Is Digitization Transforming the Insurance Sector?

By Insurance CIO Outlook | Wednesday, June 05, 2019

FREMONT, CA: As the technological urbanization initiated a developmental wildfire in every sector, digitization has entered into the insurance company sooner than anticipated. With the addition of new technologies, the insurance companies are set to transform the customer experience thoroughly and in turn, revolutionize the entire sector. The inclusion of digitization has geared the once monotonous and dull industry with a new industrial tool to improve the customer experience.  Today, most of the insurance service providers are focusing on creating unique platforms that not only develops various coverage plans but also provides a seamless risk handling gateway for consumers.

The recent elevations in profit levels by the advancement of the insurance sector have flocked the interest of several worldwide investors. The infusion of exciting new insurance policies with classic business practices has compelled the individuals to purchase insurance plans.  The government's mission of ensuring the uninsured has added an extra boost to the already accelerating schemes. The proliferation of different insurance schemes by the youths has gradually escalated the insurance penetration rate of developing countries.

The integration of digitization has transformed the traditional agent-driven model into effective assistance providing a digital platform. The seamless transitional pathways followed by developing insurance companies create a win-win situation for both customers and policymakers. With the internet, the customer can now enjoy a hassle-free experience and the insurers can leverage low-cost sales and services.

The introduction of online insurance platforms reduces the intervention caused by agents and creates a personalized and private environment for the customer. The simultaneous accessibility has eliminated the age-old hardships of standing in long queues and also provides an in-situ information gathering platform. Presently, various 24*7 online portals serve the needs of consumers who want to invest in policies. Digitization has also introduced artificial intelligence and machine learning though chatbots, which not only provides a caring touch but also elevates the consumer service experience. It has also eased the claim settlement process as the users can digitally file claim settlements within a few seconds. The advancement has also brought increased security against faulty and fake policies. The online reviews and criticism have lowered the mismanagement and has created an unbiased atmosphere for the users. 

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