| |September 20169CIOReviewfrom the sharing economy and the classic science of underwriting / risk assessment.Augmented reality (instant processing, made possible by technology): Yet to be launched, people in the industry are excited about breakthrough developments such as Google Glass. Imagine the opportunity for on-site capability to assess damage, and transmit findings for instant claim processing. It can truly revolutionize the sheer way in which the industry processes and settles claims ­ the moment of truth in the insurance industry!W-commerce / digital sweatcoins (24/7 connectedness, made possible by technology): Move over e-commerce, m-commerce will soon be the age of wearables. From devices which monitor your health to devices which detect your surroundings, the power of technology to offer you for instance, ski-based protection, when it detects you indulging in your favourite pastime on snow, to apps which reward you for being physically active with digital sweatcoins with the consequent reduction in your health insurance premium, the power of technology to be anywhere, anytime is really revolutionizing this most traditional of industries.3D printing (shift from cash to kind, made possible by technology): A unique and revolutionary way to settle claims, 3-D printing (already in vogue in some places) enables faster settlement and replacement or repair of unique and valued items. Done at scale, it can even lower costs and frauds, while enhancing customer experience! A case in point is a high-end jeweller who can create a replica of the lost earring in a much more accurate way than has ever been thought of previously, by using a scanned image of the "un"lost one.Auto population of customer information / 100 percent digital (shift from manual mode to digital, made possible by technology): As insurance firms look to increase penetration, a sharp focus on the basics of customer experience is no less important, be it auto population of customer information from databases such as UIDAI, or end-to-end digital processing from proposal submission to policy issuance. Another distinctive trend of insurance technology is a shift from "me" to "we", be it with regards to simplification or disruption. When customers pay using electronic modes of payment, both the customer and the recipient insurance firm hope the banks have invested in a good customer experience for their net banking customers. The rise of price comparison websites has participating insurance firms praying for 100 percent uptime of these aggregators.Insurance technology is thereby enabling firms to stretch boundaries by tapping into a broad array of digital businesses,devices and customers. For firms that are eager to drive change by being at the forefront of technology adoption, it is a golden opportunity to shape markets and change the way we work. A hitherto undisrupted industry is well and surely on its way to simplification, revolution and re-invention! When customers pay using electronic modes of payment, both the customer and the recipient insurance firm hope the banks have invested in a good customer experience for their net banking customers
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