Modern, digital technology has changed everything. That’s not an exaggeration; it’s a cold, hard fact. The world of property and casualty (P&C) insurance is set for nothing short of a revolution – due to the advancement of insurance technology, and the changing demands of customers.
Using technology, up-and-coming P&C companies are finding ways to nudge out their larger competitors.
It’s now up to large insurance companies to adopt these technologies. A brilliant insurance experience that appeals to a digitally-savvy customer and nips past insurance challenges in the bud is the only way to ensure competitiveness in today’s market, and in this article, we’ll explain why that is the case.
Redefining a customer-centric experience
Today’s insurance customers demand a simpler and faster experience. If your website has information about quotes, rates, and policies, but doesn’t provide an easy way for a customer to engage with you or complete product applications, they will be frustrated.
Imagine a customer who is using a retailer like Amazon.com. They search for a product, find what they want, and add it to their cart – and then are told that they have to pick up the phone and dial a sales representative to finish their transaction.
What do you think will likely happen in this scenario? Do you think that they’ll finish that transaction? Or will they turn to their competitor expecting a better service and a seamless way to finish the transaction?
That’s exactly what’s happening if your website has information about stellar insurance policies that are sure to lure customers in – but no way to sell them in a fully digital manner.
Focusing on digital distribution for a customer-centric experience allows both new and loyal customers to have access to all of the resources they need. They can buy policies, file claims, and get all the information that they need for a satisfying P&C customer experience.
Using smart insights for a more profitable tomorrow
Digital technology has a further benefit to insurers. As more companies shift to digital portals and collect more information about users, valuable insights can be gained from the datasets that these portals provide.
Deep consumer analytics allow you to laser-focus on specific market segments, deliver more personalized coverage, and encourage customer loyalty.
Creating a product that conforms perfectly to the expectations of a particular market segment is a sure-fire way to sell more policies, and to provide customers with the appropriate coverage for their needs.
As your company shifts to digital technology, ensure that you have an experienced analytics team with the required skills to understand the habits, demographics, and user profiles of your customers.
Advanced payment systems – satisfying claims quickly and efficiently
Claims are the number one pain-point cited by policyholders. There are methods by which the claims process can be streamlined to increase customer satisfaction, reduce complexity, and speed up the process of administration and releasing payments.
Advanced payment methods like Deluxe eChecks offer a better way for insurers to send payments to claimants. After a claim is processed and payment is released, the last thing that a claimant wants to worry about is waiting for a paper check to be delivered by mail.
Leverage technology, redefine your P&C customer experience and be ready for the digital age
The time to implement advanced insurance technology isn’t now – it was yesterday. Insurance companies must be ready for the digital age and be willing to provide a totally redefined, digital customer experience.
Companies in the future will have implemented these changes and refocus their efforts to stay competitive or they will be surpassed by other companies that take advantage of changing consumer habits.