The way insurance is marketed, underwritten, and sold is changing swiftly. Thanks to the Internet of Things, data is continually streaming toward insurer databases, helping them make decisions faster and more profitably.
The ways in which consumers interact with insurers to buy policies, change policies, and make claims has also shifted. Self-service options are becoming more prevalent, with preinsurance walkthroughs as well as claims handling turning into almost completely remote processes.
Finding ways to do things better has not been enough. They also had to be done cheaper and faster. For all these reasons, automation technology has been much hyped in recent years. Some might say overhyped as it has not completely delivered on its promises. At least not yet.