The recession and volatile insurance policies have spurned many carriers to turn to technology to keep them afloat and prepare for the future. Advancements in technology and the feasibility of insurance analytics and systems set the ball rolling. Social media and mobile computing found their way into a sizeable number of consumer’s lives warranting carriers to follow suit.
 
An industry that used the charms of brokers, MGAs and agents is now charming platform architects and wireless technology specialists. Yes, this is just one of the many trends that insurance technology spurned. Here’s a look at what may be a few others.
 
Day after day, the influence of Gen X and Y increases. Ethnic markets continue to grow. Insurance companies will have to create products and services to match new customer segments. Studying specific customer attributes involves mighty crunching and management of complex data. So will predictive modeling. And carriers will have to arrive at better solutions faster than their competitors. Which makes analytics an investment forerunner.
 
Competition is shaping the way consumers look at services. It’s making them look at carriers that offer better and customized solutions, at their (the consumers’) convenience. Which means carriers will have to use various means (web transactions, automated mobile transactions, personal contact), be available across time zones, speak different languages and automate work flow. All of this involves adopting new technologies and configurable operating systems in order to prospect, sell and service better.
 
Cloud computing and SaaS is all set to change the face of the insurance industry. Companies will look to partner with providers who offer safe, innovative and advanced online solutions, cutting costs in the bargain.
 
Social media will be the new platform in the insurance industry. It will, of course change the way many companies conduct business: websites may no longer hold allure. Challenges to rise to include:  effective campaigning to increase brand awareness, scouting, reaching out to new customers, quicker solving to problems and smart social media interaction.
 

Mobility: the order of the day. It’s not just customers that are knee-deep amongst laptops, tablets, mobile devices and wireless technology; agents, brokers, carriers, MGAs, and reinsurers are too.  Claims management and even disaster relief will be easy with the right mobile operators, simple applications on the right devices and secure mobile solutions.