As we have mentioned on more than one occasion, the Covid-19 landscape has pushed the insurance industry to a forced take-off away from its conventional and obsolete processes, and many players in the insurance sector have begun to digitize, step by step and at an acceptable speed.
Industries and businesses went from being complicated to complex, what does this mean? The former refers to patterns that repeat, problems that can be solved and where automation drives management thinking.
The complexity goes beyond that, there are patterns, but they are not repeated, problems are unpredictable and robustness is one of the most necessary factors.
Clearly, insurance cannot respond to the growing risks of a complex world by offering business as usual. A shift is needed toward loss prevention and loss management, toward value ecosystems and the generation of new revenue streams across the risk value chain.
01. The claims process: The biggest digital transaction in this space is for people to follow the progress of their claim, wherever and whenever they want, plus it can be managed as self-service, so we can see from the Insurtech insights article.
02. New business: Being able to quote online to attract new business has become indispensable. From this we can decide whether to keep pace with customer expectations or lose them.
03. No more legacy systems: Most service providers are beginning to migrate their historical backends to modern technology systems, which can expose the insurer to application programming interfaces and provide real-time data with 24/7 capabilities.
04. Robotic Process Automation (RPA): This is still in process, but many are trying to integrate AI software to collect and use the data they already have.
05. Chat vs. voice: we have seen the growth of chat capability, e.g. WhatsApp, especially in the direct space. However, there are still people who are drawn to calling the insurer, especially when they don't get timely responses and there is a lot of silence on the other end.
There are still more trends! But in order not to make this article too long, we have decided to split it in half and it will soon be on our blog :)
Wait for it!