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Drones, blockchain, and AI are future of insurance industry: Capgemini - IT World Canada

Published 3 years ago

Drones, blockchain, and AI are future of insurance industry: Capgemini - IT World Canada

IT World Canada via itworldcanada.com

The consulting firm’s report on how insurance firms will use technology paints a futuristic picture incorporating drones, artificial intelligence and big data analytics. For its 2017 World Insurance Report, the company interviewed over 8,000 customers and 100 subject matter experts worldwide.

It found that the insurance industry faces similar trends to the broader financial sector, with a less loyal, tech-savvy younger customer base looking for more digital interactions. Customers that Capgemini describes as “tech savvy” are looking for features such as online or via mobile devices according to the report, along with fast updates on claims status via similar channels.

This report – the company’s 10th on the topic – distinguishes incumbent insurance firms from insurance technology players that can bridge this gap by providing new customer experiences. Capgemini’s research highlights several technologies that it said will change the game for insurance firms.

New technology will help insurance companies to streamline their back-end processes by reducing the human input necessary to process insurance contracts, Thakral suggested. The use of new technology such as IoT sensors will raise some interesting questions for the insurance sector in the future, though, he concludes.

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