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.
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.
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.
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.