What is Digital Insurance

What does Digital Insurance really mean?

With a number of products in the Insurer's portfolio, each with different terms and conditions?many consumers may find it difficult to navigate which product offering best suits their needs and at what cost and benefit to them for a potential policyholder to understand the product that most suits their particular needs customers will find their Digital journey streamlined easy to process which will support?raising claims, make renewals, or buying new policies. being digital allows the insurer to access his communication toolbox via social media, mobile apps, live chats, chatbots to engage with old and new customers in a fast and efficient way ?

The customer journey has to be fast efficient and effective to sale closure, it must be a pleasing unconfused experience to be memorable and effective at meeting the requirements of the customer?waiting on a?telephone line for 10 mins listening to elevator music, with an automated recording?occasional advising them where they are in queue won’t cut it in 2022.

?An Insurance company uses a digital service platform to support its business operations by being able to offer a customer concentric approach, alleviating the expensive agent channel to sell its Insurance products direct to the consumer saving time and money for both parties, platform software can handle risk assessment, product pricing, a comparison site offering the best deals, claims can be supported with fully integrated software.

What are the new Digital Trends in the Insurance Market?

Coved has forced consumers to change their buying habits and interact online looking for an end to end solutions to match their requirements digital technology allows scalability and provides a smooth customer journey. Insurance companies globally have moved quickly to a Digital offering in the following areas:

Online Insurance, Car, Property, Health, life, leisure, Business

Online automated quotes, engaging with the customer directly to identify the best Insurance solution for them.

Artificial Intelligence (AI) leading to speed and accuracy

Customers seek out a personal experience provide this interaction and the customer will feel part of the process, underwriting and claims can be processed in a much speedier fashion

While surfing for quotations, customers are looking for a personalized experience. Insurers must be able to utilize the results of AI and customize unique experiences for the customers. Besides, faster throughput and demand of modern customers can be supported by AI. Through this approach, insurers are able to process claims faster and speed up the underwriting process with a high level of personalized services

Full Digitization of the insurance market will make on-demand, usage-based or telematics and all-in-one lifestyle products more viable to customers. From micro insurance, flexible coverage options and peer-to-peer products, insurance will become more relevant options in the long term.

Social Media

?Social media impacts all our lives, from simple chats to friends to reviewing products and services, to getting the latest news, reviews on a company’s products and services, looking at the likes of customers past and present is all-important in a company’s quest for brand awareness and development and feedback the role of social media in the insurance industry is breaking new grounds beyond traditional marketing strategies and intelligent advertisements. The process of communicating with customers has changed and social media is one of the reasons, social media teams constantly look at their websites and social media to track and deal and head off any potential complaints immediately responding to customer's problems with a defined resolution process.

Internet of Things (IoT)

Digitally enabled devices allow access to large volumes of real-time data allowing insurance companies to Annalise customer Data and develop innovative new cutting-edge products to target specific requirements

Advantages of Digital Insurance

?Cost Reductions and operational savings are made through new technology applications and mobile apps engaging with the customers directly over the Insurance platform, whereas the traditional methods of reach use the costly agent channel, and brokers are supported by a high spend in advertising and marketing, and commissions.

Digital advertising targeted at specific groups allows a more defined and bespoke service allowing the insurer to create additional market and profit opportunities.

Digital copies have easy access from any location for customers which can help with fraud prevention, and with a quick and instant resolution for any inquiries, Online interaction offers ease of engagement in various insurance-related processes. Besides, online transactions can be done from home and at any time, offering convenience to customers. Also, by digitizing the process related to buying, renewing and claims, the entire procedure is simplified, thereby enriching the customer’s overall experience.

Any mis-selling by insurance agents or brokers is eliminated since customers have to go through the entire process of purchasing the insurance themselves directly with the insurance company. Customers have the option to compare several insurance companies and their products before selecting the right insurance coverage.

Digital marketing engages with customers on the company website, through product search and selection, maximizing brand awareness through social media, mobile apps and a lesser extent email and text.

Providing the right purchasing experience is integral to the customer journey, but so is the after-sales experience a digital team can address any social media criticism online and ensure issues are resolved quickly and thoroughly Digital engagement on claims processing provides a speedy resolution?