Apps have completely transformed the way we live. While they’re fun as entertainment systems, it’s their use as tools that prove to be the biggest boons in our daily lives. Their reach even extends into the insurance industry, where key apps have reshaped the way the entire ecosystem operates. For benefits in savings, convenience, and more, here are our picks for the five most important innovative apps that will revolutionize the insurance industry.
Chatbots for Easier Communication
Insurance can be complicated, so customers will inevitably have a lot of questions. The problem is that many of these questions are simple and don’t need to be addressed by workers directly. With the use of AI chatbots, an insurance company can let an automated system perform the communication work for them.
Chatbot technology frees up employees to focus on more crucial matters, while also allowing a much greater volume of requests to be handled simultaneously. The aptly named Chatbot App is one of the best examples here, featuring powerful tools for both amateur and professional users.
Fast-Paced Insurance Quotes
Traditional insurance quotes have involved prolonged waiting times. There are so many factors to compare when calculating potential costs, that this used to be an inevitability. Newer approaches like the Honeycomb Inspector app do away with this waiting time, allowing instant personalized quotes. This is accomplished by using advanced AI to work through broad databases of knowledge, cutting out the human legwork while generating up to 40% in savings for the end-user.
Fraud Detection Software
Insurance fraud costs the US more than $300 billion annually, becoming a shady business in itself. A big part of this is due to the volume of fraud being committed, and the limited tools and agents who work on its detection. As with insurance quotes apps, fraud detection apps like those from Shift can sort through an enormous number of data points far faster than a human could alone. This can detect suspicious patterns, find definite fraud, and pass more suspicious information onto humans to check manually.
Internal AI Systems and Workflow Automation
On the internal scale for insurance companies, AI and workflow automation systems can significantly improve work efficiency. With the use of AI, modern powerful apps can detect areas where robotic process automation (RPA) can replace human activities with machine systems like what UIPath produces. This can significantly cut costs for insurance companies, where savings can manifest as reduced prices and delays for customers.
Social Media Integration Apps
The best insurance plans need to filter as much information as possible, which makes social media integration a natural fit. By working through the data provided on these platforms, insurance systems can automatically detect elements that might otherwise go missed.
While not widely adopted yet, a recent study from Accenture showed that more than three-quarters of customers would be willing to take this route if it meant better and more accurate deals. An app of the insurance future, this type of system is just a matter of time.
Though not all of these apps will be equally useful for everyone, in the right hands, they hold the potential to overturn generations of tradition. Better help services, faster responses, less fraud, lower overhead, and more accurate quotes are all potential benefits, and these just scratch the surface of what could come next. It’s the start of a new era, and while it’s going to require some restructuring for the insurance companies, the results for customers should be positive ones.