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Insurance Industry – Moving towards a Digital Age

Feb 5, 2021

Insurance is increasingly becoming a competitive market; hence, it comes as no surprise that insurance companies, nowadays, are harnessing new technologies to add value and create better outcomes. Though digitization hasn’t yet reached industry-wide adoption, new, forward-thinking industry players are already stealing consumers who are not willing to wait. They are taking action and making investments, essentially forcing other insurers to either embrace digital transformation or fall behind the pack.

Thanks to advances in technology, the industry is in the midst of a digital transformation. As insurance companies rethink their organizational processes, consumers benefit from an augmented customer experience that ultimately offers improved choices and lower costs.

Where is the change happening?

Stepping into the digital world means new opportunities that improve customer experience and create an edge over competitors. Insurers are leveraging technological advancements to gain insights and transform their business for the digital age. Customers have grown habituated to a certain level of convenience – thanks to the proliferation of mobile phones, connected devices, and online portals. Hence, they expect to get the same seamless experience from every insurance provider they visit online.

The flourishing digitization can drive customer engagement, improve time to market on new products, and open up new revenue streams. We have listed a few areas insurers should focus on at the beginning of a digital transformation strategy.

  • Mobile Applications:

Creating new customer touchpoints is a significant part of the digital transformation. Customers, nowadays, expect to get valuable information with their smartphones. Mobile-optimized online portals are definitely a good option, but an easy-to-use mobile application can be a more streamlined platform. They can be an excellent source of customer data, proposing more opportunities for targeted engagement.

  • Internet of Things

With IoT, insurance companies can use both structured and unstructured data & help policyholders manage a multitude of risks. Sensor-based technology could provide insurers with an enormous amount of information, and so many of them have already leveraged this technology. For instance, some auto insurance providers have given customers a choice to install devices that monitor driver behaviour and performance. Safe driving behaviour will get drivers discounts on their insurance costs.

It’s just the tip of the iceberg. Insurance companies that are effectively harnessing technologies and have already stepped towards digital transformation are destined to be among the industry winners. Those who fail to keep up with the latest technologies might relinquish their leadership positions.

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