Seemingly overnight, the insurance industry has transformed from technology-averse to technology-starved.
Of course it didn’t happen that quickly. But the past two years have certainly accelerated insurers’ appetites for improving customer and employee experience with technology. It’s easy to see why. The COVID-19 pandemic upended much of the low-tech, high-touch practices the industry relied on historically. Forced to adapt, insurance providers found themselves scrambling to create stand-in digital experiences to allow them to continue some level of service for customers.
Now, as we emerge from the worst of the pandemic, the industry is looking to technology to do more than stand in. Insurance providers are recognizing opportunities to utilize Insurtech solutions to create deeper and more meaningful interactions with customers and internally simplify the processes for their employees.
In this article, we will outline some of the biggest Insurtech trends and insights we see on the horizon, and detail the different ways providers are using technology to effectively serve customers and help employees do their jobs better and more efficiently.
Customer Focus is Leading the Insurtech Charge
The insurance industry has always been customer-obsessed, and that’s a good thing. That level of focus on customers used to be one of the primary objections to insurtech solutions. Insurance providers were concerned that tech would create barriers between them and their customer and create less empathetic and personal customer interactions.
What the industry is now realizing is customers’ demands have evolved. While they still appreciate and value personal attention, there’s a growing demand for speed and convenience. So, technology is not a replacement for person-to-person interaction, it’s simply augmenting the customer experience by allowing insurance providers to be there for customers via multiple channels, depending on the needs and desires of the customer at that moment.
Insurtech Priorities are Evolving Beyond Customers
The customer focus discussed above doesn’t only refer to customer-facing technology like claims automation. Insurance providers are increasingly recognizing that engaged employees with the tools and autonomy to do their jobs create a better customer experience. We’re seeing a growing number of providers looking to insurtech solutions to help their teams work more efficiently and better serve customers with the solutions they need when they need them.
More Data is Not the Answer- Better Data Is
For decades, the promised paydirt of technology has been more data. The conventional belief was that the more data we had, the better decisions we would be able to make. Now, we have a lot of data and savvy insurance providers recognize it’s leading to more confusion and stagnation than ever before. The solution is not more data, but better insights. Providers are looking to Insurtech solutions to help them identify which data is most impactful, and analyze it to make smarter business decisions more quickly.
Insurtech Partnerships Are on the Rise
The number of insurance providers who count technology companies among their strategic partners is on the rise, and for good reason. Insurance providers recognize that collaboration with a solid partner in the Insurtech space leads to quicker adoption of new technologies, ultimately reducing operating expenses, improving distribution reach, and enhancing customer retention.
In looking for a technology company, it’s important to select a partner that understands your existing tech stack as well as (or even better than) you do. Penguin Tech, for example, is a Duck Creek-specialized firm. Our combined 75 years of experience with Duck Creek Technologies means significantly less ramp-up when working with new clients who operate on the Duck Creek platform.
Penguin Tech is Your Duck Creek Insurtech Partner
If you’re like many of our Duck Creek partners and clients, you know what you want your future state to look like, but are struggling to get off the starting block. Or maybe you’ve begun the process by yourself or with another partner, but things have stalled out. No matter where you are on your integration journey, Penguin Tech has the experience, expertise, and focus to help you reach your destination.
Reach out to learn more about our team’s capabilities and how we can help you create stronger employee and customer experiences with Duck Creek technology integrations.
Latest insights also show an increase in the partnership alliances with smaller, more nimble and agile InsurTech firms, like Penguin.Tech, to help compress the timelines for operational change.