SUMMER 2021 31
Technology Trends
Do we own our future ?
” Technology is a useful servant but a dangerous master .”
Christian Lous Lange , Historian
Raj Krishnan Co-founder and Chief Technology Officer of InsurAware , Raj conceptualizes , designs , develops , and launches financial services industry-leading technologies that have been recognized for disrupting dated systems and processes used for decades within the financial services industry . Rajesh . Krishnan @ insuraware . com
Articles about changes in customer purchasing behaviors and expedited digital journeys within the industry are widely visible . Life insurance is a product that must be sold , requiring education and sales processes that are easily consumed by potential clients . The purchase of life insurance is further complicated by risk-averse actuaries and underwriters who , while working hard to provide affordable pricing , request extensive health histories on everyone from the potential insured to their family members , extended families , and maybe even their neighbors . This data collection process often takes between five to ten weeks and scares away many potential clients . It is no wonder we have over 60 % uninsured customers in our great country .
Silver bullets won ’ t save us
Despite the desire for an instantaneous solution to the challenges we face , blockchain ( or other products , for that matter ) is not the silver bullet to attract new customers . As an industry , we have been slow to integrate newer systems and processes that would more easily attract new customers and despite valid reasons for these delays , customers aren ’ t willing to accept excuses . They look to us to provide comprehensive decision making tools and a buying process that is easy and intuitive . It is our role to embrace the opportunity to educate our customers about the great benefits these products bring to our society . Technology can create a variety of engaging ways to reach our audience and support those who see the value in planning for an unknown future .
The time for action is now
By using tools like predictive analysis and machine learning , we can eliminate fraudulent behaviors before they occur and modeling tools and rules engines can assist in making more accurate decisions than humans alone . All of this technology is available and accessible and can be readily integrated . With flexible and easily scalable technology , these projects do not have to undertake multi-year projects , so what are we waiting for ? We have the experience within the industry , and the tools are available — the time is now , and the world is waiting !
Top Technology Trends
Adapted from EY – five tech trends that define the future of insurance
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Digital and Omni Channel
Digital and mobile channels to find new customers and help with retention
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Big Data and Analytics
Best ways to manage and collect new data
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Modernization of tools
Increase flexibility
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Data and Cyber Security
How to pro-actively monitor and protect your data
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Customer segment and needs driven digital communication
Flexible and well integrated agency system that promote transparency
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Data driven culture
Data driven underwriting and product development
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Reduce cost of change
Increase integration
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Using cloud-based security services as organizations move from on-premise to cloud
How best to use and share data while protecting customer privacy
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