The motor insurance industry is undergoing an unprecedented digital transformation, thanks to new technologies which have been developed in recent years. These technologies have suddenly entered and grown exponentially in an industry historically characterized by being very traditional.

With the advent and widespread adoption of these technologies, all this has changed, the auto insurance sector has transformed into various aspects of the business, and new technologies promise to revolutionize many more. Interesting, but what are these technologies?

Artificial intelligence (AI), big data, 5G connectivity, machine learning are just some of these innovations making their way into the healthcare sector. car insurance often without realizing it. They have the potential to revolutionize the industry and improve the customer experience; their application at various stages from contracting to claims management is taking the first steps towards social disruption.

Want to learn more about these technologies and how they affect your car insurance? Well, read on, we will provide you with all the information.

Artificial Intelligence (AI)

As it cannot be otherwise, artificial intelligence is also affecting the insurance industry, which is no stranger to the exponential growth its application is seeing in all types of industries. Currently, there are car insurance companies implemented AI to offer 100% personalized policies to each driver.

To do this, the technology is based on variables such as its customers’ driving habits and accident history. Thanks to these analyses, companies can better adjust the rates they offer to their clients who They will pay based on their risk and not based on general profiles. They also use AI for this automate administrative taskssuch as issuing policies and processing claims.

Big data

Big data is the “food” for artificial intelligence and is becoming the nutrient for the technological transformation that the world of auto insurance is experiencing. Thanks to the collection of data, insurance companies will better know not only their customers, but also their environment. Some companies are already analyzing in this way traffic data, weather data and other risk data in order to identify accident trends.

In addition, good use of data opens the door to creating a development of business opportunities, such as new products or services that, tailored to customer needs, can diversify their income.

Connectivity

Connected cars are equipped with sensors and devices that enable the collection of data about the vehicle and its surroundings. Something that car insurance companies can use to do this monitor the condition of the vehicle, identify potential problems and offer preventive maintenance services.

By having access to data such as your location or speed in real timeInsurance companies could detect risky situations and offer assistance to the driver in case of an emergency. And all this much faster and more efficiently than it happens today.

A better digital experience

Another trend that has been accompanying us for years is the digital transformation of the entire process of concluding and managing auto insurance. More and more companies allow you to buy and manage insurance 100% from your mobile phone in minutes and without paperwork through websites such as https://www.arpem.com/seguros-coche/articulos/seguros-conductor-novel/ or apps for mobile devices.

These new communication channels They provide convenience and speed while providing greater transparency by making it easy to report claims through photos, making payments automatically, and even taking you to the workshops with which our company has agreements in the event of an accident, at short notice.

Augmented Reality and the Internet of Things (IoT)

In addition to operations with clients, car insurance companies are also innovating the network of their workshops thanks to technologies such as augmented reality or the Internet of Things (IoT). With 3D virtual models of vehicles, it is possible to detect damage more quickly and efficiently and thus reduce errors when assessing repairs. IoT with connected devices and sensors helps monitor key parts and perform predictive maintenance that prevents failures before they happen.

And that’s just the beginning. In the future, cars will drive themselves and politics will be highly personalized. Procedures, expert opinions, repairs solved in seconds thanks to the power of various technologies. And in the meantime, drivers will be calmer, safer and better informed by having all the information at their fingertips.

The future of both the automobile and auto insurance are fascinating and finally New technologies are changing everything at breakneck speed.

Content created in collaboration with Arp.