How big data, machine learning and VR is changing your insurance

Insurance is changing. Big data, machine learning and virtual reality are being integrated into the everyday operations of insurance companies to more accurately assess risk, process transactions and fast-track claims payouts.


The integration of technology into the insurance sector has multiple benefits for the consumer including;

• The rise of new product-specific policies with clear and easy wording
• Reducing risk of underinsurance
• Reducing the burden on customers to supply copious information about their insurable assets
• Fast online quoting and transactions
• Fast claims assessments and payouts

Here are four recent examples of how technology is changing our world;

IAG using AI to payout car claims faster

NRMA Insurance, SGIC and SGIO brands can now payout a total loss claim for motor vehicles in as little as three days with a new predictive loss tool.

To find out more – click here.

Record payout for flood claims in the UK

FloodFlash has beaten their previous record for fastest catastrophe claim after paying claims in 9 hours and 44 minutes after flooding caused by Storm Christoph in the UK. The previous record for their fastest catastrophe claim was just over 26 hours set during Storm Ciara 11 months ago.

Virtual Assessing during COVID

Claim Central, a claims service provider to a number of insurers has introduced an app called LiveLogic where you can take a picture or video of your damage and manage your claim via an app. It’s reducing the need for physical inspections and fast-tracking claim payouts.

Broker platforms autofill data and offer quick quote & claim options

Allsafe has access to platforms which allows us to put your insurance program into a contestable environment thereby allowing insurers to compete for your insurance on a fast and competitive platform. We can even speed up the claims process with some simple claims being lodged online which means we can reduce claim settlement times.

For a review of your current insurance program and for a competitive quote, call Allsafe Insurance Brokers today.

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