In the past, insurance companies often spend their funds on compiling statistics to estimate rates. Today, it is now possible to employ cellular connectivity services and smart devices to gather larger quantities of data. These benefits both insurance carriers and their clients. In addition, integrated IoT solutions for the insurance industry allow business owners to monitor real-world driver actions and vehicle movement to offer realistic risk assessment based on those driving behaviors. At Choice Business Connections, we are the premier provider of top-notch insurance technology solutions.
Understanding the Insurance Industry
In the insurance industry, a large part of one’s business may involve responding to claims and assessing risk. The workload, however, has significantly increased today. The insurance industry is under pressure to revamp outdated processes and is facing increasing demands for improved customer experience. That’s why it is essential for insurance companies to consider employing IoT-enabled technologies to reduce insurance claims costs, attract new business, and better service existing customers.
Insurance companies are leveraging rugged smartphones and tablets for field employees, that allow them to process claims quickly via mobile applications. In addition to providing mobility solutions for their field employees, insurance companies are also providing M2M tracking devices for their customers with incentives toward safe driving. These OBDII devices are plugged into the vehicles Electronic Control Module (ECM) and pull information directly from the vehicle’s computer to identify speed, throttle, diagnostic trouble codes, and much more.
At Choice Business Connections, we provide IoT/M2M connectivity and enterprise mobility services, as well as tablet plans for agents and insurance applications. They allow workers to access critical customer data from different locations and exchange real-time updates. By delivering a secure and reliable connection, our clients in the insurance industry have a better control of their overheads, increase claim data accuracy, and improve productivity.
Our Areas of Expertise
Choice Business Connections provides top-notch wireless connectivity services and management solutions for a wide variety of industries, including the insurance industry, through the most reliable cloud-based carrier integrated platform. Below is a quick look at what we are good at:
- Narrow-Band IoT (NB-IoT)
- IoT & M2M
- Mobile Internet & Data
- Voice Services
- International Calling & Data Plans
- Enterprise Mobility
- PTCRB Certification
- Static IP
Benefits of Wireless Connectivity Solutions for the Insurance Industry
Below is a non-exhaustive list of benefits that wireless connectivity solutions can unlock for the insurance industry:
- Quickly and accurately adjust scoring algorithms: The traditional method of determining premiums involved the use of time-consuming research and machine data. This is an outdated approach and that machine data should be combined with cloud-based public data sources. This approach produces analytics-based enhanced scoring algorithms that can help insurance businesses remain competitive. Another great thing about modern insurance technology solutions is that agents can adjust their built-in algorithms according to the latest customer driving patterns.
- Fraud prevention: Cases of fraud may cost insurers billions of dollars annually and that’s why securing insurance technology solutions is recommended. IoT solutions can help secure data collection and simplify the process of analyzing statistical information.
- Gain valuable driver insights: Was the claimant speeding? Was the at-fault party driving recklessly on the roads? With insurance IoT solutions, business owners can get insight into an individual’s driving patterns and other important details to offer premiums that are based in reality. These bits and pieces of information also allow them to tailor insurance plans for their clientele.
- Reduction of claims: Offering ECM connected tracking devices allows end-users to receive a discount in their insurance premium by providing insurance companies with insight into their driving habits as a proactive model. This also reduces the number of claims for insurance companies since drivers are more aware that they are receiving discounts due to their habits being monitored.
- Better forecasting: Extracting driving habits from their customer base allows insurance companies to take a more predictive approach to setting premiums and renewals. This data allows insurance companies to take averages and compare the data to outliers, as well as analyze their specific customers to ensure they renew the proper classification of drivers.
Choose Choice Business Connections as Your Insurance Industry Connectivity Vendor Today!
At Choice Business Connections, our team is committed to our clients’ successes in the insurance industry. We understand the hurdles involved in executing and developing IoT strategies and will provide insurers with all the guidance they need to successfully navigate this complex ecosystem and stay connected.
Are you looking for technology solutions that are made for simplifying wireless connectivity within the insurance industry? Make an appointment with Choice Business Connections to learn more!