COVID-19 has sped up the process of encouraging companies to go digital. The insurance industry is no different. Clients are expecting a new time efficient, simple way of interfacing with insurance companies. The insurance companies must effectively manage their customers and the large amounts of information that they are accountable for. The “predict and prevent” model as it’s called. The companies leverage technology both on the front and back end of their businesses to make the process of using insurance easier for everyone.
Insurance utilizes technology to bring more services to clients. Technology like; predictive analytics, AI, machine learning, and mobile apps allow customers a hassle-free insurance experience. The most important piece for customers is a simple and easy way to access their services. For example, an insured person has access to online portals to make payments, or the option to receive paperless billing. Instant access to services provides huge time savings, and minimizes the back and forth of communication. The introduction of AI systems to insurance also helps customers by learning what touchpoints happen often for customers. It serves as an opportunity for the insurance company to predict those problems and ensure a smooth process. It also helps the customer feel heard and taken care of. These analytics provide valuable data to insurance companies to provide higher quality services and products.
A big shift for insurance companies is in their catastrophe response operations. Insurance companies have invested in drone technology to help assess damage remotely and store that information accurately. Instead of waiting for someone to assess the damage, claims adjusters can do it in real time. Perhaps the area is hazardous, or the adjuster just doesn’t have the time of day. A drone can view the damage in half the amount of time and effort, which results in a faster assessment and payout process. This is a huge time saver for both the insurance company and the customer.
Another major boost for insurance companies are their predictive analytics capabilities. Insurance companies can gather enough data on claims to understand and predict customer behavior. This allows insurance companies to better adjust pricing, predict instances of fraud, anticipate customer needs, and quickly handle claims. The increase in accuracy leads to better insurance policy and underwriting. Insurance companies can use a wide array of technology to make their operations easier to facilitate thus making a completer and more accurate packages for customers.
The use of technology makes insurance companies more competitive and customer service friendly. Technology allows insurance users to access their needs quickly and simply, as well as allow insurance companies better tools with which to serve their communities.