Over the past 10 years, technology innovation in the insurance industry has accelerated the way that insurance policies operate – in both the domestic and commercial world.
Artificial Intelligence (AI) is now heavily relied upon in claims management and detecting fraudulent claims. Another disruptive innovation in the insurance industry is the use of monitoring equipment for motor vehicles. This monitoring equipment can be used to predict the need for maintenance even before an accident – and eventually when a claim occurs.
Read on to find out more about technology and innovation in the insurance sector, and what this could mean for your policies.
Using Artificial Intelligence for Inspection
When vehicles and properties are inspected by people, there’s always a risk. Even the most skilled and experienced inspector can overlook small issues that could lead to a large claim being made further along the line.
This is where AI can help. Artificial Intelligence is making rapid developments in the insurance industry. These exciting developments include AI inspections for commercial properties and motor fleets.
How is AI revolutionising the motor insurance industry?
Car damage can now be inspected with AI, picking up key areas for repair that a human eye can miss. Remarkably, this can be taken one step further. AI can now be used to detect and predict how much vehicle repair will cost, which is great news for policyholders.
This is a significant technology improvement in the motor insurance industry as it can completely streamline the process between the claim being filed and the payout that’s made to the claimant.
How is AI revolutionising the property industry?
Drones are now a growing technological advancement used on commercial building sites in the construction industry, and in other commercial properties.
Specific drones, made for assessing risk and damage, are equipped with HD video and/or image computer vision technology (CVT). This CVT can be used to assess roof damage in an efficient way. This allows for an estimation of repair costs to happen far more efficiently and safely than the standard practice of putting up scaffolding and having a person physically inspect the roof.
Harnessing the power of drone technology doesn’t end at roof inspections. Specific drones can also inspect industrial equipment such as oil and drain pipes, crops and other areas that are affected. This is especially useful to use in insurance cover for property owners when these assets have been damaged in a natural disaster.
Technology innovation is shaping the insurance industry when it comes to claims management.
Putting in a claim, filing it, making decisions and communicating is time intensive for both the insurance company and the person making the claim. With commercial insurance, the longer it takes to file a claim, the more constraints this could have on your business and customers.
Underwriting is a process used by insurers to determine the risk involved in insuring a business. Using computer vision technology, insurers can record the state of the asset and the time of underwriting, and then make constant adjustments in real time to see if this has changed.
As insurance scenarios are getting more complex, relying on a risk engine can cause costly and sometimes risky errors. Instead, using an accurate underwriting service can allow your insurance costs to accurately reflect the asset that needs insuring – without overpaying.
Driver performance monitoring
Commonly known as a black box, driver performance monitoring systems are used to understand how safely a policy holder drives. The premiums are then typically adjusted depending on the driver performance monitoring technology.
This innovative technology can also be used in a commercial setting. For example, black boxes are commonly used in vans as part of a motor fleet insurance policy.
How Hallsdale Commercial can help you with your insurance
Technology innovation is shaping the insurance industry forever, and advancements are only likely to get more rapid. At Hallsdale Commercial, our mission is to work with you to find the best commercial insurance rates. We will match your business requirements to the insurance companies that use the technology that suits you. To get a tailored insurance solution, please contact us at firstname.lastname@example.org.