Bahaa Abdul Hussein shares his views with his audience about the Fintech space regularly. The insurance landscape is changing and technology is a factor has made it possible. Customer expectations are increasing and this has forced the insurance industry to change.
Insurance companies have responded to the challenges by innovating their processes to meet customer expectations. They are also using newer technologies to help them in their innovation.
Bahaa Abdul Hussein looks at some of the trends that have reshaped the insurance sector.
Increase use of AI
Artificial Intelligence or AI is increasingly being used by the insurance industry to enhance customer experience. AI offers different capabilities to help insurance companies work better. AI can be used in chatbots to engage with customers to help them solve their problems.
AI can also be used for background research work at the time of writing a policy. AI can help spot red flags that can help in reducing risk for AI companies. It helps companies get a holistic view of customers during the underwriting process.
Digitizing customer service
Customer service can be provides more effectively when it is digitized or done online. Insurance companies are giving customers the option to avail all services online. Right from purchasing a policy, customers can do everything online. This makes it very convenient for customers who can avoid intrusive phone calls.
Insurers are using a digital-first approach for customer service. They ensure customers can contact them through digital media like email, chat, and video calls. Customers need to be given the option to seamlessly switch between different digital channels. This helps them get a better customer experience.
Improving agent experience
The focus has always been on enhanced customer experience. Insurance companies are today realizing the need to improve agent experience. Agents are a key partner for insurers and companies are striving to nurture agents. Agents are being given access to digital resources, so they get complete information on policies, underwriting, etc.
Agents are being given access to digital technologies to make their work easy. Companies are creating apps, so agents can manage all their processes online. They can get comprehensive information on policies and help customers apply for policies online. The digital tools would help provide customers with complete experience helping them to get a great experience.
Insurance companies are creating agent portals that provide all information to agents. The portals make the work of agents easier and faster. This helps in ensuring agent loyalty, which translated to increased revenue.
Thank you for your interest in Bahaa Abdul Hussein blogs. Please visit www.bahaaabdulhussein.com for more articles.
