Why Insurtech is More Important Than Ever

September 3, 2020

The insurance industry is no outlier when it comes to adopting intelligent, automated solutions that improve operational efficiency and customer experience. As the industry continues to overcome challenges during these unprecedented times, the need to adopt technology that expedites communications and decisions is greater than ever.

The most prominent reason for adapting insurtech is to improve customer experience and interaction. The pandemic has confirmed the need for digitalization of almost every industry. People now expect a quick, on-demand way to handle problems and find solutions, and this demand is likely to continue and grow as we all adjust to a new normal and more technologically savvy consumers who have grown up with technological improvements enter the insurance buying market.

Insurtech enables service that is faster and smarter. It is more than just digital communications; it allows carriers to optimize schedules and improve their efficiency. In claims, the next step is equipping those in the field with tools to communicate directly with customers, assess damage, and determine coverage. Telephone and other digitized applications are a great way to enable this communication type between the adjuster and the customer. It becomes a quick and easy process to notify policyholders about scheduling, when their claim’s evaluation is completed, and their claim status.

As devices get smarter, insurtech will too. Some devices and appliances may signal an issue to the manufacturer, triggering a repair order before a major problem occurs. A timely alert such as this can prevent significant losses and keep homeowners out of the claims process, saving them time and money.

Connected devices will also change the way consumers purchase coverage. Instead of covering one item, they can buy coverage bundled for all the smart devices and appliances throughout their home. Carriers support the adoption of these devices as it benefits both parties in terms of reduced loss costs and improved customer experience.

Insurtech will continue to introduce new possibilities that change how claims professionals work and how consumers engage with their insurance experience. These digital solutions cater to both customer and insurer needs from customer self-service capabilities to adjuster schedule optimization to mobile tools.  Agents’ use of digital applications will also grow over time for the same reasons as noted above. For more complicated risks, agents will continue to serve personal and commercial consumers interested in obtaining expert advice regarding insurance protection, at least in the near term.

Source:

Property Casualty 360

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