INSURANCE
caused the majority of businesses to pivot quickly to homeworking, thereby requiring access to internal databases remotely. Those who already had cloud storage systems in place were at a huge advantage as they could continue servicing customer demands without a hitch. When insurers and their distribution partners use emerging technologies to communicate more efficiently, customers are provided with a quicker and more efficient service. When data is shared, risk profiling becomes more accurate and it becomes easier to benchmark performance. This ultimately benefits the consumer.
Claims If insurers and their partners utilise emerging technologies to connect the dots, share data and speed up the customer journey, it can also enhance their claims procedures. If third-party administrators are used, they could also be provided with access to the same insurtech platform to aid document management and data analytics. This mitigates risks of the quantity or
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quality of data being compromised when it is passed through more siloed institutions, and can speed up the whole claims process as the information required is easily accessible through cloud storage. The systems also provide full audit trails and role-based access levels.
Digital transformation The insurance industry is beginning to harness the power of digital transformation, although progress remains gradual. 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. AI, ML, APIs, automation and big data can all be employed during the prospective customer’s journey, through acquisition and underwriting to claims. Ultimately, customers are looking for a smooth, quick, accurate and cost-effective user experience and emerging technologies can help to provide this and enable long-term customer retention and satisfaction.
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