Insurance is one of the industries which is embracing the new-age technologies, rather than shying away from them. And we are not speaking based on em
Insurance is one of the industries which is embracing the new-age technologies, rather than shying away from them. And we are not speaking based on emotions, we have numbers to prove it. In 2016, the insurance industry spent around $187.3 billion on IT, which was around 25% of the total investment made by the whole finance sector. Therefore, insurance app development services will also see an upsurge as companies move towards digitization.
Any enterprise software development company can build a customized web-app with the help of Ruby on Rails. That said, there is still some inertia associated with the adoption of technology in the market. A report from McKinsey said that 9 out of 10 insurers think old-school methodologies and the late-riser approach are one of the biggest reasons for the insurance industry falling behind on catching up with the latest tech trends.
Why is it Important to Go All Tech-Savvy Anyway?
Well, because your customers are. Gone are the days when only Insurance Agents were consulted for queries, questions, redressals, signups and checking the claim status. Nobody has the time today. But what they do have is a smartphone or a laptop. They go online, tap a few buttons and voila! They have a whole bunch of information on the fingertips. So, long story short, customers have found their comfort and convenience in technology. And so shall the service providers.
The Ruby on Rails Angle
While we talk about leaving out legacy software and developing new-age applications, websites and data-driven, smart technology, the question is where to start from? That is why, we don’t just tell you the theory of the matter at hand, but we want to give you a practical starting point. The answer is – Ruby on Rails framework development.
If you are a developer, or you follow tech-trends religiously, you would understand that Ruby on Rails is an amazingly adaptive framework that helps create database-backed web applications with perfect ease. It works on Ruby, a programming language that shot to fame in the 2005-2006 time period and is considered one of the best free, open-source languages that enjoys the love of a huge community of developers.
For many new-age IT-based innovations, Ruby on Rails development services are perfect to build prototypes and scale quickly. Whether its machine learning, artificial intelligence experts, simple app development – ruby on rails serve to integrate things together perfectly.
How & Where to Innovate?
We know of all these options that are available to us, but what are the points of the customer interactions where we could implement these things? Payment gateways, customized insurance packages, and the overall direction of the UI – in fact, you could innovate where you would want to innovate. There are a handful of technologies that are making the rounds in the industry.
Combine the power of other technologies like Bitcoin, API, and Artificial Intelligence. App and data are primarily important for the insurance agency because of this rising trend of P2P or Peer-to-Peer Insurance. Look at something like Teambrella. It is a closed peer-to-peer insurance network where the transactions happen in Bitcoin.
A classic example of excellent use of consumer data is Kin Insurance. They ventured into the much less crowded home insurance space and used the humongous data available to customise the whole insurance experience. Typically, a process for getting home insurance would take 6 steps, with Kin it takes two taps. Put your address, get a quote. Their AI system also allows users to get smart, customised Home Insurance advice.
Many insurance agencies are investing in ruby on rails web application development to come up with much safer payment gateways. But again, that is not an innovation anymore, it is a necessity. E-commerce has already been doing it for a long time. In fact, some ecommerce website development platforms like spree marketplace are full-fledgedly using Rails application development services, giving customers superb market scalability.
Payment gateways are important points, even more for an insurance agency than, say, spree ecommerce store development, to decrease the number of fraudulent payments now that cards are not even required. Insights are everything, for automation to budge in. Machine Learning systems use rule-based logic to block the transactions that have the highest probability of being a fraud.
Let us come back to our good old Ruby on Rails. Many Agencies prefer ruby on rails for web development for integrating these big technologies seamlessly. They hire Ruby on Rails developers because it is open-source and a relatively easy and even fun way for creating web-apps that has evolved and matured over time. If you are an IT-manager who is looking at the first step to bring their Insurance Agency on the digital map, we say hire a ruby on rails developer!