While insurance has been around for quite a while and the majority of people use it for their home, life, vehicle and health, consumers often find the customer experience (CX) in the industry shaky at best.
According to Forrester Research, the CX provided by insurers is among the lowest in any industry.
So, what is necessary for insurance companies to boost their CX? Enter insurance technology. InsurTech simply refers to the various technologies that have an impact on the insurance sector. This technology may be in the form of smartphone applications, claim acceleration tools, automated compliance processors and fitness wearables. In fact, recent studies have found that the majority leaders reported that keeping pace with InsurTech advancements was essential to remaining competitive. Nearly all the respondents agreed that digital acceleration has had a major impact on core aspects of the insurance industry. In fact, 96 percent indicated that they believed InsurTech will continue to be a driving force in the insurance industry for years to come.
Some progressive moves we’ll see for 2019 will be the advancing integrations of cloud computing, augmented realty and Blockchain.
Cloud computing will continue to be adopted widely by insurers and InsurTech providers as it is cost-effective, speedy and flexible. Cloud providers will continue to improve their technology to deliver sophisticated capabilities.
Augmented reality is already starting to have a presence in insurance with alternate forms of AR such as virtual reality, mixed reality and extended reality with companies shaping how AR is being used.
And Blockchain, the technology behind cryptocurrencies, is primed to be adopted for more promising applications. They include “smart” contracts and secure, decentralized data collection, processing and dissemination.
Looking around at what industry leaders are doing when it comes to going digital can help provide needed insight. Researching the ways in which your competitors have incorporated InsurTech and Customer Experience platforms into their daily operations may help give necessary background and perhaps even increased urgency.
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.
