INTERACTIVE TOOLS SUCH AS CHATBOTS AND VIRTUAL ADVISORS CAN BE EMPLOYED TO GUIDE CUSTOMERS THROUGH THE PRODUCT SELECTION PROCESS .
INDUSTRY WATCH
INTERACTIVE TOOLS SUCH AS CHATBOTS AND VIRTUAL ADVISORS CAN BE EMPLOYED TO GUIDE CUSTOMERS THROUGH THE PRODUCT SELECTION PROCESS .
The insurance industry is well-known for its reliance on legacy systems and in-person processes . However , a shift is taking place that is being fuelled by digital distribution and self-service models as insurers look to become more forward-thinking when it comes to modernisation and digitalisation .
As more insurers move towards digital distribution , the customer landscape is changing . Today , it is all about immediacy and convenience rule . Customers want to purchase policies , file claims , and manage their accounts with a few taps on their smartphones .
This shift to digital has required insurers to reevaluate their operational models and prioritise expanding on their digital capabilities while looking towards a more omni-channel customer experience where people engage using the platforms with which they are most comfortable .
Those insurers who have already embraced digital distribution have been able to experience enhanced customer engagement , more costeffective operations , and greater scalability to cloud-based environments . Of course , there are also considerations around data security , regulatory compliance , and system integrations to keep in mind .
One of the most significant challenges traditional insurers are facing in this dynamic market is to migrate offline processes to cloud-based environments . This is particularly relevant for processes such as obtaining physical signatures and medical underwriting .
But there are options available to insurers to overcome this . For instance , specialised channel partners provide insurers with the ability to automate underwriting of new policies , resulting in more efficient risk management and innovative product design .
From a digital distribution perspective , this introduces improved efficiencies , lower costs , an enhanced customer experience , and personalised policies to name just a few benefits . Automating the underwriting process is a key step for modern insurers to become more customer-centric to deliver more innovative and customised solutions .
Furthermore , specialised channel partners have extended this into a claims automation solution that uses AI modelling to replicate the insurance expert ’ s decision-making , enabling claims to be processed in real-time , while providing the necessary risk oversight .
Annalie Terblanche , COO SilverBridge
Helping insurers meet this increasing client demand for self-service and convenience , artificial intelligence , and machine learning , are increasingly becoming essential . These advanced technologies enable insurers to provide personalised , interactive experiences . Not only can customers now troubleshoot problems and handle policy changes they can also process claims independently from engaging with an agent , any time of day .
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