Advantages of Insurance Companies Embracing Digital Transformation
Businesses must embrace digital transformation to remain relevant and provide an outstanding omnichannel customer experience in today's world of taps and clicks.
FREMONT, CA: Today's informed customers demand intelligent solutions that are customised to their specific requirements. The conservative insurance industry is undergoing a sea change, not only due to increased customer expectations but also as a result of the emergence of new insurance players with diverse business models. The transaction-based insurance industry is evolving into one that is more dynamic and customer-driven. To remain competitive in today's market, eminent insurance providers leverage disruptive technology and predictive analytics to assess customer needs and deliver personalised solutions and an exceptional customer experience.
Insurance companies can use digital transformation solutions to optimise their operations, streamline the customer experience, and provide smart, unified platforms for brokers to aggregate data. It has transformed the customer experience and benefited insurance companies in the following ways:
Significantly increased market penetration
Previously, most customers relied on their insurance agents to inform them about appropriate insurance plans and policies. Still, with the advent of digitalization, customers can easily research a policy, comprehend its key benefits, and even compare it to other products. Before purchasing a plan, some customers research the claim settlement ratio and customer reviews. Insurance companies can leverage disruptive technologies such as artificial intelligence and machine learning to interpret customer behaviour and target a specific group of customers for particular products, thereby reducing time to market.
The pandemic has accelerated digital transformation, and customer experience has become critical for customer retention. Insurance's prominent customer experience areas include the following:
- Online claim status check
- Online dispute resolution
- Obtaining new insurance policies
- Completing a claim (FNOL)
Navigating through various insurance processes
Leading insurance companies are capturing and analysing customer needs and preferences through customer journey mapping and advanced analytics. By implementing superior CX, insurers can provide 360-degree omnichannel service delivery and assist in assessing customer satisfaction. Additionally, insurance providers can benefit from big data analytics by conducting thorough background checks and efficiently addressing fraudulent claims.
Customer dashboards facilitate query resolution
Self-service customer dashboards serve as a one-stop-shop for customers to decrypt the policy's benefits, terms and conditions, and coverage costs. It functions as a ready reckoner, assisting customers in calculating monthly premiums and tracking payments through a centralised platform. Even customers prefer to upload documents, pay premiums, submit claim requests, and raise inquiries via a synchronised platform that they can access from the comfort of their homes, rather than constantly following up with their insurance agent or running to the insurance offices.
Self-service portals enable insurers to streamline the query resolution process by compiling a database of frequently asked questions from customers and enabling omnichannel delivery. Insurers can share fact sheets directly from the portal, reducing the time required to resolve customer queries.
See Also: Top API Solution Companies
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
By George Evans, CIO, Singing River Health System
By John Kamin, EVP and CIO, Old National Bancorp
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
By Sergey Cherkasov, CIO, PhosAgro
By Pascal Becotte, MD-Global Supply Chain Practice for the...
By Stephen Caulfield, Executive Director, Global Field...
By Shamim Mohammad, SVP & CIO, CarMax
By Ronald Seymore, Managing Director, Enterprise Performance...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
By Jim Whitehurst, CEO, Red Hat
By Clark Golestani, EVP and CIO, Merck
By Scott Craig, Vice President of Product Marketing, Lexmark...
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
By Amit Bahree, Executive, Global Technology and Innovation,...
By Greg Tacchetti, CIO, State Auto Insurance