At a time when the insurance industry is feeling the pressure from digital disruption, chatbots and other software-based solutions are emerging as an answer.
The Insurance industry has already been experiencing changes due to digital transformation.
For example, in 2016, 93% of American consumers had access to smartphones, paving the way for apps like Snapchat and Uber. This has led to more competition among insurers so that they have to stay current with new technologies, and keep up with customer expectations.
If you’re looking for ways to stay ahead of the game, here are some tips that can help you get there faster:
Establish a Digital Transformation Strategy
Major benefits can come from switching your insurance business from paper-based to a digital model, including better client retention, higher engagement, and cheaper costs.
Simply put, it involves getting smarter and leveraging technology to streamline procedures and increase productivity. Although there are many advantages to digital transformation, you have to remember that it will take time to realize results.
Since not all technological solutions are created equally and some may require more time to deploy than others, it is also crucial to adopt new technologies strategically.
The main goal is to create an experience that surpasses what was previously possible. It can be useful to map out the important components of your company that stand to gain from digital transformation in order to assist you in getting started.
Consider mapping out important areas like marketing, customer service, and human resources. You can then pinpoint particular business operations that might be ready for a digital transformation.
Invest in AI and ML
Resident AI can enhance customer service, customer engagement and retention, and customer experience. In essence, you strengthen the bonds between your clients and your brand through raising customer engagement. This could be accomplished by implementing AI-based customer experience tools like voice recognition or facial recognition. Improving engagement could result in higher retention rates.
You could leverage data to improve your company processes by utilizing AI and ML technologies. For instance, automating underwriting and claims processing are two business activities that you could wish to apply machine learning for.
Your internal team may be able to concentrate on more strategic aspects of your company as a result of this.
Automate Business Processes with Bots
I know. The word “bots” sounds so ‘Star Trekky’, but bots are really nothing more complicated than artificially intelligent computers.
You could think about automating company operations with bots that don’t necessarily require human involvement. For instance, you might wish to automate the underwriting procedure so that your bots can evaluate the veracity of the data provided by potential clients.
Cultivate Chatbots for Customer Service
You might also want to think about creating a chatbot for customer support that answers inquiries and fixes problems for clients. For instance, you might want to create a chatbot to offer consumers professional financial advice.
There are several ways to manage the shift from paper to digital, even if staying ahead of the curve might be difficult. You have already started down the road to successful transformation if you have started the process of converting your company from a paper-based to a digital environment.
Following that, it’s crucial to spend money on AI and ML solutions, including resident AI, machine learning, and more.
In addition, you should try automating company procedures that don’t absolutely need human participation. For instance, you might wish to automate the underwriting procedure so that your bots can evaluate the veracity of the data provided by potential clients.
Finally, you should work to create a chatbot that answers clients’ queries and provides them with answers.
If you’re not sure how to go about implementing these tasks, finding someone to do it for you is very simple.