Digital transformation is revolutionizing the insurance industry. This is driven primarily by the consumer looker for better policies. Agile young insurance companies are fanning those desires and that is eventually driving the larger companies to jump on the innovation bandwagon.
Consumers are looking for more personalized insurance policies and greater control over their coverage. They prefer self-management of policies via digital channels.
Insurance companies have deep expertise in risk management. They have used these models for decades to define and build their business models. Over the last few years, Insurance companies have started to invest resources in understanding their customers – these customer analytics models are helping to understand the preferences of their customers. This is resulting in a lot more policies and therefore more profits. Some of these policies are in the traditional areas like Life insurance. A lot more are micro-policies that are bundled in with smaller consumer transactions. Companies like Slice and Insurance.com are driving the process and making insurance transactions smarter, faster, and better.
In the past, the claims process was always a huge investment of time and resources, by everyone involved. Filling in forms, reviewing them, etc. has always been viewed as a painful process by everyone. Today, all of that can be done by clicking a couple buttons on a mobile device. Technology is enabling the industry to settle claims more quickly, dramatically improving the customer experience. Machine Learning technology is helping to detect potential fraud, pinpoint high-risk scenarios and automate the prevention processes to limit exposure and damages. Artificial Intelligence models can assist underwriters and automate simple processes. AI reduces the risk of human error and resubmissions, while increasing individual underwriter bandwidth. Blockchain enabled smart contracts allow Business-to-Business transactions to be smooth, efficient, and secure This in turn strengthens the policyholder-insurer relationship and brand loyalty.
Insurance companies need to upgrade how they interact with customers across all devices and all communication channels. Millennials seek greater control over their coverage, insurers are under pressure to modernize and personalize policies with swifter rollouts and more customization of offerings.
TraQiQ can help integrate data from fragmented internal systems to present a single view of your customers and business to your team. Take it even further by adding data from external systems to increase your business intelligence. A cohesive business framework, customer analytics, and an optimal customer experience lead to business growth and success.