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Disruptive technologies · Insurance industry Chatbots, Blockchain, AI and Smart Contracts make a difference

Insurance companies have found in disruptive technologies the ideal way to offer their customers the best user experience. In a booming market, companies in the sector find digital trends the best option for success. Chatbots, Smart Contracts, Blockchain and Artificial Intelligence are their main bets.

Disruptive technologies · Insurance industry

A booming industry, focused on Digital Transformation

The insurance industry in the Spanish economy accounts for just over 5% of GDP, if we look at it from the point of view of its annual revenue. Insurance will continue to grow in Spain over the next few years, not only globally, but also through the most relevant insurance branches.

In this context, the sector faces a transformation process as a result of new regulations and innovations in the field of technology, new legal regulations and changes in consumer investments.

Disruptive technologies · Insurance industry
Disruptive technologies · Insurance industry

Technological overview in the insurance market

This market continues to be one of the most threatened as far as digital disruption is concerned. However, this fear is turning into optimism, as new emerging technologies alleviate the change in consumer demand, but always complying with the confidence that an insurance company must give.

Artificial Intelligence (AI) is already beginning to be part of this type of business or will begin to be in the framework of the next five years. Technological advances will allow Blockchain to be the perfect option to establish a decentralized, secure and distributed network. In addition to this technology, the processing of customer claims can be automated thanks to Smart Contracts, which provide a satisfying customer experience by specifying all the clauses that these claims must comply with.

Disruptive technologies · Insurance industry

The best attention to the user with Chatbots

Chatbots are undoubtedly a step forward in the evolution of the Internet and especially in the user experience. It is, nowadays, a productive solution that uses systems capable of giving specific information about payments, accounts or transactions designed by companies.

What do these chatbots bring to an insurance company?
Increase sales and improve customer service to streamline their efforts. Quick answers, humanized treatment, improved purchasing processes, problem solving and management are some of the issues that can be solved by these programs, which translate into money.

The insurance industry needs to adapt to the social and technological changes that have brought about a rethinking of its relationship with its client, its products and the way it works. You need to adapt to the new reality through the latest generation technologies in order to meet the demands of new digital times.

Technology that brings short-term benefits

  • Fraud prevention

    Fraud prevention

    Detection and prevention of fraudulent activities at various levels. Decentralized recording of transactions. Verification of the authenticity of transactions, policies, and claims.

  • Cost savings

    Cost savings

    By automating processes such as verification of claims, identity of policyholders, and contract validity.

  • Competitive advantage

    Competitive advantage

    Providing transparency and ensuring that all information is truthful, provides a great competitive advantage over the competition.

  • Reduction of confusions

    Reduction of confusions

    Insurance jargon can be confusing to users. A chatbot can help reduce possible confusion by putting complex terms into simple natural language.

  • 24/7 Availability

    24/7 Availability

    A chatbot will be available at any time, and is not affected by concurrent requests. In the case of insurance, the time of day an incident occurs is often unknown, and customers are often forced to call during office hours.

Disruptive technologies · Insurance industry

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