The Big Shift: The Insurance Industry is Going Digital

using mobile device

Just like other industries such as manufacturing, education, and healthcare, the insurance industry is also rapidly embracing the wonders of digital technology.

In a fast-paced and highly tech-influenced world, industries that do not allow themselves to get left behind in the race to get ahead of the digital transformation pack are enjoying great successes. They can work with key players effortlessly and in real-time, which makes their processes smoother and the results highly commendable.

If you happen to work in the insurance industry and you want to gain a deeper understanding of digital technology’s roles in your field, be sure to read until the end of the article for a bird’s eye view of digital tech applications in the industry you belong to.

Here are six ways the insurance business is making the shift to the digital realm:

Company website and social media accounts

These days, you can find a professionally-created insurance broker website with a simple search query into your web browser. Countless insurance companies have graduated from newspaper ads and flyers to advertise their services to potential clients. Right now, they have invested in a proper website that allows them to establish a professional face for the company.

Additionally, insurance companies have joined the social media frenzy by creating business accounts on Facebook, Twitter, Instagram, LinkedIn, and YouTube, among others. They also hire dedicated social marketing personnel to ensure that their social media accounts are responsive to user concerns and as point persons for their different marketing campaigns.

Mobile apps

As things stand right now, gone are the days when mobile applications are mainly focused on gaming, online stores, and productivity (calculators, weather forecasting and monitoring, and the like). Right now, businesses have invested in having their mobile apps developed with very specific functionalities and features that appeal to their current and target market.

Insurance-centered mobile apps now give policyholders the power to file claims, follow up on them, and receive updates via the same platform. With the extreme portability of tablets and smartphones, having a dedicated mobile app allows insurance companies to make their clients’ lives easier, especially concerning their respective insurance policies.

Machine learning

Machine learning now lets insurance companies handle policy writing faster than ever, thus improving customer experience significantly. Additionally, through the simple incorporation of this groundbreaking tech tool, it’s now possible to crunch large chunks of data to accurately map out clients’ online behavior and preferences.

This makes the process of deciding which new insurance products would most likely become a big hit among current and future policyholders. It’s like having a tool that offers a drone-like perspective and X-ray vision into what clients want to see being offered to them.

Digital assistant/live chats

using the laptop

Today’s insurance clients need answers to their concerns quickly, in real-time if possible. Without a dedicated crew to look after the company’s website, email account, or social media channels, it would be impossible to be responsive to clients’ queries.

Fortunately, there are now digital assistants such as chatbots that can be programmed to provide ready-made answers to frequently asked questions (FAQs). Additionally, there’s the option to offer live chats for clients who wish to talk to an actual person and not a bot.

These features ensure that clients will have someone (or in the case of a chatbot, something) to talk with as regards their insurance-related concerns. This is critical in making a great impression for the company and giving clients the services and attention they deserve.

Data analytics

Data analytics works hand in hand with machine learning to process large volumes of data to flesh out clients’ desires, so insurance companies can properly adjust individual clients’ policies to be responsive to their needs.

Aside from real-time responsiveness, having data analytics as part of an insurance company’s operational model also guarantees data-backed predictions on insurance policy types, customer profiling, and management of claims, thus allowing the insurers to be several steps ahead.

AI

Artificial intelligence (AI) has been widely used in many industries, including in the insurance world. AI is among the driving forces behind chatbots or auto-responders, as well as in crafting and personalizing marketing campaigns and even user experience for both brokers and policyholders.

AI technology is intertwined with machine learning and data analytics, thus allowing for possibilities that are fail-proof since they are backed by available data. This triumvirate of digital technology eliminates the guesswork in the equation and leaves insurance companies only with a reliable tool that allows them to improve their products and services.

Digital technology truly benefits the insurance industry in many excellent ways. Do embrace them and reap the rewards soon with the successes your insurance company can have soon.

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