Let’s face it. The insurance industry isn’t known for cutting edge innovation. As risk mitigation experts, insurers tend to wait for technology to become mainstream before quietly following suit.

But things are changing.

There are few industries better at gathering data than the insurance business. And data is exactly what’s driving advances in claims automation, telematics and virtual customer support. Here how one of the world’s most risk-averse industries is turning new technology to business advantage. Creating new opportunities for retailers, mobile operators, auto dealers and manufacturers, financial institutions and more.

Driving smarter claims decisions with artificial intelligence
Traditional claims adjudication can be labor intensive and time consuming, especially for complex claims that require careful scrutiny. Today, AI-driven algorithms are making it more efficient for insurers to adjudicate low-risk claims. Machine learning models can help deliver straightforward answers faster. And fraudulent claims can be caught earlier and more accurately, freeing adjusters to focus on more nuanced, valid claims. Insurers are also creating more process efficiencies, using existing user interfaces to automate routine tasks. Over time, machine learning applied to enormous data sets will streamline insurance decisions even further. Helping companies like Assurant enhance the customer experience and establish predictive models that will drive even more innovation.

Transforming the customer experience with digital platforms and telematics
Car repairs can take weeks, or even longer, to address a mechanical failure. That’s partly because repairs can’t begin until the vehicle has been inspected and adjusted to ensure the problem is covered by a vehicle service contract. Assurant is helping drivers get back on the road much faster after a VSC claim. A digital platform allows a servicer to post photos of the issue straight to the cloud. The inspector can then open the platform, see the damage and issue a report without an in-person visit. This kind of innovation is a win-win, creating a better customer experience and freeing up the service bay for increased volume and revenue.

Telematic technology is also changing the game. Pocket Drive by Assurant uses technology to help consumers identify looming mechanical issues inside their vehicle. Using their own smartphone and a dongle, drivers can turn almost any car into a connected vehicle that provides diagnostics, recommendations for service and a stronger connection between driver and dealer.

Delivering self-service technical support for connected homes, cars and devices
These days, time is of the essence. Accustomed to getting answers with a single click, consumers have little patience for long hold times and complex IVR networks. Forward-thinking industry leaders are focusing on more user-friendly self-service diagnostic resources that nip potential problems in the bud. Preventing major problems from developing that could result in expensive claims. Pocket Geek by Assurant can run on-demand health scans of a mobile device, alerting users about issues affecting performance and offering tips to troubleshoot and resolve potential problems. And personal technical support provides multichannel help for any connected device including smart speakers, thermostats and lighting. Ensuring that consumers get the help they need through the channel they prefer.

Connecting companies, consumers and technology
We’re living at a time when connected lives are converging. The lines between mobile devices, vehicles and homes have blurred, creating a complex global network. Assurant is the connection point between companies, consumers and a newly connected world. We’re much more than an insurance company. With deep experience in risk management, we’ve spent a century gathering industry expertise and consumer data. We understand what consumers need in order to feel comfortable with the things they buy, and what our partners need in order to stay competitive. We’re constantly reinventing ourselves to take advantage of the latest innovations to boost efficiency and improve the customer experience. So when new technology surfaces, we can help our clients get there first.

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