ARTIFICIAL INTELLIGENCE & TECHNOLOGY
Insurers, we make your job easier
06 July 2022 · By Ana Navarrina
The world of insurance was rocked to its core when Lemonade used its advanced automated systems to solve a theft claim within seconds. It was a record-breaking moment that served as an overdue wake-up call to the traditional insurance companies that continued to shun new technology.
A lot has changed since that moment. Many Lemonade-like upstarts have come and gone, but they have succeeded in revolutionizing the entire insurance industry.
These days, insurers need to offer a modern and personalized service to their clients, who have become used to immediacy and are demanding different services. This is tough to manage, especially for businesses with lots of clients. However, with a little help, insurers can offer the best possible service without increasing your overheads. How? Technology.
Today, we’re going to look at all the ways that implementing technology can help your business grow and reduce your stress levels.
7 ways technology can make life easier for insurers
Artificial intelligence is already improving the way we work. AI has been implemented throughout the claims process to help assess risk, detect fraud, and reduce human error during the application process.
AI helps power automated processes, meaning that human workers can spend more time building relationships with their clients.
Visual intelligence is maybe one of the most valuable pieces of technology the insurance industry could ask for. While AI is helping insurers automate their processes and reduce errors, Visual Intelligence is making life easier for insurance agents and their clients.
While Visual Intelligence also helps automate processes, the real advantage lies in its ability to speed up the claims process. Insurers that use VI can empower policyholders and make life easier by putting them in charge of the evidence-gathering process.
Rather than waiting for an insurance agent to come out and assess the damage, policyholders can gather evidence by themselves. Using a mobile app, VI can guide the policyholder through the entire evidence-gathering process. They can collect highly accurate evidence and submit it within minutes of the incident.
Blockchain has been around for around a decade now. It’s an integral part of the cryptocurrency and NFT markets. However, in the insurance world, it is a relatively new concept.
Blockchain offers insurers another way to automate processes using smart contracts. Smart contracts held on the Blockchain uses Distributed Ledger Technology to help streamline processes and increase cybersecurity.
Smart contracts allow users to transparently transfer anything of value without the risks associated with a broker. Like standard, physical contracts, smart contracts decree the rules between the parties involved in the transaction. Yet, unlike standard contracts, smart contracts can track insurance claims and hold both parties accountable.
Using the blockchain reduces insurers' risk and can rebuild trust between policyholders and their insurers.
Customers are looking for a personal touch when dealing with insurance companies. These days, the best insurers are the ones who can offer a personalized service 24/7, 365. Of course, this is extremely difficult for insurers, who need to funnel money and resources into customer service to give customers what they want. This extra effort inevitably means increased customer premiums as insurers try to reduce the financial impact of increased customer service efforts.
This is where chatbots come in. For a while, chatbots were simply a triage service with a couple of pre-programmed phrases designed to put you in contact with the right customer service department. These days, thanks to AI, chatbots can give a human-feeling, conversational service that feels like you’re speaking with a real person. This means that businesses are able to reduce their customer service costs without sacrificing service quality.
The cloud is now the backbone of almost every company on the planet. In this hyper-connected world, we need to be able to access everything we need no matter where we might be. That’s why, for customers, the cloud isn’t an optional extra — it’s an expected feature.
Insurers can also see a wide range of benefits when moving to cloud storage. It’s far cheaper than running your own data center, and it can streamline your IT systems and make automation easier. As automated services process data, companies can view that data in real-time across various platforms whenever they need it while only needing to upload it once.
Video calling/alternative communication channels with policyholders
Many insurance companies have critical communication gaps that can prevent them from providing the best possible service to their customers. As you can imagine, those customers who face these communication issues will be more than happy to look elsewhere and find one of your competitors in search of better service.
There are more ways for customers to contact us than ever before: email, snail mail, text messaging, chatbots, in-app messaging, and of course, the good old-fashioned phone call. Diversifying your contact options helps build trust back with your clients, as they know that no matter what happens, they can easily get in touch.
Everything has an app these days. We’re now at the stage where it’s a little weird for companies not to offer a mobile app!
While the idea of creating a mobile app is to make things easier for customers, it also helps insurers. A mobile app can combine all the above technologies into one simple-to-use platform. This can give customers everything they could ever need, from managing their accounts to opening and tracking a claim.
Make your job easier with Bdeo
Bdeo is one of the leading companies in the insurtech industry. With a little help from us, your insurance company can cut through the competition by offering all the modern solutions a modern customer could need.
Get in touch with us today to find out how easy it can be to revolutionize your business!
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New Available Whitepaper
Visual Intelligence applied to the insurance industry
Artificial Intelligence in general, and Visual Intelligence in particular, are very present in our days. Perhaps, much more than we imagine.