Digitalization has already brought up substantial transformation in many industries; however, similar transformations have also been seen in the insurance industry for the past few years. Though this kind of transformation has arrived a little late but yet it has to exploit the full potential of digital technologies.
The inclusion of digitalization into the insurance process has brought several valuable changes such as improved customer experience, value creation of the industry, seamless business processes handling, risk handling along with the introduction of unique plans and addition of new features in the existing plans.
Due to the digitalization, there are several recent advances in the insurance industry that have increased and developed an extreme interest among individuals across the globe to invest in various insurance policies.
Digitalization has changed over the traditional approach of an agent-driven model to a more seamless and effective digital transformation that ensured the utmost customer satisfaction. It is a win-win situation for both insurers and customers since the customers are enjoying an enhanced experience and the insurers can now leverage low-cost digital distribution channels for both services and sales which will ultimately deepen their market penetration. Also, other factors are accelerating the growth of the Insurance Industry.
Introduction of the Online Insurance Platform
With the insurers going digital with their products and services, the intervention of agents has cut down to a larger extent. Now, if a working person has to buy policy he or she need not stand in long queues or take out time to meet an agent to buy or renew a policy, this could be done easily through the various online portal of the insurers or through their company apps that ensures all such processes at just a single click making the process easy and time-saving. Moreover, the insurers save on money since they need not pay any agent commission, so again it is a perk to both insurer and customer.
Enhancing customer communication
The introduction of a chatbot which combines artificial intelligence (AI) with machine learning and analytics has been a vital part to enhance customer communication.
It ensures 24x7 services and helps you understand a wide range of products.
Easy and quick Claim Settlement
Now, one can initiate the claims digitally by filling the claim settlement form online, attaching the relevant document and sending it within seconds to your insurer owing to the digital move.
Bring Down Mis-Selling
Reviews and features of a product help you to understand what you need or not and lessen the chances of you being mis-sold.
You can even talk to experts or mail your queries for an unbiased opinion through the digital medium.
Also, the rising awareness of the need for protection and retirement planning through the digital medium will hold up the growth of global insurance.
Innovation in the insurance industry will fuel the demand for plans and would be a key driver for the insurance sector.
Inmediate understands and has been standardizing and digitizing insurance production. As a result, we can build any policy and accommodate its life cycle using standard elements in standard processes, no matter how complex.