With Technology improving all the time, the trends continue to change and adapt to each industry. In the last year, there have been many new trends to be on the lookout for in the insurance sector. Some that have really changed the insurance landscape and how insurance providers will do business moving forward.
Digital policy management is more important than ever. Even those less tech-savvy individuals understand the importance of having such options for those who desire it. The fact is that more and more people expect their insurance providers to offer a self-service portal that enables them to manage their policies, make payments, submit a claim, etc. This incredible feature not only is a benefit to the customer but also to the provider in many ways, including:
To meet the demand for self-service features, insurers are beginning to offer mobile apps and customer-facing portals. To learn about the custom options available for you and your staff, learn more about what Noodle Group has to offer.
In addition, customer portals are a must in today's tech landscape for all industries, not just the insurance sector. Not only must you invest in a customer portal, but it must also be able to offer:
These are some of the most basic features a self-service customer portal should offer and they will allow you to stay up-to-date with your customers' expectations. Beyond a portal, you may also consider the benefits of a mobile app. Though mobile apps may not always be business critical, many insurers are leveraging them to help market and sell specific lines of business and new products. Mobile apps allow you to sharpen and heighten user experience to the highest levels, but they represent an investment that must make sense in your overall strategy. Noodle Group is pleased to offer the development of portals and mobile apps to the insurers and MGAs.
It has always been common practice for insureds to undergo in-person evaluations during the underwriting process. However, especially during the pandemic, this proved to be challenging. Ultimately, the goal of automated underwriting is to streamline and gather information to reduce the number of human touch-points. Automated underwriting tools such as robotic process automation (RPA) and Artificial Intelligence (AI) are crucial to the overall process of getting correct data and assessing risk, ultimately determining the amount of coverage or type of coverage offered. More about RPA and AI will be discussed below.
Another important component of Automated Underwriting and Claims systems is being sure to set up the tech to include an insurer's business rules, and pausing the process for human intervention as needed. It is crucial for the automated underwriting system to enable roles and permissions at a granular level.
Automated claims and underwriting systems are saving time and money for insurance companies. Therefore more and more are implementing automated underwriting and claims systems into their value chain. In fact, the increased use of AI and digitized claims has helped many insurers streamline dysfunctional claims management practices, allowing for faster processing and reduced wait times. This has, in turn, freed up representatives to focus on helping insureds and cross-selling more products.
Insurance companies everywhere are increasing their investment in robotic systems geared at helping claims adjusters evaluate storm-damage with increased levels of safety and less cost? In fact, in the wake of Hurricane Ida, multiple insurance companies deployed aerial drones to diagnose the damage of the storm. Drones and robots make investigating and processing a claim faster, more efficient, and safer.
While drones and robotics will reduce costs by not needing as many tools and personnel, they will surely not replace the human interaction that is needed in the claims process. Instead, technology will allow humans to make more informed decisions with more accurate data. When that happens, everyone wins.
According to IDC Research, Artificial Intelligence (AI) and its hardware, software, and service applications are expected to grow to over $500 billion by 2025! Our resource and strategic planning should take into account the value that technology will bring us now and in the coming years.
Because many insureds are still skeptical of the increased use of technology and automation in the insurance industry, the need for more customer touch-points is more important than ever. You can dteremine the best touch-points by simply sitting down with your team to decide the experience you want to provide. Think about all the ways you currently communicate with customers, then come up with a plan to make it more customizable. Websites, social media, newsletters, brochures, calls, surveys, etc. Your customers want to feel valued and seen, especially with everything going digital. This is where developing a strategic omni-channel approach is important. An omni-channel approach in customer service for insurers needs to provide a seamless customer experience across all channels of interaction. Doing this correctly will give an insurer's team a full-picture view of all customer interactions, enabling them to better interact and answer questions.
Let's talk about some custom customer touch-points that you could implement or make better within your omni-channel.
Newsletters & Automated Documents
Newsletters have always been a way to keep customers informed and give out important information to a lot of people at once. It is also a very easy way to give added value. Now with scheduling tools, automation, and customizable data, it is easier than ever to upgrade your newsletter & documents to give your customers the most personal experience possible. Take a look at all communication you send and be sure to customize where possible, setting up communication triggers at certain milestones.
Chatbots
A chatbot is a computer program used to simulate conversations with people over the internet. Chatbots are common in customer service. Think about Amazon. They have been using them for a long time, and are now ramping up in the insurance industry. If you want to take it one step further, think about integrating chatbot functionality into an email message. This conveniently allows customers to dig deeper into relevant subjects and new products on demand.
Texting Services
Setting up a texting campaign is a great way to add value and give your customers more frequent touch-points. In addition, having a texting line available for insureds to reach your company can also help provide better claims processing and customer service. All the while, this technology can assist in reducing CSR overhead.
Live Agents
The human experience is still highly desired by insureds. Live representatives are vital to any omni-channel strategy and their impact can be heightened through the use of current and relevant technology. Let us help you consider leveraging your existing and new channels through your entire insurance life-cycle.
One of the rising trends allowing insurers to gain a whole new group of customers is the use of Embedded Insurance. Embedded insurance is coverage that is offered with the purchase of another product or service. For example, when you book a cruise, you will be now be offered travel insurance. When you buy a new cell phone, you are offered coverage against any damage. This automated means of driving business should always be considered for the right situations.
With the evolution of technology and online commerce, embedded insurance is expanding beyond an add-on product at the airport or retail store. It is now widely being used in the digital space, giving insurance providers the opportunity to capitalize on the opportunity. According to InsTech London, it is estimated by 2030 that up to 30% of all personal-lines business will be from embedded insurance.
Is your insurance company ready for these new technology trends? Talk to a company like Noodle Group who specializes in servicing the technology needs of the insurance industry. Let us help you make technology work for you!
Identity Verification to prevent Identity Theft is not a new concept. It has been around since the early days of banking and became more nuanced as the financial services industry embraced technology. Though the general concepts of identity verification have remained the same, the execution of those concepts has changed significantly. Not only is the goal to keep your data and your customer's data safe & secure, but it is also crucial that the process is quick, seamless, and a good experience for existing insureds and future customers.
AI is exploding and it is getting a little crazy. Here are four principles or safeguards (I am calling them laws) that we will be using and advising others to use when it comes to leveraging AI technology while protecting their for-profit or non-profit enterprises and systems.
Keeping overhead costs low, providing a quality product or service in a timely manner, turning customers into promoters, and increasing overall profits--these are every business owner's dreams, right? There is a way to help with that dream. It is called digital payments.
