Insurance & Technology to Better Serve Emerging Consumers: Learning to Improve Access & Service
This paper explores the use of technology to improve access to insurance. It examines innovative applications of technology from around the world, and highlights implications and benefits of each application for the insurance sector.
The study uses data from interviews with microfinance and technology experts to identify technological innovations that can positively impact financial outreach. These include:
- Digital data and data mining;
- Use of mobile phones in branchless banking, advertising and sales;
- Infrastructure technology such as solar power and wireless networks;
- Devices carrying rich media;
- Internet of Things (IoT) technology such as RFID, smartcards, bar codes and scratch cards.
The paper concludes with recommendations to increase affordability and usability of technology in the insurance sector, promote investments for building new systems and ensure a regulatory environment conducive to adoption of technology.