Digital transformation, when done skilled fully, has brought revolutionary changes in different industries’ workflows. While automation has made the manufacturing industry less dependent on the workforce, AI has helped everyone dealing with data make sense of available data.
The insurance industry is also one of many industries that have managed to be more result-driven, productive, flawless, responsive, and smart. On some fronts, digital transformation explored those operational areas which were not possible beforehand. Want to know how digital transformation improved things for the insurance industry? Check out this post.
The Insurance Industry Needed A Savior Immediately
The problem with the insurance industry is that it has been selling one product since the beginning of time. Even though loan terms & conditions, payment methods, and interest rates fluctuate, the prime product, loan, is as it was during the early days.
Things were fine until the last decade. In the past few years, this industry has gone through many alterations.
Customer priorities have changed. They have become more demanding and are now attracted to customized solutions. They don’t want to pay for a pre-tailored product that might fail to cater to their specific needs. They seek 100% customized products.
Millennial customers are always in haste. They now want to avoid service providers that take days for loan application processing, gather multiple pieces of information, submit the same information again & again, and wait for days for the amount transfer.
Data that an insurance industry player has to gather holds high importance. They have to adopt a data collection method that keeps unwanted interference at bay and can drive maximum outcomes from collected data. This is something beyond human capacity.
The outbreak of COVID-19 forced the insurance industry to take its workflow completely online. From account opening to account management, everything should be online.
These changes were not easy-to-process, but an industry player has to modify workflow and operations according to them to remain relevant and thriving.
Digital Transformation – The Only Savior Insurance Industry Needed
The above-stated challenges that the insurance industry faces were easily addressed and curbed with strategically planned digital transformation. It adds certain capabilities that equip the insurance industry enough to deal with these and many other challenges. Here is how this is possible.
1 – Digital transformation automates everything
One of the immediate benefits to enjoy with end-to-end digital transformation is automation at the grass-root level. By eliminating legacy systems that demanded tons of human effort and incorporating tools and software that auto-capture data, send auto-updates, seize a payment automatically, and perform many other menial tasks without manual processing. Digital transformation helped the insurance industry to remain utterly productive and result-driven.
Post successful digital transformation, insurance industry players can use available human intelligence in more crucial operational areas. For instance, your agents can now be busy convincing prospective customers rather than entering data into the system. As all the menial yet meaningful tasks become automated, the insurance industry also becomes extra responsive.
2 – Proper data handling and management
Data is abundant for the insurance industry, and many of the players in this industry cannot make the most of available data. But, the adoption of digital technologies has helped the insurance industry possess every capability required to handle the data with full accuracy and excellence.
They have the aid of powerful AI that can collect data from multiple resources and process it without any glitches. There is no need to spend day after day creating data-driven reports that might feature duplicate or missed entries despite paying due diligence.
The AI will help insurance service providers to create automated reports, share them with concerned persons, and churn out maximum juice from the available data. With AI and ML, data can be used to decide the customers’ preferences, their loan requirements, and other details that will empower service providers in the best possible manner.
3 – Customization at its best
We already told you that present-era customers are so customization–driven that they don’t take a single second to ditch businesses that fail to offer need-based solutions. With the help of digital transformation, insurance industry players can deliver customized loan products. They can have tools that can track the online search history of the customers, monitor their online activities, keep an eye on their purchase practices, and many other things.
The use of IoT has increased customer access. With IoT, insurance service providers can collect data from policyholders’ lives and customize services accordingly. With all this data, service providers will have no issues figuring out what their customers want and weaving their service/product around their needs.
4 – Taking the entire workflow online is now possible
As mentioned above, the pandemic outbreak demanded through-and-through online operations of insurance industry players. They have to have an IT infrastructure that can easily do online verification, document uploading, loan processing, payments, tracking, and everything else.
It was a digital transformation that made it happen. The insurance industry got the aid of video conferencing tools that helped in in-video identity verification. With digital signatures, uploaded documents, and in-app scanning solutions, document processing has become fully digitized and quick.
Chatbot replaced the limited Help Desk features in the insurance industry. Unlike human agents, chatbots are available around the clock and provide a quick response. The use of conversational AI has made chatbots more humanized and granted them the ability to think like humans and provide a solution. All in all, it was a digital transformation that helped the insurance industry to take all of its workflows and processes online just as it was needed.
5 – Improved customer experience
As a part of digital transformation, the insurance industry gets to experience automation, AI, IoT, app & website support, chatbot, and tons of other things. Incorporating all these things helped this industry improve customer experience, which is essential for sustenance.
Now, customers can enjoy:
- Quick loan processing as automation is handling processing and documentation
- Customized products or services as AI is a place to find out what exactly they want
- Around-the-clock troubleshooting as chatbots are there for assistance
- Easy approachability to insurance service providers as they have app and website support
With all these things, insurance industry players are capable of pleasing their customers and filling the communication gap. The direct impact of this was on improving customer satisfaction and loyalty.
Get Ready To Be Empowered
Whether you belong to the insurance industry or any other industry, if you have decided to start a digital transformation journey, then understand that you’re going to improve your workflow and operations on every front.
Starting from automating menial jobs to proffer customized products, digital transformation is capable of making everything possible. However, you have to play smart and pick a trusted DXSP that can delve deeper into your organizational requirements and perform digital transformation as per your needs.
C-Metric is a highly seasoned digital transformation service provider that will help the insurance industry to proceed strategically. The effective use of modern digital transformation technologies, easy scalability, best integration, optimized cost, customized development, regular updates, and timely maintenance are some of the perks you ought to enjoy as an esteemed patron of C-Metric. Book a consultation today and find out what is waiting for you.