A New Frontier in ID Verification

Despite the industry’s stodgy reputation, insurance is often ahead of the curve, embracing new technologies that improve efficiency, enhance customer experience and increase profitability.

Artificial intelligence (AI) and machine learning (ML) have been used to analyze vast amounts of data that help identify patterns, trends and insights that can help insurers better understand risks, predict claims and personalize their services. Blockchain has been used to improve the efficiency of claims processing, reduce fraud and enhance transparency.

Mobile apps, such as telematics, and wearables have allowed insurers to collect real-time data on customer behavior and offer personalized pricing and services. Robotic process automation (RPA) and chatbots help automate routine tasks and improve customer service.

By contrast, the insurance industry has been hamstrung by outdated identity verification practices.