How Can Technology Help the Insurance Sector?
The insurance industry is ripe for disruption from technology. The slow underwriting process, lengthy processes to get claims filed and lack of data and analytics being utilised to personalise the customer experience, make for a frustrating process. With technological advances, it doesn’t have to be, plus, it can help the industry thrive.
Technology is a broad term and resonates with more than just gizmos and gadgets. It encompasses the idea of evolution and advancement on the old, it’s a new age that everyone is going to be a part of.
For any industry it is import to keep up to date with technology it allows for companies to remain current and relevant in the ever-changing market place, businesses cannot afford to risk being left behind.
Technology is not a new thing and customer are quickly becoming intolerant to processes and product offerings not meeting the expectations that are already integrated into our culture and society. Technology is now a familiar concept for the masses and business sectors which don’t measure up to that expectation will fall to the wayside. to not fall into this category the insurance sector needs to stay up to date, continue to progress, expand and except technological advances.
How can technology help?
New Product offerings.
With the huge technological shift that has occurred, and with ownership of connected devices rising technology creates there are so many avenues and possibilities for insurers into the lucrative world of technology. It opens up new avenues to provide better products and services.
To continue progressing, insurance companies should be looking to expand their offerings. Not only are we dependant on technology in our personal lives, but business is also heavily reliant on technology to sustain their business. For business insurance technology raises the opportunity to provide cover which helps mitigate risk against things like cyber-attacks. For the high-street customer, insurers can write policies which can better protect things like mobile devices in a more specialised way. Plus, create platforms which enable enhanced customer service.
Advanced customer service and a better-connected service.
Utilising technologies like AI and integrating those into business processes and services platform enables those services to become much more streamlined in their operation. This benefits the customer but also reduces business costs associated with service processes.
Data can be generated in real-time meaning policies will be pertinent to the individual customers and not just based on general customer profiling.
Implementing a personalised approach can affect costs and pricing structures for the better as they can be tailored to the individual. No longer will customers need to pay for the things they don’t use.
Maintain significance in the market.
By achieving the above businesses will be able to remain current and viable to their customers. Without doing so the industry will not be able to keep its customers as it simply won’t fit with their modern life. Consumers want the change and they will go to those who can provide it. Businesses need to stay ahead of the curve to maintain their customer and meet expectations.