Digital transformation is occurring everywhere, and insurance companies are not at all an exception. According to the 22nd Annual Global CEO Survey, insurance companies are quite responsive to the technological changes in recent years. And this adaption to the changing technological advancements in the current insurance system is inevitable and becoming imperative to help the insurance companies sustain this intense competition.
Hence, most of the insurance companies in India are opting for high-tech, automated insurance administration system software and majorly benefitting people and offering them a top-notch user experience. With such digital solutions, insurers now have more flexibility to help people recover from various catastrophes and prevent their financial loss, which, in turn, adds up to the social value of the insurance market.
Here is how the companies are coping with the changing scenario of the insurance industry with digital transformation.
Digitization has been a saviour in the pandemic
India's insurance policy management systems have taken the right decision to go digital at the absolute right time. To stay away from human contacts and align with WHO's guidelines and protocols, the Indian insurance industry is syncing its entire system in the digitized version. It intends to add more flow to the work chain and help people all around in a well-organized, systematic way.
According to a recent report by Forrester, 50% of insurance consumers prefer digital channels in India. The accommodation of technological changes in the system is now changing customers' patterns and navigating the pandemic-affected world in a much methodical way. Thus, the Indian insurance companies are now relying more on digital channels for onboarding and serving customers during this time.
The utilization of end-to-end paperless robust platforms for onboarding customers is adding more speed to the entire process. During interaction with consumers, a salesperson can quickly enter all the details on a tablet and get the policy issued. Sounds relatively easy, right? Well, indeed, it is simple and effortless!
Cloud and analytics are adding pace to the industry
Since the last financial year, cloud migration commenced its journey in the insurance industry. With its unrestrained storage facilities and auto-update features for easy insurance policy administration, cloud-based platforms have helped several insurance companies operate in a much easier and hassle-free way.
With the implementation of cloud-based platforms, insurance companies can now enable users to undergo much easier steps for checking out their policies. And this results in more power to the company for managing the infrastructure requirements and implementing an easy serverless architecture at more optimized pricing.
Also, insurance companies are thinking of implementing the process in the sales aspect for making the entire system easy to control and as much risk-free as possible.
With the transition to the digitalized version of the insurance management system, the insurance advisory also intends to switch to a virtual platform.
According to the Forrester report, 86% of consumers from metropolitan India believe that it is essential for insurance agents to have preliminary knowledge of using various digital tools and platforms for helping their customers in determining the best policy as per their requirement.
Even the authorities of the leading insurance giants of India have agreed to facilitate proper training to the salesforce for implementing a digitized advisory in the current insurance system. Through video conferencing and tele-calling, the salesforce will get sufficient training on handling high-tech digital solutions and communicate with the customers seamlessly, describing them the entire digital process of onboarding transactions.
Digitized claiming process
Insurers have now got another reason for relief, as the insurance claiming process is also getting digitized. To maintain the no-contact mode of insurance issuance and claim management, insurers are now opting for WhatsApp and chatbots to make the entire process easier.
Consumers can easily send all claim-related documents through WhatsApp, and the rest of the processing will be appropriately taken care of by the insurance companies. Such a digitized version of the insurance claiming process makes things much easier than one can even think of.
As the top insurance companies are going digital, the insurance policy management solutions are getting much easier to access and use for customers. The implementation of the latest advanced technologies in the insurance sector not only makes the entire process easier but also makes it much more convenient and less time-consuming for both customers and companies.
The new changes are pretty visible amongst the reckoned participants in the market, and others are also evolving, adding more flow and pace to the entire system.