Discover the outlook of the Insurance Industry in the face of digitization

David Esteva
Web Developer

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Has the insurance industry ever thought about what it could do in case of a contingency like Covid-19, having to rely more on mobile and online tools during? What would they do with their tradition?

The truth is that due to the pandemic and the closer use of the internet and technology, if or if leaving your comfort zone was going to mark a milestone in the insurance industry, but could they offer a good digital experience?

The slow pace of innovation in the insurance industry has become a heavy burden since Covid-19 accelerated the migration of consumers to digital channels.

What can the Insurance Companies do?

Insurance companies have no choice but to update their digital experience in order to reach and satisfy their customers:

  1. Offer customers better self-service tools.
  2. Reduce unit costs.
  3. Digitize your sales.
  4. Accelerate your processes.

To establish objectives

Collecting and analyzing customer data to understand behavioral changes will prepare insurers to accelerate experience-enhancing digital investments and can focus digital initiatives on four goals:

1.Eliminate bad and avoidable volume: episodes that annoy consumers should be avoided at all costs. For example, automatic status updates will reduce inquiry calls.

2.Put the customer in control: Educating customers about self-service options will have many benefits, increasing the use of mobile applications. It also offers digital support and avoids phone calls; Increase the digital adoption of your employees and brokers through training.

3.Simplify through automation processes, products, policies to reduce unit costs and increase productivity, without the need for manual work.

4.Bring Sales Into the Digital Age: There is a clear need to develop digital sales channels, as online car insurance or insurance policies have exploded in recent months. In addition, companies should equip agents with digital sales tools, lead management systems (based on CRM systems) and analytics that can inform smart campaigns with the best offers.

The Covid-19 pandemic represents the turning point for the insurance industry to step outside of its comfort zone, representing a turning point for its digital initiatives.

Unfortunately, and although consumers have adopted digital channels and tools in recent years, the truth is that most insurers have been slow to respond with innovations that clearly influence the satisfaction of their policyholders, such as:

  • The service and the purchase.
  • Simple and convenient claims.
  • Product research.

Most of the digital leaders (companies with high digital adoption of customers and high loyalty), are made up of young companies that go directly to the consumer. In contrast, established companies that have been able to achieve relatively high digital adoption have had high failure rates in their digital interactions, so their customers feel compelled to switch to phone channels or in person to complete transactions.

There is no doubt that the pandemic caught many insurers unaware that they were still in their comfort zones, they had to crawl out to be able to meet the new needs of their clients, a more digital environment and without so much manual work.

At LISA we believe that the use of technology is a great boost for any company, which is why our mission is and has been to provide insurers with innovative methods in order for them to explore outside their comfort zones.

Welcome to the future with LISA!

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