Technology is creating brand new opportunities in every industry, including significant changes to the insurance business. The changes have enabled insurance companies to more effectively gather, store, and analyze ever-increasing amounts of data. Considering that the success of insurance companies is often directly dependent on the quality of their data, this is an incredible opportunity to make the necessary improvements that will propel the industry forward.
One of these breakthroughs is known as SDK Integration. SDK stands for “software development kit.” Software development kit integration refers to the ability to plug directly into the services of a digital suite of tools. This capability can also empower policyholders, which holds opportunities for better experiences for them and lower risk for insurance companies. Here’s how it works.
The Future of Insurance Data Collection
WeGoLook is one company that has created an SDK for insurers to use and integrate into their digital platforms, ultimately enabling and empowering policyholders. For example, they can obtain information about vehicle condition, mileage, property data, and much more.
This is a relatively new phenomenon that has come in response to a very tech savvy generation that is accustomed to being more involved in the processes that impact their lives, including insurance. Roughly 90% of millennials in America own smartphones to facilitate this involvement.
Insurance Benefits of SDK Integration
The primary benefit of SDK integration is that it can increase oversight and potentially reduce risk for insurance companies. The lower the risk, the fewer claims likely to be filed, which vastly improves the bottom line.
For example, if SDK integration indicates that the condition of a vehicle is becoming significantly worse, that vehicle can be flagged for repairs before an accident happens. Or, should damage occur, policyholders can immediately capture relevant data points for a near real-time data exchange with their insurance carrier.
Having greater data monitoring capabilities allows an insurance company to see which of its policyholders are cautious and maintain their assets. This could potentially allow insurance companies to reward policyholders that show this level of responsibility. For example, drivers who do not drive over the speed limit or who service their vehicles regularly could receive a reduction in their annual premium cost.
When policyholders are having trouble capture data, one of 30,000 trained gig worker that are available can facilitate the process. They are inserted into insurance claims processes on a daily basis and been integral in improving the overall experience for insurance company customers.
Leveraging the Digital Revolution
By creating customized workflows through SDK integration in combination with a network of nationwide gig workers, insurers will be well prepared for the digital revolution that is happening right now.
In this environment, insurers and policyholders are working more closely together to lower risk as a team. At the same time, this technology is empowering policyholders to be more in control, an increasingly common consumer demand. SDK integration brings policyholders into the insurance process and enables them to do more to help their own insurance coverage.