Insuranceciooutlook

5 Essential Tech Practices defining the Future of Insurance

By Insurance CIO Outlook | Friday, July 12, 2019

Future of InsuranceTechnology is sure to pay in the long run and the right strategy powers insurers with result-driven innovations.

FREMONT, CA: It's high time for insurers to transform their organizations to compete in the experience-driven digital economy with its new and evolving ecosystems. The primary technology shift is required to reach prospective clients with modernized products leveraging new associates and data while building engagement with current clients. According to a study, agencies who are heavy users of technology are twice as likely to have better sales processes. Agencies that use marketing and sales technology sell more policies and show more significant revenue growth. Here is a compilation of high-tech practices, which can change the insurance landscape.

•    Internet

Businesses nowadays rely on a good internet connection. Making a customer on the phone wait while trying to download something does not leave a favourable impression. Choosing a good internet connection is an essential factor that is quick and dependable. A good internet connection helps in downloading and uploading files faster.

•    Scanner

While the world goes more digital, hard copies and paperwork can be shredded after scanning the documents into the agency management system. The scanner serves as a printer and copier for agencies.

•    E-Signature

The ultimate goal of insurance agencies is to remove friction from the insurance buying process. A customer should find the process accessible in order to choose a specific insurance organization. Using e-signature removes friction.

•    Firewall

Internet is used to connect to a lot of assistance and programs. A robust firewall is critical to securing an agency's data. It keeps unauthorized outside users like hackers from accessing the agency data. A firewall blocks spam, viruses and malicious applications.

•    Cloud Storage

Cloud storage is where the agency stores data on remote servers that can be accessed using the internet. It helps agencies save money as they won't have to buy and maintain a local server. In case of any physical damage of the company, all the data is always backed up. Cloud data technology gives better flexibility with access to data from anywhere.

Technology is essential to an insurance agency's day-to-day activities. The appropriate technology can change the efficiency and advancement in the industry. With the power of the internet, people are researching purchases of all varieties, from toasters to insurance policies. The best way to attract these smarter, savvier consumers is by being ethical and providing reliable services.

Weekly Brief

New Editions