Across the globe, insurance companies are stepping to the new way in the evolution of advanced technology and trends. When it comes to digital transformation, insurance companies have set a new milestone in this platform to stay connected with the customers, partners, employees and industry; to expand their growth.
Even though many insurers have deep resource, strong spreadsheet and enormous client data – these huge knowledge base are not enough to target new customers. So the insurance companies should adapt new trends to stay competitive in this digitalized world.
Here we shall have a discussion on latest 5 trends that catalyze the growth and transformation of insurance industry in the digital transform.
Personalized Customer Experience
If the insurers adapt this trend for approaching the new customers, surely they will get good results. This trend has set a new way to interact with the customers. As today’s customers are more adapted to mobile technology and social media platforms, insurers have to engage with these new emerging trends and social networking platforms to approach new customers.
From recent years, social networking platforms have become new way to build network with the people. With the help of these social media platforms insurers can easily track their customer’s updates, likes, dislikes and many other things. As per the survey it has proved that 73% of the insurers have seen a positive return in their investments from personalized information. So insurers have to rely on latest technologies and social media platforms.
Adapting New Business Models
The sudden rise in the sharing economy has created many complicated problems for insurance advisors. There were many sensitive issues in the insurance claims. For instance, Is Uber Company responsible for the accidents or it’s the driver’s fault? Fire caused by an Airbnb tenant will come under regular homeowner’s insurance? Basically insurance policies are used to cover unexpected risks, but the sharing economy has brought the new rules on people’s rented property. This has created a wide space for new players who are willing to provide coverage of risk on these businesses such as Home Protect. This policy cover risk on people’s rented property. Additionally, it may shift in risk management practices which rely on behavior-driven data.
Evolution of BIG DATA Analytics
In the previous days, insurance advisors were manually collecting their customer’s data and calculating the premium amounts. This manual task was taking more time and advisors should determine customer’s premium based on that information. But this whole process should maximize the company’s profit and it should offer low cost polices for the customers. Even though traditional method was effective, but it was outdated and generalized insights.
Providing different channels for customer’s data will help insurance advisors to understand the circumstances of risk coverage and predict the possibilities for future accidents. The integration of all data in one place helps the insurers to easily understand about the risk coverage, premium plan and pricing policies. So this results in a more accurate and insightful process with more personalized polices and ability to predict fraud risks easily.
Insurance advisors are always in the danger zone in figuring out how to cater to their customers and to provide effective customer support.
Now advisors need not to worry about data as in this digitalized world, there are different platforms to communicate with the customers; such as the FaceBook, Twitter, Voice Messages, Video Calls and many more. These platforms build loyal bridge with the customers thus grabbing potential and exciting prospects. This accessibility has made a smooth way for a customer centric experience. Insurance advisors can provide seamless and easily accessible customer support via digital touch points. These platforms ensures products and services remain relevant in an ever-changing customer landscape.