Digital Insurance Insights - November 2022
The industry will inevitably undergo a digital transformation. It must be welcomed and taken advantage of for our benefit. The way we conduct business and engage with our clients must change, and we must be willing to do so.
We need to be receptive to innovative ideas and techniques. We must be prepared to spend money on integrated systems and procedures. The most crucial requirement is that we be open to learning.
How to increase insurance sales in the digital age: 12 modern strategies the experts are using boost sales
When it comes to providing an outstanding customer experience, there is no substitute for personalisation.
By making a few simple tweaks to tailor the experience to each individual, you'll be head and shoulders above the competition. Not to mention, you'll see a significant boost in sales.
Is your agency ready for automation?
One high-value example of how automation can improve operations is the end-to-end processing of claims.
An agent must gather customer data from various sources, such as policy administration systems, documents, third-party systems, and claims processing systems before they can start processing a claim.
It can take a lot of time to manually search for the correct information in various locations, whether virtual or not. Once the data has been gathered, manually entering it into the system is a common source of errors.
Why identity verification should play a key role in digital transformation efforts
When it comes to identity verification for online transactions, too many companies still use outdated practices. Think of clients who want to name beneficiaries on their insurance policy, for instance.
To complete these transactions, they will spend some time on the phone with customer service agents having their identity verified. These labour-intensive manual procedures waste customers' time and drive up costs for the company.
Broker Week 2022: A fine balancing act
Customers must feel confident in the security of their data and be able to rely on their brokers and insurers for this. This is crucial given the current rise in cyber risk and fraud.
Brokers must as a result make sure that their systems and procedures are current and appropriate for the job. Security must, however, be carefully balanced with the client's access requirements.
What is the state of the life insurance digital transformation?
Brokers and agents working in the life insurance industry are not set to be replaced any time soon. Instead, the ongoing digital transformation will help bring in fresh talent and create a new way of working.
Brokers and agents can anticipate spending more time with clients and giving them advice rather than working on paperwork. They will be able to serve a wider clientele and concentrate on enhancing the quality of their services.
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Digital Thought Leadership in Insurance "P&C Insurance Embracing the Future"
Companies in the P&C industry are still undergoing transformations, and factors like digitalisation, resilience, and agility will become increasingly crucial in the future.
It will be important that they think about how to connect and provide unmatched experiences, and to better serve and understand their customers, they must not lose emphasis on being a data-driven organisation.
Three Trends In The Near Future Of Insurance
Despite the increasing popularity of cloud-based solutions, legacy systems are likely to remain significant. They should at least continue to store essential data, and digital systems should still be able to access them.
Therefore, any modernisation or transformation project will need to take them into account.
Segmentation in the insurance industry
Customer segmentation entails grouping customers based on shared characteristics, goals, and needs. Businesses can then tailor their services and products to different market segments.
This allows them to cater to the needs of a large number of customers by developing specialised services and products.
With our digital technology, you can better meet your customers requirements and save them from buying insurance package components they don't require. Find out more below.
Technology Flexibility Matters for Growing Insurance Companies
Relevance is crucial for providers to recognise which products their clients genuinely want and need, and those products and services must be launched fast, efficiently, and with the least amount of hassle.
However, what we find far too often is a lack of efficient data flow between the systems of the insurer and the broker.
'Simply takes too long': insurer operations don’t match tech aspirations
Personalised underwriting, distribution, pricing, rating, and claims processes can all be transformed by new solutions, but many insurers aren't ready to take advantage of them yet.
Fraud analytics, personalised add-on offerings, the abolition of manual processes, integration with current applications, and improved forecasting accuracy were the top priorities mentioned in the survey.
About Us
Wesurance is an Insurtech company that builds and implements digital insurance solutions for all insurance businesses. Our cloud-based, AI-based software allows you to access a wider reach of customers, grow your online business, and explore more lucrative business models.