The industry recently perked up its ears and started investing in technologies that other industries have leveraged for years. Why now?
Until recently, the insurance industry has very much viewed technology as a cost-saver as opposed to something that can help drive revenue. Instead of doing things like connecting back-end systems or developing a CRM system to store data on all customer and prospects, insurance companies have been streamlining time-intensive tasks.
But the industry recently has begun to perk up its ears and start investing in technologies that other industries have been leveraging for years – in some cases almost a decade.
Insurance companies are starting to realize just how big an impact the customer experience has on their business and their bottom line. Today, it is very easy for a customer to switch to another provider – whether it is to get better rates or better service. Technology can centralize disconnected systems and remove friction, ultimately allowing agents to provide better experiences for their customers. For instance, mobile apps are shifting how insurers interact with customers, resulting in improved customer service, customer experience and sales.
Where should insurers start?
The first step is to conduct an expert review of what their current experience looks like for consumers. This will provide a blueprint of what their systems look like and where improvements can be made.
It helps to get an outside perspective on the assessment to remove bias. The process shouldn't be time-intensive. Oftentimes, larger companies will go overboard – with some companies taking months to conduct the evaluation. Carriers should monitor their digital landscape quarterly or at the very least annually, to avoid being surprised.
See also: Future of Digital Transformation
By successfully incorporating innovative technologies into their pipeline and transforming their operations, insurance carriers can improve efficiency and customer satisfaction as well as realize new strategic opportunities.