There is a part of the insurance industry, Insuretech, that contrary to the industry as a whole firmly says, “We embrace change.” Both In their own internal channels –blogs, websites, forums- and in their external actions. While a traditional broker may still be on the phone, Insurance technologists are ready to give fresh solutions a go. This adaptability is making insurance policies easier to manage.
The reality, especially after COVID– 19 is that Insuretech has provided solutions that were not expected to surface for years to come. Although these individuals pioneer their industry by embracing change there is still room for improvement.
Customer Experience as way to Create Trust
In the article “Slice Labs improving Customer Relationships with Signals-Based Insurance Coverage” from the eBook from Chisel AI “Commercial insurance underwriting priorities 2020” Philippe Lafreniere, Chief Growth Officer at Slice Labs, highlights the need to the need to:
“Step back a bit. At the heart of the problem is the need for insurers to renew their commitment to having stronger customer relationships. Once insurers really have this perspective with today’s customer in mind then they will naturally learn what customers care about – fast, convenient, and intelligent customer experiences powered by advancements in AI and other innovative technologies that promote smarter and more responsible and transparent usage of data.”
Customer experience has been and continues to be a problem in an industry deemed to be ‘difficult’ to understand.
“Comprehending customer behavior through data will guide insurers to have a more complete understanding of what bottlenecks in manual and automated underwriting processes can be improved. It is not enough to just convert manual processes to automated ones. Many processes should be reinvented by leveraging data and hardware sensors to better monitor customer behavior in real time” says Lafreniere
This is clearly were Insurtech companies can make the difference. Improving customer experience, is not just about sharing a phone number on a social media page. It is about improving the overall feeling a customer has about your organization. It is about taking the customer on a journey, towards your product, that has no painful or unclear moments.
“Customer experience has been and continues to be a problem in an industry deemed to be ‘difficult’ to understand. .”
How can InsureTech Help Improve
the User’s Experience with Insurance?
- Good Faith: Your client should understand that you are there for their best interests. You should be able to communicate that both in words and actions. Understanding urgency, transparency and accountability, will let you maintain the good faith feel.
- Urgency: This means understanding that a claim involves an occurrence. Somebody made a claim because something happened. You should understand that if someone broke their back, or had a car accident, they need to know if they can rely on indemnification.
- Transparency: This is another word for full frontal honesty. Let your client know what is happening and when. If something gets delayed, admit it.
- Accountability: Be clear about what your responsibilities are and hold yourself accountable for them. If you did something wrong you should take the fault and fix your mistake ASAP.
Using data: Data is not all about whether people have claims filed. Data is also who that person is, are they in any treatment that relates to the claim? Do they work with heavy machinery? What risks are they surrounded by? These are all questions that data will answer. These answers are going to help you build trust and good faith.
Developing useful software :
- Incorporating automated responses, and automatic notifications allowing both insurers and insured to be up to date with expiration dates and receive occasional reminders about the status of each claim. This, also saves time, resulting in a claim resolved quickly hence making it cheaper for the insurer.
- Platform for people to manage vendors: some claim management software offer a vendor management module that enables the insurer to easily manage their vendors.
Insuretech is the forward-thinking part of an industry that has stayed the same of years. It still faces many challenges but having technology on their side, competitive edge and added value for clients –reaching tailored policies is now a reality. Having a great customer experience is something that every business struggle with. Technology can also help win that battle, which seems to be where insuretech are heading.