Technology and The Insurance Industry

The insurance industry is witnessing a slow but certain evolution due to technologies in general, external market forces, and their consequent impact on insurance business and operating models.

 

 

The first step to staying ahead of these emerging technologies in 2017 starts with deploying the right kind of technology among daily business processes. At the end of the day, the easier it is to make agents more available to prospects and clients, the more insurance entities can grow their clientele and reduce operational inefficiencies.

 

While 63% of insurance businesses report that they are ready to move towards more digital practices, only 23% of these business are actually ready, reports a joint Forrester and Accenture study. To accelerate this process and ensure successful transition to digital workflows, there are three key areas we can expect insurers to embrace in the new year.

 

1. Embracing a cloud-based and on premise infrastructure

Just two years ago, PC World reported that 84% of companies were operating in the cloud and more than half of these companies reported that the cloud reduced the amount of work from IT teams. Still, IT teams in the insurance sector struggled with what information is allowed by regulators to be stored via cloud vs. on premise. According to a recent TrustMarque report, many insurance entities are running off of 40-year old technology designed to manage the claims process.

2. Automating business processes where necessary

The key to promoting a more digital environment and improving customer service is to automate workflows. With the excessive use of social media on the rise, and on multiple channels, customers expect ultimate interaction and personalization from their insurance agents and brokers, per Insly.com. In fact, Forrester Research says online and cross-channel customer experiences will get the most attention in 2017.

3. Choosing programs and systems with customers in mind

A recent report dubbed this year the “age of the customer,” where the customer experience is at the heart of the digital movement. Meaning, technologies and these emerging digital processes can’t be implemented with an administration-first mind set. It just won’t work.

Today’s customers expect a seamless, intelligent process from insurance businesses. Customers can’t expect true customer service experience if digital capabilities aren’t being implemented to make their experience better. While this may signal some disruption to internal processes for the agent, the end result is a more streamline system with programs that are easier to use for the customer. Keeping customers top of mind in 2017 will be key to a successful digital transition in the years to come.

At Amigo Insurance, we make sure you have the best customer experience. get the lowest rates possible and the most effective coverage available level based on your needs. Don’t let insurance be more complicated than it needs to be. We can help you find the best plan based on specific information you disclose to us. We then use that specific information to make sure to select the best coverage centered around your needs.