3 Feb 2020

Technology in the insurance industry

Technology plays a huge and integral role in many industries, streamlining processes, and changing the way people work and services are delivered. The progressive evolution in technology over recent years has allowed the insurance industry to benefit from faster decision making, improved customer journeys and greater efficiency.

We’re taking a closer look at how technology has been integrated and utilised within the insurance industry and the benefits this offers to businesses and their customers.

Accurate decision making

Faster and more accurate decision making is crucial to any insurance claim. Not only does the customer have the reassurance of their claim progressing more quickly, it also allows for more cost-effective claims management.

By gathering information such as images of vehicle damage quickly following an accident, and coupling this with powerful machine learning, claims handlers can identify potential damage to a vehicle and start the process of getting repairs scheduled much more efficiently.

Putting more data and information in front of decision makers allows them to understand a situation quickly, meaning that someone in a difficult situation, following an accident or injury can start to feel immediately reassured that their case is being dealt with.

Streamlined processes

Most technology is intended to make life easier, and in terms of insurance, this often means streamlining processes and allowing claims to be resolved more quickly.

There are a number of processes that are improved through better technology, from gathering information on vehicle damage to ensure the right parts are ordered and costs are controlled, to identifying more flexible and convenient options for repairs or treatment. Technology allows a business to give a customer more control, increasing the convenience and flexibility of the services that they offer.

Improved flexibility means repairs can be made at mobile or midi-sites, giving a customer a greater degree of freedom and reduces pressure on supply chains and can speed up completion of the claims process.

A smoother customer journey

Any improvements technology makes to a process, be that internally for a business or for a customer, are going to improve the customer journey and ultimately their satisfaction with the services they’ve received. Technology ultimately improves access to services and creates a much more fluid and flexible customer journey.

Supporting claims handlers with more information and guidance during a call can give them more time to build a rapport and more empathetic relationship with a customer. This not only helps a customer to feel more supported when they are in a difficult situation but also improves the impression your business leaves on a customer.

How can Cobalt benefit your business?

Cobalt combines a range of technologies to offer a suite of benefits to insurers, enabling them to provide their customers with a much more streamlined and effective service.

Cobalt provides a bespoke solution, leveraging data, technology and expert insight to improve end-to-end management of claims. By streamlining processes and empowering decision making, we’re making it easier for businesses to quickly and effectively resolve claims.

If you’d like to find out more about Cobalt, and how we can benefit your business and its customers, please get in touch today.

Get in-touch, our expert team would love to talk to you!

To find out more about how Cobalt is combining leading technology, machine learning and powerful insight, and how this could benefit you and your customers get in touch with a member of our team.