How can insurance companies move forward in this rapidly-changing world? How do they stay competitive and relevant?
And how can policyholders best engage with them in the future? According to reports, numerous insurtech companies use deep learning competent artificial intelligence (AI) to handle agents’ tasks efficiently.
Several different forces are shaping the future of the insurance industry. The foundation was set a long time ago, but now you see it all come to a head.
An insurance software platform is a vital asset to thrive right now. AI is helping companies by giving them the power to automate many of their existing processes. It also lets them tap into data trapped within legacy systems and turns it into something useful.
The following article will explain how to leverage insurtech platforms to boost your growth and essential features to check in it.
1) Measure Results and Optimise Your Business Processes
A platform can help you measure various things throughout a customer’s lifecycle. That includes the number of issued quotes, how long it takes to give them, and more. It does not only apply to new policies, though – you can find weak points even in the most lucrative policies.
The platform will help you to detect issues with your existing business processes. Your business may be inefficient or take too long (and drive down customer satisfaction rates) to grow so you can optimise them for better results.
2) Automate High-Volume Activities
You probably have several high-volume activities that take place in similar ways. These may include quoting, buying or renewing a policy.
A platform can help you automate these processes, so they happen faster. It will improve the experience for customers and agents alike – everyone wins!
3) Enable Remote Work
It is no secret that millennials prefer flexibility, mobility and remote work. There is no need for your employees (and customers) to go to an office in person every day. With the right tools, they can connect to everything simply and quickly via a mobile device or laptop. An insurance software platform could help you make people’s lives easier by enabling them to do their jobs from anywhere.
4) Improve Customer Experience
The insurance sector is no stranger to the fact that it needs to adapt. And you cannot just say that you’re doing great so far and all these customers are coming in.
People are looking for more dynamic relationships with brands. They want to have their voices heard. So, could you give them a voice?
5) Personalise the Customer Experience
If you have an intuitive platform that knows each of your customers individually, it can let every person feel like you’re giving them special treatment (even if it’s not true, at least in some respects). It could improve their customer happiness levels.
6) Grow Your Business
Being adaptable is essential if you want to stay in the game. There are always new technologies around the corner, so having a platform to use them is an asset. It will allow you to try new things and scale fast when necessary.
Features to Check in an Insurtech Platform
To have an excellent knowledge of how to leverage insurtech platforms to boost your growth, here is a list of features and functionalities you should check:
If the platform offers business intelligence tools (like data visualisations), it will be easy to understand what’s going on in your company. And you can act accordingly.
Are you familiar with the request for proposal (RFP) process? If so, then you know it’s time-consuming. However, if your platform has advanced quoting capabilities, it could significantly cut down at this time. It would involve having an army of salespeople working to close deals instead of just one.
If you have several different channels for your customers to connect with, the platform should make it easy for them to do so. It should also give people the chance to use all of these channels at once if they want to. You could even integrate conversational AI into it.
It makes interactions more natural and fluid and boosts customer satisfaction in the long run.
Content Management System
The right platform can help you create your content quickly and efficiently. That means you won’t have to pay expensive agencies hundreds of dollars every time you want to make a small change. And you are adding new content when necessary should be a breeze as well.
It is one of the features that made salesforce so famous in the past. It’s just easier and more convenient to use if it can run on mobile devices. You should check if something like this is in your platform when choosing between insurtechs.
Does the platform come with comprehensive back-office management? The more automated this process is, the better. It should also allow you to track your data and improve your customer service.