How Software Is Driving Innovation for Insurance Companies

 

Although it is true that various industries have been experiencing transformation as a result of digital innovations, we know that some industries are catching on faster than others. The insurance industry for example has never been at the frontier of digital innovations. However, this seems to be changing with time. Today digital solutions like are gradually being embraced by insurers. You can find websites like www.schemeserve.com software who offers these services.

 

In the past, insurance used to be tales of clunky work flows and loads of paper work. But today, new comers into the industry are bringing in digital innovations that is helping them deliver faster and smarter services the mores established names a getting a run for their money and it is only normal for insurers and brokers to shift towards more modern and obviously more effective ways of doing things.

 

Not only does embracing digital innovations help insurers get more competitive and stand a better chance in such a keenly contested industry, it has also been proven to help them increase revenue and cut loses. Digital innovations are applied in various ways and in different sectors of operation. Here are some of the top innovations software has helped to introduce into the system of operations.

 

Self-Service software

 

Self service solutions have been around for years. But it wasn’t until recently that agencies adopted that model in their operations. Since the modern-day consumer is growing ever dependent on mobile solutions with the mundane things like grocery shopping already being handled conveniently on their phones, Insurers came to the conclusion that the more important things of life like finding the right policies or making claims can also be done online too. Now, without having to walk into an office or even placing a call through, consumers can get themselves through most of these processes thanks to self-service dashboards.

 

As a result of this, claims processes are faster and a lot easier. The same goes for the process of purchasing a policy. Just like it is possible to order pizza online or get a plane ticket online today, some agencies now make it possible for consumers to examine their policy options, compare costs or benefits and enroll all at once. Click here to see some top digital innovation trends by Forbes

 

Automation

 

In the past, the process of getting serviced by your insurer used to progress quite slowly and most times was even borderline terrible and frustrating. Clients might have to wait for hours to have their information retrieved by their insurer, getting it reviewed and processed. Today, thanks to digital automation software, day to day operations are place on auto drive giving consumers an overall more seamless and enjoyable.

 

Insurance as a Service

 

This is an area that is gradually gaining traction in the industry. Insurance as a Service basically refers to the process of allowing people to insure items on a temporary basis without having to enroll or take up a long-term policy for it. By taking advantage of digital innovations to boost customer experience, some digitally upbeat agencies like Slice now offer customers such opportunities.

 

Multichannel engagements

 

One of the most obvious advantages of a digital landscape is the fact that people are more connected today than ever. This also offers an advantage for businesses to better connect with their customers. Insurers can also take advantage of multichannel engagement tools to connect with their customers and engage them effectively. Today, asides the established general communication and social media tools, individual businesses can also develop personal websites to connect with their customers. Modern websites also have chatbots and other automated means of staying in touch and even tracking customer activities and collecting information for better engagement and service delivery.

 

Internet of Things (IoT)

 

The internet of Things is one of the biggest forms of digital innovations today. While on the surface it is hard to see how smart home devices, artificial intelligence and machine learning can help insurers, a closer look will reveal the wealth of potential that lies in this relatively uncharted field for insurers.

 

For example, it is now possible to install health trackers in cars that monitor alcohol levels. Some cars now have capabilities of preventing drivers from driving under influence which lessens cases of car accidents and resultant claims associated with it. Health Insurers can also track health and lifestyle habits of clients thanks to wearable devices and access individual risks. This way, they can offer incentives and offer services that will encourage mutually beneficial behavioral changes in their clients.

 

Digital innovation is not only a trending issue. It is also the fastest way to drive growth, increase business performance and improve customer satisfaction. The faster an insurer is able to take advantage of all of these services and tailor it to meet their business structure and customer needs, the better their chances of being successful.

Beth Mahoney

Hi! I'm Beth Mahoney, a beauty and lifestyle blogger from Honiton in Devon.

3 Comments

  1. I found your post really interesting and insightful. I actually found that it made me wonder about how I personally use restaurants and the experience I have in them. I would agree that ordering via an app has meant that some of the social aspects of eating out have changed to a certain extent. I noted what you said about some of the different generations not using the app to order their food, and I would agree with this from my own personal experience. I order food at Wetherspoons – and anywhere else that has an app – via the app, but my parents would never dream of doing so. I’ve often found the relationship of different generations and technology interesting – my parents panic when using new tech, whereas our generation is intrigued by it and more willing to try new things.

  2. – Comment Awaiting Moderation by Administrator –

    I found your post really interesting and insightful. I actually found that it made me wonder about how I personally use restaurants and the experience I have in them. I would agree that ordering via an app has meant that some of the social aspects of eating out have changed to a certain extent. I noted what you said about some of the different generations not using the app to order their food, and I would agree with this from my own personal experience. I order food at Wetherspoons – and anywhere else that has an app – via the app, but my parents would never dream of doing so. I’ve often found the relationship of different generations and technology interesting – my parents panic when using new tech, whereas our generation is intrigued by it and more willing to try new things

  3. I think that your take on Netflix is an extremely interesting one. I would agree with you when you say that Netflix has completely changed how different forms of entertainment are consumed. While I would agree that Netflix has some strong competitors, such as Amazon, I would disagree that this is an issue for the brand. Being the first well-known digital brand of its type has given Netflix a unique position in the market.

    I believe that Netflix doesn’t need to worry about facilitating long-term customer relationships as the brand’s digital model and high amount of popularity, not to mention its convinience and ease-of-use put it in an extremely powerful position. When customers are lost, new ones will sign up.

    – Comment pending approval –

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