Imagine being able to train your staff on how to investigate a water or fire damage using virtual reality without them ever having to leave the office? Or having a camera that provides real-time information in the event of an auto accident or theft? And if your insured's car is in an accident, how do you seamlessly move it from the accident site to a garage or wholesaler? Believe it or not, there's an app for that.

The technology options available today for insurers are geared toward solving a host of problems — both the simple and the complex. Some InsurTech expedites gathering information for the first notice of loss (FNOL) and assists policyholders in capturing the damage to their homes, cars or businesses. Other tools allow policyholders to go from FNOL to payment without ever encountering a human being unless they want to speak to someone about their claim, and even then it could be a chatbot rather than a live person. And other services allow for a claim payment to be made directly to an insured's bank account instead of cutting and mailing paper checks. The right innovations can have a positive impact on whether or not a policyholder renews with a carrier after a claim.