because blockchain would mainly be functioning as a distribution system. As a result, majority of its value would depend on collaboration with different stakeholders. However, the hype is indeed real and it would have a major role to play in the near future.

  • Data monster companies

Data monster companies such as Google and Facebook would be able to provide information on enormous client bases and personal data that could turn insurance in to simple utilities. This would also ring true in the case of Irish insurance companies. This is because they have the potential to take over the entire distribution process and function as an ideal P2P platform.

  • Drones

Another promising development in this sector would be the drone technology. Even though the market for it seems to be quite small, the application of Internet of Things has shown that it has potential in claims handling. In addition, it also has the ability to cover wide areas in case of catastrophes.

  • Cyber insurance

What with cyber security forming a big issue in the current age, policies would be developed to help a company control or even reduce the exposure to risk. This would be done by reducing the costs that would be incurred after a security breach seems to have taken place. Again, even though this is now currently a small market, it has been predicted to significantly grow in the coming years.

  • Privacy implications

Lastly, with all the developments in technology, there would still remain a big question mark regarding privacy. As a result, insurance companies would need to closely follow the regulations which have been outlined and also be fully aware of the consequences that it would seem to present.