Insuranceciooutlook

New Wave of Robo Insurance Advisors Gaining Momentum

By Insurance CIO Outlook | Wednesday, September 16, 2020

Robo Insurance The insurance sector is steadily embracing robotic process automation with open arms for delivering unparalleled services.

FREMONT, CA: The trend of digitization is making the insurance sector more automated. Traditionally insurance industry is considered resistant to embracing computerized technologies. However, to keep pace with the emerging trends and growing expectations of today's consumers, the industry is gearing up to adopt the latest automation initiatives, including robo-advisors.

A Robo-advisor, the online platform that produces automated advice based on algorithms without human intervention, can be integrated into every step of Insurance. Robo-advisors could automate the insurance sales cycle, underwriting process, policy management, claims process, and customer support everywhere in-between. According to the survey, more millennials want to interact with their insurer solely online and not with human assistants. This shows that customers are now more than ever open to robot-advice.

Robo-advisors not only offer objective advice but also presents with the unbiased comparison of innovative insurance services and products by considering into account several variables over and above price. These automated tools use a computerized algorithm to process a large quantity of data for picturing the future requirements in mere seconds. All these allow customers to identify and choose the right insurance solution that can cater to their needs. Robo-advisors also play a significant role in developing the omni-channel strategy by combining different platforms of customer interaction.

Automated agents or robo-insurance advisors can streamline the insurance industry performing the function of accumulating essential data about customers and their policies, and storing the relevant information securely.

Insurance is a complicated and vast sector, and robo-advisor is just one of the incremental changes needed in the industry. It could not only make buying easier but also can bring in significant efficiency to the entire value chain. Robo-advisors are here to stay. The low cost and passive investment strategy attract many customers, especially millennials, who take quick advantage of these.

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