Digital revolution in the insurance sector

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Company historians look back at some of the key events that propelled digitalization to evaluate and appreciate, and 2020 will be seen as a changer. In times of Covid-19, businesses have made effective use of their digital channels to fill the gaps in both reducing threats to the production, activities, customer care, or protecting employees.

Each crisis is a chance, and Covid-19 is none other. Like several others, the pandemic has altered consumer behavior, resulting in greater interest in strictly term insurance policies in the life insurance sector too. Besides, in these times the use of self-service has been increasingly growing, with more and more Gen X and Gen Y consumers choosing to use themselves.

Not far ago, customers on-board needed to fill out application forms, a laborious process containing a lot of paperwork and uncertainty. Also, many handling and fragmented systems leading to customer experience problems were needed during the completion process. However, major advances in digitization of on-board journeys have occurred in the last 10 years. Life insurers may assess their suitability, match goods with the customer’s live-stage requirements, and have automatically pooled data from ecosystems and distributors on application forms.

In modernizing service architecture and digitizing all contact points and procedures for service insurers have been maintained. Customers have now fully empowered themselves and can fulfill their service requirements either on self-service or via any choice platform including technology channels like WhatsApp, AI-driven Bots, etc.

Giving the complexities of the life insurance industry, where the main method of selling was face-to-face meetings, the commitment was still a physical and digital combination.

With Covid-19’s prolonged lock-out, appreciation has increased in numbers for digital platforms. We now have more access to e-meetings, video chats, telemedicine, e-learning, streaming shops, etc. This changing trend gives insurers the chance to exploit and re-imagine the physical interaction requirements. Time is suitable both for acceptability and for safety.

Contactless engagement, the platform of collaboration to unite sales, customers and experts on a video platform, and at the same time to share quotations, illustrations of benefit, applications, and other materials would significantly reduce face-to-face meetings.

Pre-approved offers-a friction-free, contact-free, and instant release. This includes more sharp analytical offers for a frozen journey based on segmented risk evaluation for paperless and delivery.

Sensory analytics-emerging technologies analyze digital images and immediately provide the necessary information. This technology can be used to provide immediate feedback for images uploaded and drive behavior ‘First-Time-Right.’

Robo Advisory is a platform allowing Artificial Intelligence (AI) to provide customers with automated advice without human interference, using algorithms. These consultants may be used by service customers over various networks (WhatsApp, Website).

Faster processing and resolution of claims – insurers rapidly use Machine Learning (ML)-based predictive analysis to improve their operational effectiveness and limit claims to process to 24 hours.

To succeed in the modern life insurance world, Indian life insurance firms must take up the digital revolution.

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