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Trend insurer should look at in 2021

Insurance

Technology Trends For 2021

Every industry is taking smart moves to improve its business infrastructure for 2021 and to make the best improvement they look for what is the best that they can provide to their customers. Businesses know that customers pay for those things, which makes their life easy and smooth. From smartphones to self-driving cars, customers are ready to pay an amount for those products and services which add value in their life.

Enterprises focus on user-centred technology and incorporate it into a business. To identify the requirements of the customers’ organizations need data. As data is omnipresent in 2021, many entities will work towards collecting and sharing data. The amount of data collected can generate actionable insight. These create an ecosystem that will work to provide the best experience to the customers. To succeed in 2021, these entities need to work in a framework of customer data security.

Here are some trends that will shape 2021.

1. Artificial Intelligence Trend
The machine that is stimulating with human intelligence and thinks like humans and mimics their action is what we call Artificial Intelligence. Intelligent devices with human traits are what customers need in 2021. These devices focus on providing the best user experience and service to the customers. Businesses focusing on incorporating AI into their machines or software that need human characteristics like learning, decision making, forecasting will win the race of customer acquisition.

When it comes to data security, the incorporation of AI helps with malware detection and the prevention of damage. The industries like medical, insurance, finance, IT, education, and the health industry are looking forward to AI to incorporate into the business. The goal of AI includes learning reasoning and perception to understand and behave like a human.

2. Machine Learning Trend
We at FECUND research the new trend in the Insurance industry. We have seen that machine learning helps with customer service, from managing the initial interaction to customer support. ML technology gives guidance to customers to choose the best services and products after reviewing their profiles. And most customers are happy to receive such auto-generated advice.

Machine learning helps with image recognition, speed recognition, self-driving automobile, virtual assistance, and more.

3. RPA (Robotic Process Automation) Trend
RPA helps with the task that does not need any decision-making and strategies, but it is essential, mandatory, repetitive, and rule-based.

For example, in the insurance industry, checking a policyholder’s profile is crucial for the insurance provider. Profile analysis assists insurers to come up with the best product suggestion.

The steps involved in profile analysis are:
1. Collection of data from multiple sources
2. Identification of the related data
3. Fill the information in the system
4. Check the profile for validation

The robotic process automates these steps and helps with sending the notification, follow-ups, auto-approval.

4. IoT Trend
The increasing technologies like IoT will continue their dominance in 2021. IoT is a technology that focuses on capturing and converting data into understandable information.

IoT is used by industries such as manufacturing, the government sector, consumer electronics, finance, and many more. IoT helps to generate data that provide insight to make critical decisions as quickly as possible.

5. Cybersecurity Trend
The top security threats are misconfiguration, insecure interfaces, data breach and APIs, account hijacking, malicious insider threats, and DDoS. Because of COVID-19, many organizations provide the option for remote working that gives more space for accidental breach of the information. These breaches may happen by opening phishing mail, fake webpage visits, submission of credentials to non-secure platforms. It became the responsibility of businesses to control security threats and provide a secure platform. In 2021, companies and people will move towards cybersecurity and looking for more secure platforms.

6. Blockchain Trend
Blockchain is the type of database that stores information in blocks and link them like a chain. As new data comes into the system, it becomes a block. A new block is attached to the previous block chronologically. As per the business need, a person can choose a blockchain system. There are four blockchain types – public blockchains, private blockchains, consortium blockchains, and hybrid blockchains.

In 2021 Blockchain will be used by organizations. Some of its applications are in the medical industry to store and share data securely. Cross-border payment, sharing security data, anti-money laundering tracking system also can be managed through blockchain.

7. Extended Reality (XR) Trend
Combination of virtual reality (VR) and augmented reality (AR) is extended reality. Virtual reality is the use of digital devices, which create a simulated environment. Augmented reality is the incorporation of the product into the real environment. Extended Reality (ER) helps to understand AR and VR together. The combination of the virtual and real-world will revamp the way businesses interact with customers. In 2021, ER will be in trend. It covers gaming, real estate, entertainment, media, healthcare, marketing, automation, and many more. In the coming years, the ER will level-up the technology industry.

8. Cloud Computing Trend
Cloud computing is a significant move from the traditional way businesses think about IT resources. Cloud computing focuses on providing access to information to the user. The variations in cloud computing commonly seen are private, public, and hybrid cloud computing format. Private-computing is used exclusively by a single business. Public-computing is owned and operated by a third-party operator. In 2021, companies will use the feature of hybrid computing. Hybrid computing improves infrastructure, gives more flexibility, security, and deployment to business. Cloud computing includes this common type of computing Logging as a service (LaaS), Platform-as-a-service (PaaS), Software as a service (SaaS), and serverless computing.

9. Social Media trend
On social media, a new trend won’t take much time to show its impact on the new generation. Social media started to connect with people. Now it became a platform that connects people and businesses. Businesses used to share content related to products or services. Social media give more flexibility and freedom to people to express their thoughts and opinion. The regular update and evolution of platforms make people easily share real-time content. The content generated by the people is more into focus than content shared by businesses. This proves the user-generated content will be in trend.

Instead of sharing text, GIFs are more expressive and now trending. Platforms like WhatsApp, Instagram, Facebook are working on making the platform more user-friendly.

Conclusion:
The year 2021 will come with the advanced transformational technology that will make the customer the centre of the technology. Technology will improve the data for the business that help to make decisions.

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