Gone are the days when customers were required to make lots of calls, send emails or visit the company in person to check the insurance claim details. Thanks to the advanced technologies and tools, customers now can monitor their insurance policies and other important details online using digital tools and solutions. Not only this, the risk in auto insurance will also shift from humans (drivers) to AI technology and software of self-driving vehicles. Insurance providers also use drones, satellites, and real-time data to get increased visibility into the risk around properties and facilities for greater accuracy. Claim processes are also being automated, scale-able, and faster than ever.
While many insurance companies have digitized several of their operations, some companies are trail behind to invest in new technologies. No matter it is a life insurance company, funeral insurance agent, or auto insurance carrier, here are some ways in which new technologies add greater value to their operations and processes.
Several core insurance processes are executed using on-premises technologies and infrastructures. as cloud solutions are becoming popular among different industries, a quick shift of core insurance systems and tools to the cloud will help insurance industry to introduce new insurance products and deliver a better customer experience. Cloud solutions enable distributed infrastructures that connect data centers and hubs among insurers, customers, the healthcare industry, insuretech, and others. In this way, insurance companies can provide a streamlined experience without facing barriers of time and location.
Next-level Insurance Process Automation and Digitization
For many years, insurance providers have invested in several robotic process automation tools to put most of their back-office operations on autopilot. But the advanced technologies and small business telephone systems allow insurers to rethink and upgrade products and services. For instance, IoT enables insurers to get real-time data and insights into equipment or tools for predictive maintenance before expensive claims happen. Insurance companies can also use 3D printing to transform the claim processes for damaged properties or facilities. There are many other areas insurers can automate using new technologies and solutions for increased operational efficiency and customer satisfaction.
Almost all types of insurance companies handle sensitive customer details and information. Digitization of insurance processes these days requires customers to share more details with insurers to enjoy highly personalized services and better premium rates. Predict and prevent insurance model requires insurance companies to share customer data between different parties like healthcare providers, auto companies, insuretech and others to make claim prevention more effective. This is the reason, modern consumers are concerned about the data and information shared with insurance providers. Thanks to advanced security solutions and data protection tools, insurance providers are better able to manage and handle customer data in a safe and protected manner to avoid issues like identity theft. They also use advanced verification approaches to protect their customers against cyber threats.
In different sectors, insurers have started using telematics to offer a personalized experience to their customers. The adoption of IoT tools allows insurance companies to reshape insurance products in life, property, health, and commercial areas. As IoT devices generate and share a huge amount of data among insuretech, insurers, and customers, it helps companies understand the customer insurance needs, and risks in the best way possible to offer them personalized insurance products. Increased connectivity via IoT tools also enables insurance companies to provide quality services in real-time.
Modern consumers prefer using their smartphones and other digital devices to reach, connect and interact with brands and businesses. Even industry experts say that almost 95% of customer communication will be powered by digital communication tools like chatbots. Integration of AI-enabled chatbots helps insurance companies interact with their customers in real-time to save time of both customers and the company. In this way, an insurance company is available and accessible 24/7 as chatbots can walk customers through complex insurance policy applications and claim processes. Some chatbots are designed to respond to common customer queries to streamline the insurance buying process for them.
Top insurance tech trends emphasized in this article can dramatically reshape the insurance industry from top to bottom, and deliver an excellent customer experience. above mentioned digital shifts are already happening around and some insurance companies need to develop a more determined vision for how new technologies can elevate and streamline their processes.