Many industries were hit hard by the COVID-19 pandemic, some faced a horrifying downfall, whereas some saw the worldwide lockdown as an opportunity to go completely digital. This digitization not only increased efficiency but also paved the way for a new customer experience.
The companies that relied on direct customer interaction, now found new ways to digitally connect with their customers and solve their queries. Nowadays, companies have started to be more customer-centric and not profit-oriented. Although it became difficult for the people to adapt to the new normal, with everything being digitized, it also made things much easier.
With the advent of new technologies and innovations, each sector has been able to implement the same towards providing better services to the customers. The insurance industry is no exception. Earlier, even the thought of insurance solutions seemed like a complicated task, but now with companies understanding consumer needs and behavior, things have become much simpler.
As insurers grapple with the modern customer's changing needs, they must reflect on how they can create personalized experiences that provide value on a personal level by shifting their focus to one-to-one engagements. Creating that level of personalization is not only likely to help the customer feel as if they are being heard but can also drive revenue growth for the business.
In the insurance sector, fraud and cybercrime are nothing new, however, with new ways of serving customers and enhanced opportunities for data collection and fraud detection, technology has certainly made things easier. The tools available through technology have made the insurance process safer and more secure.
How have the insurance solutions evolved?
Being customer-centric and more digital, the insurance solutions have now become cost-effective and economical. As compared to the traditional methods, companies nowadays have opted for a more virtual approach that is less expensive.
The insurance solutions are available to the consumers at their fingertips, unlike the traditional multi-step process. Earlier, the customers used to get tired of the lengthy and confusing process, however now the process of an insurance solution is as simple as shopping from an e-commerce website.
Communication is key. Over the years, technical jargon has been eliminated and a smooth and clear communication flow has been established. Customers nowadays have very less time on their hands so they require communication that is easy to understand and does not take up much of their time.
One of the most important and crucial ways in which insurance solutions have evolved is the elimination of paperwork. Earlier, with piles of paperwork, it became tiresome and confusing for the customers. However, now in such a tech-savvy world, everything can be stored and done with just the click of a button.
Technological innovation is key to the evolution and accomplishments of the insurance industry. In addition to adding value to the industry, it also influences its future with changes in the times and requirements. Innovations and technology influence everything from underwriting decisions to streamlining business processes.
There have been various ways in which mobile devices, the internet, GPS, and other technological applications have proved important. It has helped the companies not only with market research, market penetration, business promotion, and market development, but also with after-sales service, customer satisfaction, and many other areas. Therefore, the process of acquiring insurance solutions has become available at the fingertips of consumers.
(Shilpa Arora is Co-Founder & Chief Operating Officer, Insurance Samadhan-a developer of a grievance redressal platform designed for all insurance policyholders to file a complaint)