The insurance landscape is changing at a rapid pace. More and more insurance companies are embracing the latest technologies, be it robotic process automation or predictive analytics. The technologies of the future are fast becoming technologies of today, whether we talk about driverless cars or artificial intelligence (AI). While this progress is encouraging, the entire industry needs to keep up.
Will agents be affected by this technological revolution? While a few agents are taking this digital challenge seriously, some are not keen to take effective action. This technology gap will grow if brokers do not step up their game, resulting in the loss of clients and business.
As the insurance industry transforms, so should its agents. Technology will be a threat if agents do not adapt to it. The key to the insurance industry is adapting to the fast pace of change and making sure you are not left behind. Clear progress can be seen as agents are adopting new technology to improve customer satisfaction and increase profitability.
Technological trends will transform how the insurance market works. There’s going to be a plethora of changes in customer engagement and the way insurers connect with their customers. This will change the way insurers work; those who are just doing sales will be affected for sure. But, agents who are looking to establish value in the insurance chain will definitely taste success.
A lot of insurers are now adapting to the latest technology. This will benefit underwriters to personalize customer interaction, better predict customer needs, streamline processes to higher efficiency, and manage risks.
Insurance companies offering 24/7 customer service will gain a competitive advantage. Conversely, agents who ask clients to “call the support department” after-hours or tell them to “leave a message” are pushing business away needlessly.
Messaging has replaced voice conversations. A lot of insurance giants have already started using chatbots to improve the customer experience.
The insurance sector is going through a lot of changes which are affecting everyone, from agents to customers. The things once considered innovation are now commonplace. Insurance agents need to embrace this new technology and use them to create a seamless experience for customers. Running from artificial intelligence (AI), chatbots and other such revolutionary technology will only end up losing existing and potential clients.
Want to take lead in the insurance market with digital solutions? You can always rely on KMG as your digital innovation partner that understands the complexity of the insurance industry. Our insurance consulting services are using AI, cloud and other transformative technologies to help P&C insurers improve their core operations.