The Technology Advancements That Insurers Are Now Offering For Costumers
With the surge of internet access on a small handheld screen, the world is now witnessing a mammoth of digital transformation across sectors including insurance.
Breaking from a traditional brick and mortar driven model, insurance companies today are going through a digital metamorphosis to optimize the end-to-end customer experience and provide customer delight. The aim is to achieve best of both worlds: customers getting a quick, automated estimate and then if need be, talking with an actual person for customized service. The goal of the company is not to become a faceless organization, but rather use technology for more simpler and templated tasks so that advisors are free to interact with customers in a more meaningful way.
Ideally a customer should be able to start the conversation about the purchase of insurance online at a time and through a channel of her choice, speak with a financial advisor on chat or through a voice interaction for any complex query and then purchase a product or complete any transaction online at a time and through a channel of her choice. This OOO (online-offline-online) model will be most suited for a slightly more complicated insurance product. Most insurance firms are in the process of adopting technology for integrating service and delivery mechanisms. Let us discuss some of the advancements that the insurers offer today.
RPA (Robotic Process Automation): It enables automatic response with NCB (no claim bonus) details to insurers daily instead of weekly. Also, it can process emails successfully with a success rate of around 95%. It has helped companies reduce operational cost and improve their service efficiency with quicker response times.
Chatbots: These can be used for answering simple customer queries related to policy renewal, product information, general queries, etc. If a user takes 30 mins to process 1 average file of 200 records, BOTs can process the same in about 20 minutes leading to operational efficiency and reduced TAT (turnaround time) for the customer.
WhatsApp: Renewal of policies and customers sending pictures of the damaged vehicle in case of motor insurance claims are some of the most common uses of Whatsapp in insurance. This medium is also used to share the policy copy post-purchase or renewal.
IoT: Getting a quote or learning more about insurance can be done from the comfort of your lounger at home on voice command. Insurers are creating a network with Amazon Alexa, wherein customers with Alexa-enabled devices just have to ask the device and are instantly connected to answers about insurance, estimates, or an insurance agent. There is also a glossary of important insurance terms to clear any confusion.
Not only this, insurers who have major bancassurance tie-ups are today using the bank’s technology platform or app to sell insurance through product bundling and cross-selling by the bank’s trained employees.
Technology enables insurers to connect with customers in real-time especially when it comes to claims management. However, given the complexity of the insurance product, the human element of explaining the nuances of her policy to a customer is here to stay.