CUSTOMER ENGAGEMENT STARTS HERE: MEASURING TRENDS IN THE INSURANCE EXPERIENCE

| April 11, 2019

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For several years now, Majesco has been discussing the most crucial question insurers have on their plates. “How easy is it for a customer to do business with an insurer?” At one time, it almost didn’t matter. Those who needed insurance accepted the hurdles and hoops of the insurance process. That was the process for decades and everyone abided by the way insurance worked. Today’s customer has challenged and flipped that model on its head. Now, the experience and ease is everything. Customers want the process to meet them where they are. They have a set of new rules of engagement: These are the criteria that insurers must consider as they reimagine and rebuild their business models to fit the future of insurance. Insurers must not only abide by these rules of engagement today, but they must also predict where, when, how and what will engage customers in the future.

Spotlight

Anker Insurance

Anker Insurance is a contemporary insurer with more than a century of experience. Anker Insurance’s focus is on serving specific target groups and on providing niche insurances. Our work is based on the idea that ‘People matter most’. We attach great value to personal contact and that communication lines are short. Our customers appreciate our solution-oriented services and our commitment.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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Spotlight

Anker Insurance

Anker Insurance is a contemporary insurer with more than a century of experience. Anker Insurance’s focus is on serving specific target groups and on providing niche insurances. Our work is based on the idea that ‘People matter most’. We attach great value to personal contact and that communication lines are short. Our customers appreciate our solution-oriented services and our commitment.

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