Technology is Transforming the Insurance Industry

By Maeliss Usher, Digital Marketing Coordinator, Finaeo

As an industry, insurance has been transformed by the digital revolution. Modern technology is reshaping the current and future state of insurance functionalities. Operations have been streamlined, customer interactions have taken place on chat, claims can be automatically processed, and brokers can compile information more efficiently as a result of digital transformation. We’ve listed four benefits your company can reap from digital transformation.

1. Save time and sell more

Nearly every aspect of insurance operations has been optimized for speed thanks to artificial intelligence and closely related technologies. Quoting processes are now expedited, and comparing policies can be done side by side to ensure the best possible fit to match your clients’ needs. This saves time from searching carrier websites for quotes to present to your client. From start to finish, you can automate the quoting process with insurance technology. Businesses are experiencing both cost savings and increased profitability due to improved data collection and customer experience.

2. Personalization

The customer expects service and attention at any time and anywhere. As a result of digital transformation, insurers have unprecedented access to tools they need to meet customer needs while not overextending their resources. Increasing pressure is being placed on insurers to personalize and modernize policies with faster implementations and better customization. Insurance companies are also using digital technology to streamline their marketing efforts. Insurance brokers can receive and process all information on their end under one system, while clients can view their policy and their personal information at any time. The digital solutions Finaeo offers help insurers to create the functionality and applications they need to stay competitive.

3. Compliance

Additionally, digital transformation is helping insurers make sure that they remain competitive in the future since these technologies will undoubtedly continue to improve and expand in the years to come. According to Gartner, more than two-thirds of companies say they are competing primarily on customer experience. Digital transformation consolidates information using tools tailored to the needs of the business. There are tools like contact management systems that allow you to store documents and notes, share/hide notes, and more all in one place. Insurance technology integrates all of a company’s resources into one place rather than distributing them across various software platforms.

4. Data Protection

Nowadays, data protection is not merely a technical matter but a strategic one. To effectively transform your business, you must develop a means of safeguarding sensitive data. Finaeo, an insurance technology company, actively encrypts all information that enters and leaves its platform. Clients and brokers can confidently exchange sensitive information back and forth without worries. Companies should view data protection and insurance technology as an opportunity instead of merely a compliance task to gain customer confidence and gain competitive advantages. By protecting customer data, the insurance industry seeks to serve its customers well and maintain its reputation of trust.

Bottom Line

The demand of a modern customer ​​today expects a high level of service and attention. By transforming their businesses digitally, insurers can offer their customers exceptional service without overextending their resources. How companies do business is being redefined by digital transformation.

A digital future demands insurers adopt digital transformation tools and find creative ways to optimize multiple aspects of their business. Most emerging technologies deal with customer data that can be used to provide in-depth insights into client needs and business value propositions. Your data will remain protected as you undergo a digital transformation with Finaeo. The adoption of new technologies promises to boost economic performance, improve internal operations, improve customer retention, and enhance the customer experience.

About Finaeo

Finaeo is a venture-backed InsurTech building the digital fabric to connect and power the life insurance industry,globally. Finaeo connects insurance carriers, brokers and their clients through an integrated marketplace to streamline the “prospect-to-policy” experience. To learn more about how Finaeo is powering the future of insurance, please visit finaeo.com.

About Empire Life

Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2019 Empire Life had total assets under management of $17.8 billion. For more information, visit www.empire.ca.

SOURCE: Finaeo Inc.

Read the original article at Insurance-Canada.ca

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