WITH INSIGHTS PROVIDED BY HEALTH SCORE , AN INSURER CAN RECOMMEND SPECIFIC SOLUTIONS MORE TAILORED TO AN INDIVIDUAL CUSTOMER ’ S NEEDS .
INDUSTRY WATCH
WITH INSIGHTS PROVIDED BY HEALTH SCORE , AN INSURER CAN RECOMMEND SPECIFIC SOLUTIONS MORE TAILORED TO AN INDIVIDUAL CUSTOMER ’ S NEEDS .
Throughout this , insurers can have the peace of mind that their new processes are secure , compliant with regulatory standards , and user-friendly .
Insurers must reimagine their product offerings to mimic the effectiveness of in-person , advicebased relationships . In part , this necessitates the simplification of insurance products to make them easily understandable and accessible to customers online .
Interactive tools such as chatbots and virtual advisors can be employed to guide customers through the product selection process . AI can be harnessed to personalise product recommendations based on individual customer profiles .
A good example of this is Health Score which forms part of the HealthCloud platform for life and health insurance companies . The Health Score can be used to deliver a level of personalisation previously unimaginable . HealthCloud connects to an entire ecosystem of health and wellness data , solving data interoperability , and providing a unified view of a consumer ’ s individual health profile .
The Health Score is already used by insurance and healthcare providers who have directly integrated with the HealthCloud platform . It provides a dynamic evaluation of an individual ’ s health status .
These scores are derived through proprietary algorithms considering an integrated analysis of insurer data , Electronic Health Records , medication usage , pathology results , remote diagnostic devices , wearables , and facial scanning , remote photoplethysmography , offering insurers a comprehensive view of a policyholder ’ s health profile .
With the associated insights provided by the Health Score , an insurer can recommend specific solutions more tailored to an individual customer ’ s needs . This facilitates greater upselling and reduces churn thanks to more relevant offerings to an individual . Insurers are investing in equipping their sales teams with the necessary digital skills and tools for remote distribution . This includes training in digital communication tools , online sales techniques , and customer relationship management software .
The shift towards remote distribution has proven to be beneficial in several ways . It has resulted in a wider reach to enable insurers to connect with customers beyond geographical boundaries . This provides end users with the ability to take ownership of the buying process .
For instance , using online tools to onboard themselves as opposed to being reliant on agents . Additionally , it has also resulted in improvements to productivity as sales representatives can manage more client interactions in a day . Using advanced tools , these agents are more digitally enabled and have more options available to them to deliver improved service to end users .
The shift towards an increasingly digitalised environment that includes digital distribution , selfservice , intelligent claims processing , and underwriting is a transformative journey , not a destination . Yes , this can be complex and challenging for insurers . But it all comes down to being focused on embracing technology and digitalisation to more effectively navigate this continually evolving landscape .
For specialised channel partners , it is about providing innovative solutions that position insurers better as they look to overcome the challenges of the future . By being willing to embrace digitalisation , leveraging richer data analysis , and focusing on a service offering built around a richer customer experience , insurers can harness new opportunities to usher in a new chapter delivering enhanced customer engagement and business growth .
Source : International Trade Administration , US Department of Commerce p
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