Having the cost of fire, theft or water damage so high nowadays, it is no wonder householders choose to take control of the risk of damage, by taking out home insurance. That is the theory. But, sometimes, consumers feel like the partnership with their insurer is unbalanced and that the supplier holds all the cards.
The future is becoming less predictable every day. If insurers want to stay relevant to tomorrow’s needs, they must build agility into everything. The insurance industry is on the brink of a major disruption brought on by changing customer behavior, new technologies and business models. In a recent PwC survey, more than half of the
As we move towards the future, the exponential growth of cost comparison sites has completely transformed the insurance sector over the past decade, making it easy for consumers to switch to the provider offering the best product at the lowest cost. Loyalty between customers and providers is no longer what it used to be For
Most insurance agents spend about 30 minutes to calculate the premium, 2 hours to feed details of the policy to the computer and a month to convert a lead into sales, according to a study. Insurance companies also have to distribute additional budgets for training whenever a new policy is designed. Aren’t insurance agents wasting
Back in the days, products simply provided solutions to generic needs. Maybe that worked then. However, this approach is now about to become as antiquated as a dial-up phone. Consumers today have more nuanced needs which simple cookie cutter solutions are unable to fulfill. The paradigm has decidedly shifted to product customization and user experience.
We are thinking that by 2025, 75% of the workforce will be composed of millennials. Millennials are digital natives. Essentially, that means they are the native speakers of the digital language, and they value innovative solutions driven by technology. With that in mind, across the globe, industries are scrambling to incorporate technology in their delivery
With digital businesses rewriting customer expectations, the insurance industry is ripe for disruption. Today, customers have come to expect products to be delivered in two days, a ride to be ordered with just a tap of their smartphone, and instant feedback and assistance thanks to companies like Amazon, Facebook, and Uber. In a world that
Almost every day, the insurance industry deals with thousands of customers, each having a multitude of queries about policies, claims processing, account updates, terms, conditions, and more. The customer support team can only cater to so many queries at a time. Resultantly, customers have to wait for extended time periods thereby leading to prospects and
Poor customer loyalty is one of the industry’s most destructive forces. We know the carriers that provide consistent top-quality service see revenue and renewal improvements, but here’s the catch — pretty much everyone hates dealing with customer service. In order to minimize the risk of declining retention, insurers are looking for new ways to improve consumer experiences
Artificial Intelligence within the Insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors. Insurers now have the option of achieving far better claims management by utilizing the technology in the following ways: Facilitate a real-time Q&A service for a first notice when it comes to a loss.
Starting from the Internet of Things to blockchain to digitalized pricing and customer service, insurance carriers are often overwhelmed with trying to stay current, let alone trying to be forward-thinking. Against this backdrop, how can insurers maintain relevance in today’s evolving technology landscape? Companies that embrace new technologies across the entire value chain — rethinking everything from
Until now, insurance is still a very sensitive topic and many people avoid having a discussion about their insurance policies as it can get too personal. A common myth that Insurance (whether it is health insurance, two-wheeler insurance, four-wheeler insurance, etc.) is mostly associated with accidents or misfortunes. In fact, discussion about this topic with
Getting into a divorce can be a complex and lengthy process with a variety of emotional, practical, and financial implications for both spouses, and any children that may be impacted. During such a stressful time, it can be easy to overlook basic items like the family’s insurance coverage. Nevertheless, it’s important to review all insurance
If you love watching some sci-fi movies or reading some novel about technology inspired adventures, in The Hitchhiker’s Guide To The Galaxy the words “Don’t Panic” are famously printed on the cover of the novel’s titular encyclopedia. Author Douglas Adams later said this was because it was the best advice he could think of for
Sometimes, life insurance can be an intimidating concept especially if you’ve never confronted it before. It can provide significant benefits to your spouse and/or family upon your death, substituting your income and covering the costs of funeral expenses, but not everyone will benefit equally from having a policy. So, how does life insurance work, and
If you and your family are always on the go, you know that traveling abroad is expensive. A medical crisis or loss of baggage only add to costs. A family travel insurance policy thus covers these risks at a nominal price. It is required to buy such a policy while visiting certain countries. And for
In the past decade, we have seen a boom of technological developments that have affected everyone, from students, businesses, and enterprises, to insurance companies. Today’s technology-driven millennials are the most affected. Their homes are filled with new tech, and it’s very important for them to protect it. Since the majority of millennials are renters rather
A growing number of insurers and agents now use chatbots to facilitate conversations with customers, strengthen relationships and bolster the sales process. But major hurdles remain. We can describe a chatbot as a computer program that conducts a conversation in natural language via auditory or textual methods, understands the intent of the user, and sends