3 Avenues To Using Technology To Bolster Your Business

3 Avenues To Using Technology To Bolster Your Business
Technology is a big part of every American’s life today. Innovation is at an all-time high across all industries, including the property and casualty industry. Taking advantage of our society’s fascination with technological advancements is a great way to remain a leader in a competitive market. Fortunately, there are multiple opportunities to incorporate tech into your approach, both directly and indirectly.
Remaining competitive requires careful analysis of current trends and taking advantage of opportunities to rise above the competition. Discover how you can stand out by exploring the multi-faceted approaches below.

Inspection Technology
Choosing property inspection providers that use both reliable and accurate inspection technology tools lowers risk and increases overall accuracy of reports. Drones are still one of the most widely used examples of tech assisting in the inspection process. While no standalone method beats an in-person inspection performed by a knowledgeable professional, complimentary usage of tech definitely enhances and speeds up the task. Additionally, it delivers a good impression to insureds who associate technology usage with heightened precision and efficiency. Insurance carriers would be wise to invest in a partner that balances conducting experienced in-person inspections with the utilization of beneficial tech.

Cybersecurity Market
A number of P&C insurance carriers are venturing into the cybersecurity insurance market. As major data breaches making the news relatively frequently, business owners large and small are considering cybersecurity insurance a worthwhile expense. With the usage of technology and digital services increasing at an explosive rate, the need for cybersecurity insurance and other protection options will only become more of a necessity. Making a move into the cybersecurity market is a large undertaking, with even major insurers, such as nationwide, partnering with specialty providers to deliver the required services. While an expansion into an entirely new market is a sizeable risk, it is a market that is set to expand considerably over the next few years.

Customer Incentivization And Interaction
By far the easiest way to incorporate technology and AI into the industry is through the insureds themselves. Offering incentives and discounts for implementing smart-home technology that reduces risk for carriers is one way to maximize potential benefit. The ability of smart sensors to detect hidden problems before they result in extremely expensive claims is a win-win decision for both parties. Other avenues for expanding the presence of technology include providing apps for insureds as well as offering an effortless online insurance purchasing experience. Offering insureds the option to use an AI-operated chat system when handling concerns and even the claims process, is gradually becoming the norm and can cut down on customer-facing staff expenses.

Insurance Risk Services has partnered with insurance carriers across the country for almost 40 years, providing superior underwriting support and insurance inspection services. As the modern world has embraced the benefits of technology, we have incorporated it into our own procedures to minimize turnaround time and maximize accuracy and delivery of support. Contact our team today to discover how our use of inspection technology can add value to your business.