While it is one of the oldest and most rigid industries, insurance is not completely immune to technological advancements and trends. The digital migration of the past three decades has changed different aspects of the industry, with case investigation, customer engagement, and fault determination experiencing the most impact. Here are five technological trends that are changing the course of the industry's evolution curve:
1. Use of chatbots
Many companies these days perform most of their customer interactions using chatbots. The technology complements regular customer support by handling simple and repetitive inquiries from potential customers. By doing this, it helps cut back on companies' labor costs and ensures human support assistants are reserved for more serious issues. A car insurance company, for instance, can use a chatbot to answer inquiries on auto insurance quotes and other questions that have consistent answers. The human response will only be needed for case-specific inquiries and things the AI-based technology hasn't mastered yet.
2. Drones
Drones have been around for quite some time, but their use in the insurance industry isn't widespread yet. Early adopters are using the devices for risk assessment and case evaluation. Drones can come in handy when there is a need to survey premises such as factories, animal farms, and plants. This can save insurance companies plenty of risk-assessment-related costs and enhance the accuracy of evaluations and calculations.
3. Artificial intelligence
Content and experience personalization is a new and highly rewarding way of reaching out to clients and prospects. Artificial intelligence helps insurance companies personalize marketing content and simplify the underwriting process. It can also come in handy in the claims cycle by making it possible for insurance representatives to access humongous amounts of data instantaneously.
Currently, the use of AI mainly centers on enhancing customer experience and operational efficiency, but in the future, it might be used in insurance risk identification and assessment and automated claim processing.
4. Cybersecurity
Insurance companies have first-hand access to sensitive customer data, making them prime targets for cybercriminals. The industry typically runs on trust, meaning data security and safety is a prioritized aspect for many insurers. Established insurance companies have been shown to be among the earliest adopters of emerging cybersecurity advancements for this reason. They are not only staying abreast of the evolution of intrusion detection and prevention systems but also taking preemptive measures like performing regular audits to keep threats at bay.
5. Use of CRM software
In the high-paced and competitive world of insurance, everyone is looking for ways to stand out from the crowd. The use of customer relationship management software has emerged as an effective way to evoke loyalty and attract new clients. CRM tools enable insurers to track the activities of people who interact with their marketing content and improve and personalize future interactions.
Endnote
Insurance companies haven't really found an optimal way to offer services to their clients; case assessment misunderstandings and conflicts are still rife, and that's a clear signal something is missing. While it's not possible to eliminate all service delivery problems overnight, the use of these technologies can make it easier to interact with customers and offer quality services.
