There’s a handful of tech trends that are poised to transform and alter the way insurance organizations handle client relationships.
It’s a well-known fact that adapting to new realities and embracing new digital solutions means gaining a competitive edge in the insurance business. And while it’s fully centered around people and building relationships, with every shift in trends and currents, insurance organizations need to adapt quickly.
The new era of digitalization has made clients crave more convenient communication, faster services, and advanced data-driven solutions.
While on-demand claims services and underwriting are among the top priorities for clients, the main concerns for insurers remain increasing revenue and mitigating fraud risks.
To be able to cover all demand and stay competitive, organizations seek to deploy new technologies that will help them:
Consequently, understanding new technology and following current trends are among the top priorities in the insurance industry.
So what are the new tech solutions that can help insurers tick all the boxes on that list? And how can organizations keep a competitive edge in the ever-evolving business environment?
In order to set premiums correctly, actuaries need to mathematically measure the risks and come up with an optimal proposition for each case. And to be able to analyze statistics and emerging trends and extract insights about possible financial outcomes, they require large amounts of data.
That’s where insurtech proves to be very effective. With its help, insurance organizations can collect client data and leverage data-driven analytics to:
Insurtech solutions and technologies can streamline and align complicated processes within an organization and promote efficiency.
Client data can also be used to structure, analyze and summarize information. This includes historical activity and behavioral analysis that can help assess a vast range of claim types. The gathered information can be used in the form of insights that help detect fraud early on and protect against risk. These insights proactively coach insurers on the most optimal ways to mitigate risks.
Insurance advisors spend a lot of time building relationships with clients and trying to understand and anticipate their needs. That’s why note-taking and recording of client conversations are among the priority tasks for them.
In order to improve efficiency when it comes to routine tasks, automating them can help a lot. Advisors can benefit from automatic client conversation documentation and cloud-based solutions. Innovative software can easily provide automatic recognition of client data and other insights that can be used for marketing purposes.
AI-based technology can improve underwriting and digitize claim cycles for insurance organizations. With the help of customizable AI algorithms, insurers can define specific triggers and thresholds that enable such responses as pre-filling claims or sending auto-generated alerts.
Innovative tech solutions can add to an improved client experience by offering transparency and visibility into all processes. What’s more, recording and summarizing client conversations can help advisors always come prepared for every client appointment and significantly reduces the time for additional prep.
On top of that, tracking individual data-fed metrics allows advisors to notice early signs of cancellation risks and prevent client churn.
Unique provides the automatic collection of conversational data through AI-based speech recognition. With the help of Unique, insurance advisors can experience an increase in data quality and data-driven insights with reduced administrative efforts.
There is a number of pain points that Unique aims to solve for insurance staff:
1. Incomplete recordings of client conversations and brief reports. They prevent companies from carrying out a data-driven evaluation in order to pursue a comprehensive consultant approach.
2. Incomplete notes lead to a lack of preparation for the next appointment.
3. This, in its turn, reduces sales opportunities because there is little personal knowledge about the client that can be used to build trust.
4. Whenever an advisor leaves the company, the client database and valuable insights are lost.
5. There are few possibilities to coach advisors based on real conversations and to give feedback to introduce a comprehensive consulting strategy.
Based on these painpoints, Unique has worked up solutions designed to automate routine tasks and give valuable insights into every client conversation:
New and emerging technology like IoT(Internet of Things) and AI (Artificial Intelligence), now actively augment human capabilities. Consequently, by automating tasks and leveraging intelligent insights, organizations benefit from increased revenue and client satisfaction.