INSURANCE
Prospective customers When potential customers want to find out information about a product or service, the natural instinct is to search the internet for options. If the information isn’t readily available, prospects will quickly move on to the next option. There is only a very short window of opportunity available to really capture the attention of a prospective customer online, so using the latest technologies to ensure your website is easy to navigate and clearly displays all the required policy information will help to push customers over the line. However, if they have specific questions or
do not fit neatly into a profession or policy, they are probably going to require further details. You want prospective customers to be able to access this information at the most convenient time to them, including outside of office hours, so phone numbers and live chat facilities could become redundant if you do not have 24-hour capabilities. Insurance-specific chatbots can provide an innovative solution to ensure you do not miss out on customer traffic. Fuelling them with insurance-related keywords and policy details means prospective customers can input their requirements and AI technology can provide insurance advice tailored to their requirements. This automation both provides cost savings for the organisation from reduced manual processing, and improves customer service.
Customer acquisition and underwriting Once the customer has made the decision to purchase, it is essential to make the process as simple and automated as possible. Traditionally, customers would provide their data and policy requirements and insurers would produce a quote after manually processing the information. When trying to serve micro SMEs or freelancers in particular, this process quickly reduces potential profits. However, if automation is incorporated into the pricing and underwriting process, pricing can be done in real time, which allows insurers to serve a greater number of customers at a quicker and more efficient level. It also gives customers a quicker indication of what they could expect to pay, and they are able to initiate cover sooner. This will not always be possible with products with less data available, however the increased automation and sharing
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“Emerging technologies provide insurers and their distribution partners with ways to enhance their customer experience, while moving forward from the pandemic and out of the hard market”
of data will supplement human expertise. Insurtechs such as Tapoly are developing
innovative application programming interfaces (APIs) that can be incorporated into existing platforms, with specific global data stored in cloud servers to enhance the underwriting and risk- profiling process. Alternatively, entire platforms can be white-labelled to provide a hassle-free option for insurers looking for tailored digital systems. Using emerging technologies to enable automation and to remove some of the time and cost challenges associated with customer acquisition and underwriting dramatically improves the customer journey.
Data sharing between insurers and intermediaries Improving the use of data and data sharing abilities across the insurance industry also improves the customer journey. The pandemic
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