The world is getting faster and more complex. We need to invest in and create new ways of establishing alignment between organisation offerings and the needs of policy holders. We need to look at empowering and enabling the policy holder to self-help, and to have access to what they need faster.
Digital transformation and being flexible, independent and personalised is heavily trending across several industries including Insurance and Finance. But what does this mean? And how do we achieve this within the regulated industry of Insurance?
Innovative technology is changing the way insurance companies continue to do business with customers, enabling them, as the Insurer, to gather precise information about their audience to deliver a personalised consumer solution. Furthermore, policy holders are looking for a seamless and hassle-free experience that enables them to achieve their desired outcome with very little effort.
It is evident through the start-up technology-focused Insurance companies entering the market, that the expectation of registering and submitting a claim with an instant pay-out seems to be the ‘norm’ and achieving this is becoming easier by the day. Many of the infamous insurance processes no longer require numerous admin-intensive tasks to be completed by a team of people, slowing down the process, and hindering the client’s objective. The notion of ‘self-help’ is well and truly underway with a combination of Artificial Intelligence and complicated algorithms, enabling transparency and on hand insurance solutions to be delivered to consumers at the click of a button.
From an Insurance process perspective, the market is demanding insurers to update their infrastructure and become more ‘tech-savvy’ in their administration. But how does this translate for the customer? Insurers need to consider the manner in which their current clients and potential clients reach them, interact with them, and obtain service.
For us Value-Added Services companies, we have looked at this for several years and have found that there is an increasing importance placed on technology and self-help for policy holders. We have found that apps are a simple and user-friendly tool to assist policy holders in engaging with their insurers, especially when the need to claim and access their emergency valued added services arises. Apps are completely transforming the insurance market, being used as a 2-way communication tool, a means to update personal information, request additional coverage, submit claims and purchase insurance too.
Mobile apps have dramatically affected efficiencies and access to service within the insurance industry, and it is our belief this trend will continue. App elements of ease of access and convenience, security, speed and personalisation service are imperative considerations for the design and utilisation of apps within the industry, and innovative additions to app technologies are continuously being developed and improved. This results in an enhanced customer experience for policy holders, ensuing in increased customer satisfaction which leads to improved and increased customer retention and acquisition, proving the importance of technology being included in insurance offerings.
It is our belief that there will be many new insurance technologies to enter the market in the near future. However, with new technologies comes new strategic decisions and responsibilities to integrate relevant and helpful technologies that will contribute towards solving problems in a cost-effective, immediate and tailored manner.
Article by: Alexa Seligmann, New Product Development Manager at One Loyalty Rewards