The insurance industry is crucial for an economy. The pandemic changed the way insurers operate, and several processes such as sales, service, claims, and others have been transferred to digital channels.
A year has passed since these changes were implemented where employees and insured persons alike have got used to the new normal.
That being said, there are tremendous opportunities in the digital sector that could benefit both parties at either end of the insurance spectrum if embraced.
Here we discuss some of the challenges and opportunities and how they could be leveraged.
Omnichannel Access to Services
People preferred buying policies and doing basic tasks such as paying insurance premiums by physically going to the office. The pandemic forced people to ride the digital horse and strengthened the online service ecosystem. Now that customers have made a move, such practices must be encouraged.
This could be done by providing omnichannel services to the customers. An insurance company should provide multiple touchpoints to the customer, such as mobile apps, websites, and so on.
Further, efficient measures to check customer credentials and health status be employed so that insurance fraud is decimated and no impediments come in the way of due diligence.
Utilizing Customer Data for Better Services
Data is the king in the present times. While getting data isn’t tough, presenting it in a meaningful way is. Salesforce could present the data to help the employees get proper insights and make efficient marketing decisions.
Also, as per research, customers don’t mind sharing their data if better services could be provided. It becomes important to offer personalized services to the clients who aim at the pain points.
This would increase the return on the investment done and lead to more satisfied customers and higher customer retention.
Keeping a Vigilant Eye on the Data Protection
The stringent laws about data privacy and data protection such as GDPR, the Personal data protection bill of India, and others belonging to different countries worldwide need to be strictly complied with.
Treating data with high-handedness could invite high penalties and even a ban on the operation of the company. This has necessitated contacting attorneys specializing in data privacy laws to create a proper strategy and road map of data acquisition and protection.
The world is wary of security breaches, cyber-attacks, and online fraud, and it becomes important for insurance companies to handle such threats efficiently. This would repose the trust of customers in the company’s operations.
Breaking Down Silos, Connected Digital Ecosystem
Just a few decades ago, almost every industry used to work in silos. This means there were straitjacket divisions between different departments of the same organizations. However, now there is a high need to connect the different departments so that synergy could be ensured in the whole company’s functioning.
Tools such as Salesforce allow the companies to integrate the data between different teams leading to better decision making, planning, and implementation.
Several strategies, such as account-based marketing, increasingly rely on sharing of data to combine sales and marketing departments’ efforts so that one doesn’t create bottlenecks in others’ work.
The pandemic has pushed us years ahead when it comes to adopting a digital way of working and living. From the legal to even consulting industry, every industry has saved costs and benefitted tremendously from this digital move. It is high time that insurers adopt this new way of functioning and strengthen their operations, benefitting both the customers and the company. To know more, connect with us or request a consultation here.