How Technology is Revolutionizing the Insurance Industry

November 17, 2015

We have evolved to a state of digitalization, from the view in which we stand today, the future looks promising. From traditional to modern, every industry stands to reap the benefits of going digital.

True enough, even the traditional insurance providers tap into the benefits of digitalization. With so many digital platforms, prospective clients are just one click away. With just a few swipes, a client can determine whether your product fits them or not. It's fast, convenient, and saves time, money and effort.

Click, Swipe, Like - Repeat

Policyholders themselves are looking for ways to better communicate with their insurance firm; the ones that are more accessible are thought of as more client-friendly. Clients not only need help to further understand the risk factors involved, but they also need help in determining the most appropriate type of insurance product for them.

Fulfilling client satisfaction is such a big factor in the insurance industry. In fact, only 14% of 24,000 policyholders are satisfied with how their insuring firms are communicating with them. On the other end, the opportunity lies in the fact that 80% of them are willing to use digital options in accomplishing tasks and transactions.

Data at your Fingertips

Before applying, clients want to obtain at least two to three competitive quotes almost instantly to know which among these insurance providers can offer the best benefits at the lowest premium possible. You want information fast and you bail faster if a website cannot offer you the information that you are looking for.

With ultimate convenience endowed by these features and functions, there is a good reason policyholders must rejoice. Most people do not understand the level of paperwork involved in processing applications to processing claims. With an online platform, the transactions are sped up. There is no need for clients to go to the office, and bring identification and other documents.

The “Instant Information” Generation

Millennials, want insurers to create a venue where they can do business with them minus the need to go through several steps. This is where the role of technology comes in; it serves as a medium for the communication continuum. Not only does the insurance company stand to reap the benefits of this technological age, so does their clientele – the policyholders.

Now, that's technology – bridging the gap from what was impossible, to what is possible.

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