Technology Vision for Insurers to Thrive in Post Digital Age

By Apac CIO Outlook | Tuesday, August 04, 2020

Amid the rising expectation of the insured, digital transformation and innovative technologies grant insurers, exceptional capabilities to thrive.

FREMONT, CA: The insurance industry will continue to face dramatic changes in the coming years due to the rapid technological transformation. Leading players are investing heavily in insurance technologies to compete in the evolving market. Here are some key takeaways.

• Omnichannel Insurance

Digital native customers are well informed, and one of their most significant demand is personalization. To cater to this demand, insurers are taking an omnichannel approach with mobile platforms, self-service websites, and wide-scale automation. Traditional distribution channels will soon become obsolete, and with the new plan, insurers offer their customers a more personalized and engaging experience.

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• Instant Insurance Claims

Connected customers are used to everything being instant, and the longer it takes, the lesser engaged the customer becomes. This presents a considerable challenge in an age where tech-savvy consumers are more likely to consider alternatives than ever before. With a well designed mobile application experience insurers are tackling the problem and keeping the customers engaged. Insurance claims are being automated, and a streamlined customer experience supported by automation has enormous benefits.

• Gamification

Using gaming elements to engage policyholders can help build a long-lasting relationship through excellent customer experiences. Commonly used gamification elements include progress badges, virtual currency or tokes, unlockable content, custom constraints, and micro-interactions. It can also be used to encourage exercise and promote savings.

• Immersive Experience

Immersive experiences with Augmented Reality (AR) are easy-to-use and scalable. They’re engaging, memorable and can offer customers or employees tangible experiences. By combining AR and image recognition, insurers can take the customers through what they need to take note of while using the device and location to record details like damage, places, and conditions automatically.

Insurers looking to differentiate themselves from their competitors must be aware of the above technology trends that will characterize the post-digital future of the insurance industry.