3. Artificial Intelligence-Powered Customer Service
With personalization taking center stage, the importance of memorable customer service is immense. Consequently, delay in leveraging AI and machine learning tools will spell catastrophe.
Both with front and back-office functions, AI-powered tools like bots, real-time analysis of customer data, and swift implementation of strategies become crucial to procuring new customers.
Additionally, AI can also make Behavioral Policy Pricing a reality. This usage-based insurance practice has the potential to change the face of customer experience and redefine brand advocacy habits.
4. Blockchain Technology backed policy management
Paperwork ails every insurance company. Every insurance employee processes mountains of documents associated with policy management, putting tremendous pressure on costs and time management, and increasing the chances of human errors.
The answer lies in blockchain technology, that allows the management of data across multiple interfaces and stakeholders, without compromising on its integrity. Increased agility of real-time customer data processing and back-office efficiency will enable organizations to upgrade from paper-based systems and minimize turnaround time.
5. Outsourcing of Business Processes
Organizations will need to outsource to CEM firms to stay in the game, across every aspect of the insurance service chain. The demand for fast and personalized services by consumers requires adequate workforce training, hiring skilled underwriters, and flawless policy administration. However, with the post-pandemic conditions here to stay, most organizations lack the human resources and expertise to tackle these needs.
The coming of expertise-driven InsurTech organizations brings a host of benefits including pre-trained customer support personnel and the technical infrastructure to meet changing demands. While these BPO services will be the smartest investment an insurance company can make in the post-COVID world, the challenge lies in choosing a partner that delivers services with agility and accuracy.
It is no more ‘business as usual’ for the insurance industry. David Edwards, Chief Executive of ChainThat, says,” If insurers are slow to embrace these powerful technologies, their competitive edge will disappear.” In order to stay competitive and profitable, embracing new trends must be the priority for every insurer.
Allsec delivers highly personalized and robust Digital services for the insurance industry, starting from customer support services to technical infrastructure building. Reach out to us for more information.