If there is one thing that the past year has taught every business it’s that flexibility is vital. In the face of ongoing uncertainty and the upheaval of the past 12 months it’s crucial for companies to be able to adapt to fast changing circumstances and be more flexible in the way that they approach recruitment, procurement, marketing, accounting, insurance and many other areas. Technology already has a central role to play in this and is going to be a game changing investment for organisations looking to transform in 2021.
Innovation in the insurance sector - and beyond
Many insurtechs and insurers have had a key role to play in helping to fight the impact of the pandemic with transformative technology. This has allowed organisations within insurance to be smarter, faster, more flexible and more efficient, as well as adapting to the constant change that has resulted from disruption as a result of lockdowns and public health requirements. However, the technology driving transformation isn’t just applicable to the insurance sector, it also has value for the wider business world too. There are three key ways in which companies are using technology to transform in 2021.
- Mobile tech. With more and more consumer and business interactions taking place on devices, mobile tech and apps are changing the way that companies operate today. Optimising resources for mobile enables businesses to make information more accessible wherever there is a Wi-Fi connection and allow for processes and transactions to be completed online. Apps, in particular, can create many transformative opportunities, including the use of push notifications that can be used to notify users and remind them about dates, payments and opportunities.
- Smart contracts. Agreements underpin business today but we have become fairly dependent on rigid, written contracts that can be expensive and time consuming to create and amend. Smart contracts offer an alternative that allows companies to do business with others anywhere in the world. Distributed ledger technology or blockchain provide opportunities for smart contracts to evolve alongside the businesses that they are designed to serve and there is often no need to pay intermediaries as transparent negotiations can take place directly between parties.
- AI and automation. Artificial Intelligence (AI) used to feel like a future fantasy but is increasingly being integrated into business practices to make them more streamlined, engaging and intelligent. AI has a lot to offer organisations across the economy, whether that is with respect to customer service or improving market insight. In combination with algorithms, AI has already begun to have an impact in areas such as financial trading, social media and route navigation systems.
- Automation is another key element that can be used in conjunction with tech such as AI. Every company can benefit from automation - using machines to automatically carry out certain actions so that they are faster and more efficient. From automated investment advice to guidance on insurance-buying decisions there are many ways in which automation can make an impact.