Insurance is an industry that has long been one associated with frustration. The process of underwriting has been seen as a relatively lengthy experience and getting your claim completed often involved a difficult series of events. Disruption in the insurance industry with something that is required and with today’s future technology easy for customers to see a difference in this industry.
Insurance remains an industry that is based on trust and customer service. With customer service that is required to place the customer first, the newest technology is making the process of customer experience much easier. The customer pays a subscription ensuring that as they do business with a specific company, they can see value out of business later.
Unfortunately, only 15% of customers are satisfied with the digital experience that their insurer can provide. Here are some of the ways that the insurance industry is being disrupted with the help of future technology:
Improvements with customer acquisition:
Technology often allows insurers to become much more informed when it comes to their strategic decisions. Customer acquisition starts to become a little more strategic, and this means that an insurer needs to be very competitive when it comes to offering their insurance online. Comparison shopping can be done quite easily.
The use of digital technology and data ensures that the average insurance agent can get to know their customers a lot better as well. They can answer any of their questions before they choose an insurance package and explain info about their premiums and more.
The process of claims:
Claims are often seen as a loss for many insurance companies. With the help of technology, however, it’s much easier for a claim to make money for someone in insurance. Technology can improve the aspect of the claims process. Rather than tying up insurance officials small ideas like paying claims through electronic means can generate an improvement in efficiency within the company.
If a customer ever had questions about their insurance products, how they could save money or how they could change their coverage this is something that’s now available through live chat or an application. With the future of AI technology and some of the tools that can be included as part of online web pages, it’s now easier to receive customer support for insurance claims than before.
Retention and underwriting:
Updating claims and handling the process of underwriting has become much easier. Knowing how much to charge for adjustments is made easier with the use of technology improvements. Car insurers today often use telematics devices to change insurance rates and save their customers money, and the same type of integrated technology could soon be added.
These are just a few of the top ways that many companies today are working to improve their customer retention through the use of technology. Customer technology in the insurance industry will continue to change the nature of the business, make it more profitable and improve the bottom line for every insurance company worldwide.
Asif Razzaq is the CEO of Marktechpost, LLC. As a visionary entrepreneur and engineer, Asif is committed to harnessing the potential of Artificial Intelligence for social good. His most recent endeavor is the launch of an Artificial Intelligence Media Platform, Marktechpost, which stands out for its in-depth coverage of machine learning and deep learning news that is both technically sound and easily understandable by a wide audience. The platform boasts of over a million monthly views, illustrating its popularity among audiences.