The Technology Wave Impacting Insurance

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Baker, Danielle
Master of Leadership Development
Technology is integrated in nearly every aspect of daily life today. The insurance industry has evolved over time to incorporate ways to increase efficiencies and customer satisfaction. Yet often slow to adapt, the industry has progressed towards a variety of innovative technologies including drones, predictive analytics, and digital platforms. Drones increase employee safety, decrease the time needed for onsite inspections, and can be utilized in dangerous situations like catastrophes. While these benefits are pronounced, drone usage is still evolving due to the lack of laws surrounding privacy and the potential for multi-billion dollar losses with in-air collisions. Predictive analytics is a growing tool in the industry. These data analysis systems are very costly, yet provide insurance companies with the ability to predict future outcomes and decrease fraudulence. The consumer benefits significantly from predictive analytics because they are provided more realistically priced premiums. Lastly, digital platforms provide a direct to consumer product with increased accuracy, yet are very costly and time consuming to implement. These technologies together can grow a company's consumer outlook by providing technology that has become expected today. The results of this research indicate that customer satisfaction increases, while employee efficiencies also surge. While there are setbacks associated with the various implementations, overall, leadership has the ability to watch their company flourish because of investments made in drones, predictive analytics, and digital platforms.