Yes, It’s true that Better Technology equals Better Insurance, Gone are the days when customers needed to call an insurance company just to request for a quote.
These days, customers have become digital natives who expect to get only the best rates from insurers, with everything done in a matter of clicks. They find the experience better if they don’t need to dial any phone number at all.
Insurance companies know this demand all too well and this is why they are now starting to invest millions in platforms and startups that help in the betterment of the entire industry. The mountains of paperwork are being pushed to the back burner.
The impact of technology on the modern insurance industry is not only about getting rid of the hassle on the customers’ buying algorithm as it also helps you save money.
The Evolution of Better Technology equals Better Insurance, Courtesy of AI and Big Data
Repetition has become standard practice in the world of insurance and artificial intelligence has a big potential of taking on that build-up of claims reports, data analysis, and customer inquiries.
The development and application of artificial intelligence in insurance don’t only accelerate the time required for a customer to settle a claim or purchase a policy as it can also consider behavioral and historical data like driving records to come up with more personalized packages.
Why are some teams more productive? Research shows management style had the same effect as R&D spending, and twice the impact of technology spending, in explaining productivity differences. https://t.co/fy31Ng7GdQ
— Stanford Business (@StanfordGSB) October 15, 2019
Once the insurance company designates lesser tasks to brokers that can now be completed through the help of AI, more savings will be passed on to customers as a result.
This growth and development of technology in the insurance industry aren’t like Grim Reaper that will leave insurance brokers as nothing but obsolete middlemen.
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Technology now redefines the broker’s role and broadens and improves their ability to help customers. Instead of just providing a list of options on pricing, they can provide more well-informed assistance with the use of data accumulated by AI to have a better assessment of the facts and provide more value every time they deal with customers.
This is why there are a lot of companies that are starting to implement chatbots in their offerings of customer service on their official websites. When the broker has more upfront knowledge about the needs of the customer, they can then serve them faster and in a more efficient manner.
More Secure Industry and Customer Thanks to Tech
FBI revealed that the overall cost of non-health insurance annually is a shocking $40 billion.
AI being used to spot unique patterns associated with bogus claims can save the consumers and industry millions down the road. This also speeds up processing legitimate claims.
Today’s technology is not only helping consumers save more money and time as it also saves lives at the same time.
Just like many other fields and industries, the rapid technological advancements and developments these days are starting to change how the insurance industry operates and interacts with its customers.
But, the good news is that these changes regarding Better Technology equals Better Insurance, is for the better, and as a result, this benefits not only the industry itself but more importantly, the customers.