Changing Insurance Industry
Chapter 3
Finally, the following are a few ways insurance providers are making life easier for customers through the digital transformation.
Self-Service Model
The self-service model is one of the best models.. It is the same way we see in in grocery stores and restaurants — and now we are finally seeing it in insurance. As we’ve learned, people want to use their phones to get “work” done as quickly and easily as possible. They’ve also started to get more comfortable with doing serious things — such as taking out loans, buying cars, homes and many more — at the click of a button. It makes sense they’d want to do the same thing with their insurance—managing everything from finding the right policy and making a claim, to tracking their car repair all from one place.
Easier — Faster — Claims Process
In the past, we have witnessed that if anyone face any incidents then they have to go through loads of paper work and long claims process from FNOL to settlement. Today, we can do all of that via mobile, all without ever needing to talk to an agent.
And Purchase Options
What makemytrip has done for plane tickets, companies like policybazaar is doing for insurance customers — helping to compare often complicated policy coverage and costs at the click of a button. Also, you can get the insurance in minutes without ever needing to speak to a sales agent.
More Seamless Experience
We’ve all had the exhausting experience of explaining the same incident details to one service agent, and then then getting transferred to another agent, and again explaining the same story all over again. Now, insurance companies are making better use of technology to store customer history and data so all agents—whether contacted by a text or phone — will have access to the same information.
Insurance as a Service?
As noted above, many has started offering Insurance as a Service (IaaS)—allowing people to insure expensive items like cameras and jewelry only when they are in use. This service is a prime example of using technology purely for customer experience (CX): it allows people to keep their goods safe as needed, rather than forcing them into a long-term policy for items they rarely use.
These are all great advancements in Insurtech domain, but as per our experience there is so much more that can be done. With the help of blockchain (a certain industry trend for 2018) to keep our information safe, we’ll soon find that all our insurance policies, health and driving records and relevant information is stored on one simple swipe-able chip that will make enrolment and claims processes even easier to process.
Even more, the Internet of Things (IoT) holds tremendous potential for insurance providers to increase safety among customers. For instance, wearable health trackers may be able to monitor alcohol levels and prevent one’s car from starting when the driver is under the influence. Insurance providers may also be able to prevent drivers’ phones from operating while their vehicle is in operation. (Apple is already planning to block texts in iOS 11.) There are so many possibilities, outside of saving money and increasing efficiency — the question now is only a matter of time.
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