Announcing The P&C Insurance Technology Guide
We’re announcing a new and upcoming research report titled The P&C Insurance Technology Guide that will define – not the future of insurance – but the present – by leveraging Coverager’s Technology dataset to highlight key trends and solution providers.
For starters, we’ve identified the following 25 mega and mini customer-oriented trends.
Mega Trends in P&C
| # | Trend |
|---|---|
| 1 | Leveraging AI and text mining to detect fraudulent activity at the point of sale and/or during claims |
| 2 | Deploying mobile-based telematics solutions |
| 3 | Leveraging data from smart cars to underwrite car insurance |
| 4 | Leveraging messaging apps to communicate with policyholders throughout a claim |
| 5 | Leveraging image recognition and AI to offer repair estimates by evaluating photos of a damaged car |
| 6 | Leveraging property images to quote or underwrite a policy |
| 7 | Leveraging drones, AI, autonomous flight apps, and licensed desk adjusters to inspect and process wind & hail claims |
| 8 | Leveraging video to conduct remote or self-inspections |
| 9 | Augmenting and populating underwriting data from alternative sources |
| 10 | Adopting API strategy in sales (e.g. embedded insurance) |
| 11 | Leveraging image recognition to identify a product (or even a dog breed!) to price coverage |
| 12 | Leveraging chatbots to sell insurance |
| 13 | Leveraging chatbots to accept a claim notification |
| 14 | Requesting a video to report FNOL where a policyholder explains how the damage occurred |
| 15 | Implementing parametric weather solutions |
Mini Trends in P&C
| # | Trend |
|---|---|
| 1 | Leveraging smart sensors to mitigate claims |
| 2 | Leveraging virtual or voice assistants to request ID Cards |
| 3 | Accepting a scan of a driver’s license to facilitate generating a quote |
| 4 | Leveraging AI and search engines to match claimants with physicians and identify cost savings (workers’ compensation insurers) |
| 5 | Leveraging wearables (or video) to reduce workplace accidents and workers’ compensation claims (workers’ compensation insurers) |
| 6 | Leveraging data from weather stations, telematics, and satellite imagery to develop predictive crop models |
| 7 | Developing solutions that combine remote sensing and mobile payments to pay claims automatically |
| 8 | Leveraging threat intelligence to enhance cyber underwriting |
| 9 | Leveraging datasets to inform travelers on safety concerns (e.g. infectious diseases) (travel insurance) |
| 10 | Launching voice insurance skills to address FAQ or request a quote |
A Call to Action
If you are a technology or services provider with a solution relevant to the one or more trends noted above, let us know here.