Today, insurance companies are facing a growing need to adopt a 360° client centric business model as clients are increasingly demanding immediate, personalized, and round the clock service. This has been driven by rapid technological advancements and insurance companies digitising a range of their services. Advanced technologies and digital platforms are providing insurance companies with new ways to measure, control, and track risks. This digital transformation is also facilitating effective engagement with customers and enhances business productivity. One of the most notable result of these advances and changes is the migration of offline processes into optimized digital processes. Insurance companies are constantly exploring the possibilities of expanded, disruptive app-based products and services that will better engage their customers.
Digital path Gideon van Zyl explains: “As insurance companies digitally transform and add new technology to their operations, they have been able to significantly improve their business. From improving efficiencies to providing more personalised service to their clients, technology has helped reshaped then insurance industry.”
There are numerous ways that technology and digital transformation has impacted the insurance industry. There are four main ways technology has changed the insurance industry, namely improving efficiency, enhancing personalisation, making solutions scalable, increasing agility.
1. Improving efficiency
This is the most obvious effect of technology. Digital transformation and technology have vastly improved the efficiency of many tedious processes. Digital processes are improving the speed with which claims are being processes, as well as improving customer service. This has enabled the insurance industry to provide faster and more efficient service to clients through the use of new technology and digital platforms.
2. Enhancing personalisation
Personalisation has become the status quo for every industry, and especially the insurance industry. Digital platforms and technology are providing insurers with the tools they need in order to provide their customers with excellent personalised service without overextending their resources.
3. Making solutions scalable
Insurance companies now have the flexibility needed to keep up with the fast changes in trends. Traditionally insurance companies have been seen as inflexible and unable to change quickly, resulting in dissatisfaction from clients and other partners. Advances in technology have enabled insurers to have nimble and scalable front and back-end operations, empowering improved client services and enhanced insurance solutions.
4. Increased agility
Building on from making insurance companies scalable and flexible, technology has also made insurance more agile. Technology is helping insurers future-proof their companies. By implementing technologies which will continue to evolve as technology becomes more advanced, they are laying a foundation that can be used to build new and advanced insurance solutions in the future.
Digital transformation in insurance has had a significant impact on the industry and will continue to revolutionise the industry. The demand for new services and solutions powered by technological advancements has caused insurers to reimagine their businesses so that they can adapt to customers evolving needs. With our in-depth experience in app development in the insurance industry, digital path is able to create tailored tech solutions for insurers. Speak to our team today about how we can revolutionise your company today: www.digitalpath.co.za.