Insurance Industry Going Digital: Here Are The Latest Digital Advancements You Should Know

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Digital technology is driving the world. Every industry has witnessed massive growth and prosperity by assimilation of technology, and the insurance sector is not excluded from its charm. 

 

The insurance sector has been one of the oldest sectors that involve extensive paperwork and long processes. However, of late, the industry is getting a makeover. While on one side, embedded insurance is changing the insurance industry, AI and other technological advancements are also catalyzing the change. Talking about the latter, with coming-of-age technologies, the way consumers interact with the insurers is no more the same. With digital tools, such as websites, apps, social media, text, live chats, and emails, it has become easier for customers to get the answer to their queries and concerns instantly. 

The conjugation of technology with the insurance sector isn’t just benefitting the consumers. Even the insurers are reaping the advantages. It has become easier for companies to connect with their consumers. Moreover, with the simplification of the tedious processes, more and more people are opening up to the idea of buying an insurance policy (especially first-time policy buyers). 

In this article, we will introduce you to the digital trends of the insurance industry. Take a look.

 

Buying insurance online 

Gone are the days when buying an insurance policy would be a long and tedious process. With the digitalization of the insurance industry, buyers can now buy insurance online. 

Many companies are offering insurance online. Buyers can get their quotes for free and explore the options available at their disposal. They can bypass the insurance agent. They don’t even need to call them to book a policy. 

Your insurance policy is now just a few clicks away. 

 

Artificial intelligence for faster claims 

Artificial intelligence is taking the world by storm. With AI, insurers are aiming to create a more hassle-free and personalized experience for the customers. 

Furthermore, the turn-around time of claims is shorter than ever. 

 

Customized policies for the customers 

For ages, the insurance industry has worked on a one-size-fits-all model. However, things are not the same anymore. With AI, the companies are providing customized policies. 

More and more companies are now offering on-demand or usage-based policies to their consumers. The customers now have very flexible coverage options, peer-to-peer products, and micro-insurance. 

 

Chatbots 

A little back in time, the process of getting insurance was like running a marathon. On top of that, the common queries and concerns cropping in the consumers’ heads acted like hurdles. Cut to today, with digitalization, the process has become less tedious, and the consumers get their answers in a blink of an eye. 

Insurance companies are using chatbots to answer frequently asked questions. It is benefitting both ends of the spectrum. 

With chatbots, the users get every relevant information easily and fast. 

 

The IoT (Internet of Things)

With IoT, insurance companies are getting their hands on the real-time data of the policyholders. With the information, they are creating new products and revolutionizing the insurance industry. 

 

Social media 

Social media is the real power these days, and the insurance industry is using it for good. With social media, the industry is reforming the process of interacting with its customers. Moreover, as customers use this platform to research a product, insurance companies are using it as a marketing tool. 

 

The bottom line 

The whole idea of harnessing digital technology to scale up the business is working in favor of the insurance industry, as well as for the customers. With technology, the industry has been able to offer a hassle-free experience to the consumers, which is creating a win-win situation for them. 

 

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