Emerging technologies are flooding the market; and for insurers, adapting to the speed at which they are developing and becoming more relevant might seem like drinking from a firehose. The Internet of Things, drones, wearables, driverless vehicles the capabilities and the insurance applications are growing every day. The trick to getting the most impact out of emerging technologies is to remember that not all of them are of the same importance to your own situation. Innovation for its own sake is exciting, but determining the right focus for your innovation is the best way to create value.
Figuring out where to start experimenting with emerging technologies is the first step, and claims belongs on any insurer’s short list of innovation targets. Innovation in claims can be measured through feedback from customer experience and improved claims results. Claims is also the perfect place to start small to test particular emerging technologies, then build upon that foundation to truly reinvent the claims process.
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