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The first critical transformation that has enabled the development of the insurance industry since the days when its first applications began to be observed in Babylonia approximately 4000 years ago is the use of probability methods in premium calculations in the first half of the 17th century. The second critical transformation can be considered as digitalization, and as in every critical transformation, those who cannot adapt will be destroyed. We are going through a process where it will happen. For this reason, digital transformation and adaptation of new generation technologies to business processes are the most important topics in the insurance industry…
The average annual growth rate of 18% achieved by the Turkish insurance sector, the increase in the number of young-active population and the parallel increase in insurance awareness can be considered as evidence that technological investments in the insurance sector will continue to increase.
New generation technologies that will lead the industry, especially in order to increase customer satisfaction and respond faster to increasing customer demands;
Thanks to RPA, which is a software interface designed to mimic human interaction movements, performance increase and cost reduction can be achieved, especially in high-frequency repetitive tasks. In the insurance industry, the use of RPA is becoming widespread in processes consisting of repetitive tasks in many areas, from policy management to damage management, from market and competition analysis to fraud detection.
We observe examples of Blockchain, which can be summarized as a common registration technology that enables the safe transfer of valuable data such as commercial contracts, identity and money, in every field.
Insurance is one of the sectors that is not indifferent to this technology. French insurance giant AXA recently announced that it has started using the Ethereum Blockchain solution to keep records and arrange payment transactions for flight insurance products. Thanks to the service called Fizzy, AXA provides consumers with a smart insurance package that offers automatic cancellation and refund in case flights are delayed by two hours or more, using Blockchain technology.
By using current data obtained thanks to the Internet of Things, solutions are offered to measure the risk most accurately and reduce possible losses, which is the most important issue for insurance companies. Accurately identifying risks with up-to-date data enables the offering of customer-specific products. For example; Personalized car insurance offers by measuring driver behavior with telematics devices, home insurance offers that include much more affordable premium payments thanks to the ability to reduce and even prevent risks with internet-connected detectors, sensors and alarm systems used in smart home systems, and instant access to the insured's health data with wearable devices. It is possible to create differentiated health-insurance policies by predicting risks by monitoring and analyzing them.
As new generation technologies continue to become more involved in our daily lives, we can already say that the second critical transformation journey of the insurance industry will be longer-lasting.