Top 4 Technologies for Insurance Professionals

Dec 21, 2015

Ride the WAHVE into 2016 with Ease

Time flies quickly, but it’s up to you to be the avid navigator. How well did you steer the technological course this year? As we bid farewell to 2015 – the year that Apple Pay gained mainstream popularity, the year that evolved the video marketing climate exponentially, and the year where mobile users lead the consumer pack – let’s take a look at IT trends for both your business and personal life. The following technologies are predicted to continue pioneering our digital lives.

Video-Streaming: Periscope

Apple recently declared this app, launched in 2015, as iPhone App of the Year. Now, what exactly is Periscope? This free iPhone and Andriod app gives you the option record live video to stream to your followers in real time. Tweet out a hyperlink and it’ll direct your audience to your “Live Video Stream,” enabling non-attendees to view the experience through your eyes. It’s reinventing the way users will experience events. I don’t know about you, but I’m looking forward to watching live Periscope feeds of the Rio 2016 Olympics. The app surpassed 10 million accounts in its first four months of launch, so it’s safe to say it’s here to stay (for a minute).

Mobile Wallets: Venmo

For those of you who find carrying money and credit cards a nuisance or a liability, the Venmo app is a mobile payment service that offers free debit card transfers between peers. Download the free app, connect to your Facebook followers and email database, and immediately begin sharing payments via your digital wallet. You’ll only incur a fee if using a credit card. PayPal acquired the app in October 2015 for $800 million and announced that it will plan to allow its merchants to accept payments through Venmo.

Cloud Computing: “As-a-Service” (AAS) Technology

Cloud isn’t just a white puff floating in the sky, full of water vapor. Now, it’s also a digital storage device floating in virtual space, full of important data. The integration of iCloud and smartphone usage will continue to promote the growth of insurance apps, particularly for the purpose of client data storage and synchronized client management. Embracing the mobile phenomenon helps to position your business for the future.

Speaking of iCloud, let’s talk about AAS. In late November of this year, OneShield Software hosted a conference that brought together insurance industry leaders from all over the continent. A big point of discussion was the growing adoption of the AAS technology service. I’m sure you’ve heard of it. AAS is a cloud computing-based technology allowing users to access third-party managed software, instead of investing into on-site systems. So, what does this mean? It means business development will be made easier. In this model, the AAS user will maintain the operating system and will be billed on a utility computing basis: the costs will reflect the amount of resources/leads found through the system.

Data & Analytics: STATISTICA Data Miner

The name of the game is this: leverage internal data to predict trends in customers’ behaviors, responses, claims, and losses. In the last decade, the amount of quality data acquired by insurance professionals from third-party providers such as STATISTICA Data Miner has dramatically increased, and it’s no surprise why. Companies like this who specialize in data collection will do all of the heavy lifting for you; they’ll garner comprehensive data, consequently helping to improve the outcomes during underwriting. We call this “predictive modeling,” a process that saves the agent time and stress.

At WAHVE, it’s our hope that information like this will help provide our clients and wahves, our vintage insurance professionals, resources to make them even more effective in their work and personal lives. Technology doesn’t have to be draining; it can also enrich and enhance our careers.

What are your thoughts about the growing tech age in the insurance industry? Leave your comments below. As we ring in a new year, WAHVE wishes all of our clients, wahves and followers an exciting fresh start, filled with glowing possibilities and opportunities.


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