Insurance has never been an easy subject for buyers; it’s too complicated to understand and all the related processes are extremely long winded, with several dependencies. In fact, if there’s one area that’s in genuine need of tech-led automation, simplification and transformation, it’s Insurance. Technological innovations such as robotic process automation, blockchain, artificial intelligence, etc. will prime insurance to keep up with changing markets on the outside and offer ease on several fronts for insurance customers. In order to gauge customers’ actual needs and provide better-fit solutions, and be on time while doing all of this, adoption of smart platforms and processes such as Artivatic’s MiO is key.
Today, everyone’s reliant on digital channels for information even insurance, consumers. And it’ll not be long before they demand a simple automated experience which carriers will have to provide in order to stay relevant. Hence, now is the time to upgrade from legacy processes to a tech-led seamless, omnichannel approach, just as predicted by a McKinsey study, in order to keep growing. As per the study, factors such as digitisation and automation are projected to drive business development and turnover, while online non-life product sales are already registering a healthy 20% hike.
It’s important to choose the right partner
All things said and done, having the right partner by your side always helps and when it’s a tough time like transformation it’s the best way to get things done. If you are a legacy firm in need of a total transformation to the gen-next levels, having an efficient InsurTech partner is your best bet. The latter will steer you towards the correct decisions and also journey with you through the entire transition route in order to provide for all the needs—such as necessary services and tools.
How Automation can simply Insurance
As per another Gartner study, the automation market will be valued at approximately USD 600 bn in 2022—which’s surprising, considering adoption of automation has been the slowest in this arena amongst all financial sectors. That means the industry’s poised for a top-to-bottom automation upgrade and the result will soon be a simple automated landscape. If that actually happens, the insurance setting will see:-
- Automation tools and processes that will offer a simple seamlessomnichannel experience: Once these tools are steeped into the carrier’s IT landscape, better integration between all the essential systems of the companies will be easy. And the result will be a simple, sophisticated, painless experience for the insurance customer.
- Automation tech that will equip companies to offer personalised customer experience: Insurers will soon learn that with access to the right data at the right time, customising offerings for each particular user is really easy. While the time-consuming, relevant activities such as anti-money laundering activities will be constantly performed at the backend, at the front-end users will only be impressed by the uncomplicated automated processes.
- Increased turnover: With automation taking necessary and cumbersome backend processes onto their plate, companies will finally focus on actual transformation and thus realise their true potential. They’ll respond to user’sand market dynamics promptly and increase profits.
This’ll be possible when companies have AI platforms such as MiOSales, MiO Brokeror MiOBanca by their side. These new-age integrated resources are super-enablers for sales, lead, marketing, agent, customer, brand, communication and engagementthat drive efficiency, scale, customer intelligence, performance, and ROI to businesses, brokers and financial institutions.
They are one-stop-shops for any business, company or institute to transform the manner of doing things since the time insurance was invented to finally level up to the expectations of the post-COVID 19 tech-forward world, with minimal time and money investment.
Coming from Artivatic’s stable, which’s a leading InsurTech, such a resource is built to offer next-gen digital sales, branch operations, and customer-lead conversion solutions as easily as turning a knob. Also, since it’s specifically designed to lighten unnecessary weight on insurance incumbents, the product is built to adapt, gratify and last.
As is obvious, the industry is undergoing some tough times. If you need to survive and succeed now and in the future, partnering with the correct InsurTech with the right automation tools in its arsenal is important. Make sure you make the correctchoice.