• Mayada Ashraf

How Technology is creating growth opportunities in the motor insurance

Updated: Sep 13

Since the early days of motoring, the insurance industry has had to work hard and adapt to changing needs, and today, modern motor insurance is no different. The way we use vehicles, and the type of vehicles we use, continue to evolve, and insurance must follow. Over the last few years, that has meant the increasingly rapid adoption of dedicated technology, with off-the-shelf systems providing single on-premises solutions that streamline operations, saving both time, complexity, and money.

But as the market is evolving again, there are several areas where modern technology can adapt to drive new growth.

How can technologies create new growth opportunities in the Motor Insurance industry

Since the early days of motoring, the insurance industry has had to work hard and adapt to changing needs, and today, modern motor insurance is no different. The way we use vehicles, and the type of vehicles we use, continue to evolve, and insurance must follow. Over the last few years, that has meant the increasingly rapid adoption of dedicated technology, with off-the-shelf systems providing single on-premises solutions that streamline operations, saving both time, complexity and money.

But as the market is evolving again, there are several areas where modern technology can adapt to drive new growth.


Automating Processes and Delivering Customer Experience

Artificial intelligence in auto insurance, alongside machine learning, offers an incredible opportunity for optimization and enhancement of both the service and customer experience. By automating the repetitive and time-consuming tasks such as form entry and intake through learning technologies such as text capture, the claim management process can be considerably streamlined, increasing efficiency for a significant aspect of business activity.

For other aspects of the process, for instance, estimating repair costs, artificial intelligence in auto insurance can deliver new ways to process data, cutting costs and enhancing the customer experience. One way this has already materialized is by offering real-time estimates based on images of the accident provided by the customer, but the potential for further applications is endless.


Business growth

Business growth means finding new markets or diversifying within existing markets by entering new segments to appeal to a new customer base. Modern insurance systems are designed to make it easy to add new coverages and products to meet changing demands from policyholders, reducing the work involved, speeding up the process, and providing the agility any insurance business needs to quickly incorporate new markets and segments into their portfolio.


Integration and expansion

A modern insurance system is designed to integrate with partners and other systems in an efficient and effective way. From API support to 3rd-party software integration, creating a seamless digital experience for consumers and employees, regardless of product or partner provider, the ability to easily integrate with existing partners, and rapidly expand with new ones, delivers impressive gains in efficiency and performance.

In addition, with an improved consumer experience and the flexibility to adapt to new products and services, a modern system maintains the support structures needed for growth.

Creating Microservices opportunities

As the market fragments and consumers are looking for a more bespoke solution, microservices provide the flexibility needed to build market growth. Instead of having several dedicated monolithic systems, modern technology allows for a single system that has the flexibility to deliver each service individually. With the added support of API-driven 3rd party solutions, that allows the implementation of a variety of independent services to suit specific needs, creating a number of bespoke service options while retaining the efficiency and security of using a single system.

Conclusion

Technology can drive growth in many ways, adding efficiency and more through a range of solutions, combining automation and digital processes to deliver improved performance and superior experiences for consumers. From insurance risk management to generating risk scores, fraud detection, claim risk management, motor vehicle risk management, and more, technology can drive superior outcomes alongside efficiency and cost savings while building growth.

For more information on how Motori’s AI-powered solutions can help you to drive growth in the motor insurance industry, contact us now.

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