As the digital age continues to transform rapidly, the insurance industry is pacing up all efforts to keep up with emerging technology trends. There are a number of challenges and opportunities that are pushing insurers to evolve – changing customer demands, regulatory compliance, rapid increase in digital devices, advanced frauds and threats from emerging insurtechs.
What are the emerging trends in the insurance industry?
New, innovative policies
Sharing of assets is becoming increasingly common. Shared rides, office and commercial spaces are creating, both new avenues as well as challenges for insurers. Insurers need to come up with new offerings and policies that cater to the usage of shared assets. The demand today is for personalization. Customers want solutions and policies that are tailored to suit their needs. From peer-to-peer insurance to on-demand economy policy generation, the industry is constantly trying to innovate and cater to market needs. As technology advances, there will be newer areas like drones and data that will need insurance coverage. The key to stay ahead is an agile model to keep up with trends and cater to new opportunities that present themselves.
Customers have access to just about any information they require, with the click of a button. Mobiles, tablets, wearable devices, the list of digital touchpoints is only on the rise. Apps are almost a necessity today to ensure customer engagement and satisfaction. To ensure heighted customer experience, insurers must enable availability of insurance policies on the go across all devices. Insurers who provide a unified and seamless experience across all digital touchpoints will definitely have an upper hand over the rest. Insurance leaders are not just catering to digital needs of customers, but are equipping employees and agents with digital solutions to enable better customer engagements. A strategic digital transformation journey will ensure higher success and ROIs.
It’s the era of DIYs. From policy planning and purchasing to claims processing there is a huge demand for self service solutions. Today insurers are rolling out new models where customers can access policy details at any time on their devices. The self service model makes the lives of customers and agents easier, with intervention required only in complex cases. Virtual demos before purchase, real-time notification and virtual assistants like chatbots are changing the way insurance companies operate and are enhancing customer satisfaction. Faster cycles and lowered costs, these models are on the rise for all the right reasons.
AI, ML, IoT, NLP, RPA, the list of technologies disrupting the insurance space is endless. Leveraging on this technology is increasing operational efficiency, improving employee performance and customer engagements. These technologies are also transforming the underwriting process and improving detection of fraudulent claims. Better analysis of data helps insurers take informed decisions and integration of technology into operations and automation of mundane and repetitive processes, powers seamless business functioning, reduces expenditure and ensures better customer experience.
Digital adoption- The way forward
Constant innovation to keep up with trends and demands is the way forward for the insurance sector. Investing in new-age technologies will transform both operations as well as customer experience. Today, there is a shift in business strategy as well. Everybody is talking about services. Insurance companies that are providing seamless and consistent best-in-class services are rating high on customer engagements as well as retention, and continue to stay in the lead. Enterprises that invest in understanding the needs of customers and those who are able to provide personalized services that cater to specific customer needs will be the leaders of tomorrow.
With extensive research and hands-on experience in the insurance sector, Neutrinos provides exclusive solutions for insurers. A digital distribution model to help enable business continuity despite the challenges posed by the pandemic, leading insurers are leveraging on our low-code MXDP to make impactful digital transformations.
- One of our projects helped the client enhance customer experience by enabling real time services to proactively assist customer needs. The connected customer solution for Incident Management now provides full visibility of the process and related workflows. The new dashboards also provide vital information to the customer service team to work through tickets, monitor services, escalate on delays and provide course correction based on data received from customers and partners offering services.
- For a health insurance provider, Neutrinos developed a claims registration and semi-automated application towards claims management and settlement. The claims self-service portal we built allows customers and hospitals to register claims seamlessly, with guiding rules to ensure completeness of the claims registration process. The system automatically checks for adequate information and validations.
- To enable seamless claims assessment and case management, we built an end to end case management solution for a client, with OCR enabled for automatic document linking to a claim. A load balancing algorithm was also built into the claims approval process for work distribution.
- We developed an interactive web portal for a client to enable customer onboarding and online policy buying. The detailed business requirements analysis does not allow errors during execution of the existing processes in policy creation. The portal is also integrated with 180 APIs and third party applications including integration with the payment gateways.
Take a look at our Insurance Distribution Suite that’s helping insurers cater to rising demands.