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(By Rana Biswas)
We often think of innovation as a semi-revolutionary process, but leveraging what already exists and improving how things are done can also bring about change. Digital innovation has long existed to be incorporated into the financial industry, but the incentives to implement them are too often offset by the comfort of the old method, especially in the insurance industry.
Insurers have long recognized the need for modernization and digital transformation, but until recently, most insurers have been busy developing five-year plans. Pandemic demands have forced the industry to take advantage of digital innovation. We also needed to respond quickly to stay relevant to our clients.
Migrating from old paper-based processes and mostly manual processes required new digital solutions. Insurers are clearly at a disadvantage because one of the biggest changes that needs to be addressed is entirely from outside the industry. Customer expectations today are conditioned by online interactions with companies in a variety of industries.
As a result, many insurers have been deeply involved in innovations such as self-service portals. Agents and their clients can also access policy information in real time, make changes, get commission reports, and see pending businesses.
The integration of illustrations, electronic applications, and portals transforms the customer experience by allowing new clients to get quotes, see how policies work, apply them, approve them instantly, and publish policies instantly. Did. The sales cycle is shortened from weeks to seconds, and that experience enhances customer satisfaction and is an important source of new business.
But that’s not all. The combination of powerful data analytics capabilities will change the lives of both insurers and their clients (distributors, agents, policyholders). In fact, new value propositions are contributing to the digitized insurance industry.
On the distribution side, there is a need for solutions that enable more process automation, error reduction, and workflow acceleration. More effective solutions for easily accessing all data in real time and leveraging that data to provide a world-class experience for everyone are in vogue today.
And it transforms the business.
In this new innovation-driven world, advisors have learned to place greater emphasis on partnerships with organizations that can support business growth. And in a post-pandemic environment where social distance is expected to continue to be an important variable that businesses need to learn to leverage, they provide clients with what they need, when they need it, and offer the best value. Can be done remotely.
During the pandemic, digital sales were the lifeblood of the enterprise. Therefore, the name of the game is the adoption of innovative tools that allow clients and agents to review the details of the proposed insurance solution and to apply for or modify existing insurance policies and client records online. Digital tools have created opportunities for hybrid delivery and hyperpersonalization, helping the industry build customer engagement in addition to a great consumer experience.
In that regard, strategic digital transformation products and services are currently available to help develop solutions that solve the largest and most complex problems facing the insurance industry. But that’s just the starting point. Integrating digital innovation into value proposition is a journey, not an event.
Is the insurance industry ready to embark on?
(The author is Vice President of Wealth & Insurance Solutions APAC of Equisoft)
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