When was the last time that an insurance broker stopped you on your way from work to sell his/her products? Well, I guess you won't even engage in such a conversation for more than 10 minutes. In other words, the terms Insurance and Insurance industry are just boring. They've been there for ages. It is time for evolution. Insurance firms that are gearing up and adapting to technology to attract many customers because they can tailor services and policies as customers want it to be. For instance, reputable companies like the German digital insurance provider COYA which offer an all-round liability insurance cover with toppings on rented vehicle coverage and best performance guarantee. Such a company deals with modern customer needs.
There are various digital trends which shape modern insurers to offer optimum tailored services, which include but aren't limited to the following:
Digital labour
While incumbents may seem to be frustrated by emerging trends in the application of digital labour, customers love it more, and CEOs appreciate the convenience it creates. Adaptation to digital labour is handled differently from one company to another. While some companies tend to lay down replaced labour forces, others utilize the freed labour for innovation and other value-adding roles that improves customer experience. Prevalent technological trends in digital labour include AI, machine learning, and chat robots. Chat robots have proven indispensable in the recent past as they can handle repetitive tasks without losing patience, unlike humans. Moreover, they are available for 24/7 customer support.
Digital accessibility of services
Is there an insurance firm that doesn't have a digital presence, including in social media circles? Well, modern customer prefers to do everything from the internet, including buying basic food commodities. The same person would prefer if he/she can access exclusive services via websites and mobile applications. Gone are the days when "tick-boxes" on insurance websites were the only solution someone could access on the internet. Today, most firms that are evolving adapt to Omni-channel approach, which is seamlessly flexible and interchangeable to give real-time improved customer experience.
Claims management
Which company still demand clients to come physically to the office for their claims to be vouched? Well, companies that are looking forward to bouncing back into the industry with a thud use claims management as a way to shine. Technological trends in claims management limit the physical journeys clients have to endure when following up a claim. Many customers would prefer to use simple phone calls, mobile app messaging platforms, and online face-to-face interactions-moreover, communication channels provided by new technology help to avoid frustrations and delays.
Data and governance
Lastly, data and governance are the most crucial aspects of the whole digitization processes. The modern e-commerce is guided by data analytics to predict consumers' patterns and offer personalized services. Consequently, insurance companies have to deal with consumer data from millions of websites across the globe. However, customers are increasingly becoming concerned with how their data is collected and used. Therefore, insurance companies should comply with the ever-expanding regulations on data privacy and protection to earn the customers' trust.
