Digital Insurance Insights - October 2022
The digital transformation of the industry is inevitable. We must embrace it and use it to our advantage. We must be willing to change the way we do business and the way we interact with our customers.?
We must be open to new technologies and new ways of doing things. We must be willing to invest in new systems and processes. And, most importantly, we must be willing to learn.?
Consumer Insurance is Ripe for Disruption: What Retail Investors Need to Know
Insurance intermediaries - especially those offering online mobile-friendly services and a digital-first approach - are not as prone to the same types of risks as other types of insurance companies.
Due to the fact that intermediaries do not require a large sales force, they are able to operate with incredibly low overhead costs. In addition, they allow consumers to shop from many carriers at once without being bound to specific policies or premiums.
Digital Insurance: Why is Digital Customer Onboarding crucial for the Insurance Industry?
Along with conventional web and mobile self-help channels, insurance companies now offer chatbots, virtual client assistants, and even voice-based customer service.
With consumers becoming more comfortable doing business online, the Insurance Industry must increase its digital client channels to meet this need.
How Satisfied are Agents with their Carriers?
During the past few years, many digital carrier platforms and portals have been extensively upgraded, resulting in higher agent satisfaction - but only when fully integrated.
When carrier portals and agency management systems are integrated fully and seamlessly, agent satisfaction increases significantly. But when the integration is incomplete, agent satisfaction declines.
Lacklustre Digital Experience an issue for UK Insurance Customers
The most recent UK Insurance Sentiment Index, produced by PwC in partnership with DataEQ, indicates that inaccessible digital platforms and a dearth of online service capabilities are hindering the overall customer experience for UK-based insurers.
The findings showed that the majority of unfavorable tweets were specifically related to complaints about past, present, and potential clients' experiences with the insurer's website navigation, app, website downtime, and network speed.
How Digital Transformation is Redefining the Insurance Industry
The opportunities for insurance companies that reaffirm their dedication to innovation and successfully implement innovative solutions are limitless.
To adopt new paradigms through an innovative ecosystem, they should be collaborating with new partners. Companies will then be able to stay current and maintain their leadership positions as a result.
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4 Technology Trends for 2022-2023
Insurtech is transforming the insurance industry. As a result, customers have a better digital experience, operating costs are reduced, service is improved, and capacities are increased.
These trends can help companies become leaders in the insurance market despite the fierce competition. It is innovation that builds the entrepreneurial culture of the next generation.
Insurers Desperately need a Digital Transformation
Digital heads should focus only on a few emerging trends early on in the digital transformation journey. Additionally, they should ensure that they fully understand how popular digital solutions will affect key performance indicators (KPIs), their risks to the enterprise, and their timing and resource requirements.
It is easier for firms to focus on forward-looking trends the more digitally advanced they are.
UK Insurance Brokers stressed, anxious, and overwhelmed
In its work with Mental Health in Business to help brokers cope with stress and build resilience, Ecclesiastical Insurance UK found that heavy workloads, regulations, customer demands, dealing with insurance companies, and staff shortages are the top three causes of stress among insurance brokers.
Sadly, the number of insurance brokers who feel able to disclose their mental health issues decreased for the fourth consecutive year.
How Insurance Agents can secure their roles as the industry digitizes
It's crucial to keep in mind that the intermediary still plays a crucial role as insurance products become more advanced and AI and automation shorten and improve the entire sales cycle, including underwriting and pricing.
When making decisions to secure their futures, even customers who prefer a digital-first experience still value the advice of a reputable agent or broker. For both, and to secure their roles in the digital landscape, they must believe that digitisation is there to help them, not to work against them.
The Insurance Experience Reimagined
To embrace change with confidence, insurers must provide their organisations with the proper mindset, resources, equipment, and assets.
The route is iterative rather than linear or sequential. Insurance companies can speed up the reinvention of their offerings by working together with industry experts to co-create, from strategic visioning to execution.
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.