Boosting Insurance Productivity Levels with Emerging Technologies

Insurance is a significant part of people, and they want protection for life, assets, property, devices, travel, among many others. However, they also want these processes to become convenient for them. Hence, insurance companies are slowly switching to an agency management system that can prove to be a groundbreaking way of marketing their insurance products. Such a system can benefit the agents by gathering and using their clients’ information in terms of risks, needs, goals.

Today, consumers have shifted from traditional ways of consuming services to go digital. The job of insurance agents consists of many types of communication and tasks that require multiple devices at their convenience. Hence, they are continuously finding ways to balance employee productivity as well as establish a strong customer relationship.

Investing in Latest Technologies to Reform Insurance Agents

A digital solution can decrease the employee work and reduce the annual expenditure of an insurance company, which usually comes around 52% to 73% of total revenues. Hence, an agency needs a customized solution that works best for their specific needs with a blend of:

Mobile Applications, AI, and ML

You can either develop a mobile app or three separate apps that would connect all the three stakeholders – agency, service providers, and customers. The biggest reason behind investing in insurance app development is probably reducing the memory usage in a smartphone by one single app. With an app, you can integrate many features like user profile, policy details, find a policy, filing claims, uploading documents, payments. Mobile apps have the advantage of showing tailor-made recommendations based on their preferences.

Moreover, integrating AI and ML solutions can significantly improve the claims turnaround and even transform the underwriting processes. They can access data quickly as humans won’t be carrying out such tasks. It can also identify and assess the emerging risks and new sources of revenue generation. Similarly, ML can automate all these processes by enabling companies to access the data via the cloud. Pre-programmed algorithms can improve processing accuracy and assessing administrative risks.

CRM, Big Data, and Predictive Analytics

A CRM software can boost the productivity levels by enabling the agency to build a strong relationship with customers based on their needs, and not just for selling purpose. It can eliminate the need for paperwork as the software integrates and stores all the vital information. Risks form a massive part of making decisions, and CRM considers each risk before providing robot-supported advice to customers. It creates and targets a customer base that specifically wants advice on investment decisions.

Big Data is a profoundly revolutionary segment where agencies might need to introduce some monumental changes in organizational culture to guide it towards a data-driven one. They also need to decide the ways they want to collect data, generate insights, and the functions that need to be enhanced for achieving that. Sensor data can change and record patterns of connected devices, while Usage-based Insurance (UBI) can significantly lower acquisition costs and develop effective policy pricing.

InsurTech and Blockchain

InsurTech is an emerging opportunity that enables agencies to develop applications, focused on solving specific problems. Hence, agencies need to decide the types of startups they would need for a partnership for fostering innovation and can survive risks. Blockchain, on the other hand, enhances anti-fraud capabilities and data security by developing smart contracts that can deploy across the partners, regulators, and suppliers.

Consumers have already started benefiting with tools like stockbroking, online budgeting, investing, crowdfunding, and P2P lending. InsurTech and Blockchain can simplify the processes of internal claims with smart contracting. Plus, IoT can enable sensor hardware in boosting real-time performance by automating premium adjustments. It also is an excellent alternative for enhancing customer experience by eliminating the need to submit documents. Blockchain automation helps in validating identities, health records and many other vital documents of customers. It eventually reduces administrative costs and increasing engagement with customers.

Human Intellectual Capital

While focusing on integrating the latest innovative software is the current need of the hour, the skilled human staff is something that insurance agencies cannot ignore. Human capital is perhaps the biggest barrier faced by insurance companies due to people choosing other interesting jobs over insurance. InsurTech can immensely increase the reputation of insurance companies and help in attracting new employees. The last three years have seen InsureTech funding grow by 60%, raising the potential of modernized legacy systems.

It can create partnerships that will boost their position as dynamic and disruptive companies that eventually helps them in attracting employees and retaining them. It is crucial to note that employees feel more satisfied and encouraged to join an industry where they have ample opportunities for upskilling.

Custom and Unique Insurance Solutions Provided by 9series

9series is one of the emerging companies that provides a dedicated insurance agency management system for solving various insurance challenges. Our solutions are focused on digitally transforming the insurance agencies and enhance the performance of all the stages in the customer lifecycle. We give a lending ear to the problems faced by our clients and then suggest a solution that would blend with their ideas and vision.

The biggest challenge faced by insurance companies is to seamlessly settle claims of their customers and maintain a long-term relationship with them. Hence, we provide them with a customized fraud detection algorithm based on claim management. It examines the behaviours of beneficiaries and many other external sources of data. We execute such solutions with predictive analytics.

Apart from that, customer insights form an essential part of insurance agencies. Agents need accurate insights to boost customer recognition and deliver content by understanding their needs. Our solutions offer a single customer view where agencies can view the assembled data across various channels. Analytics are another crucial part of an insurance agency that can help them in bringing regular changes in their policies. Hence, our proof-based insights target to increase their client base and automatically allocating appropriate claim to a particular individual.

We know that it is a hugely competitive digital world where any technological change can quickly affect the demands of customers. But one thing will always attract the customers, and that is personalized user experience. And 9series develops all its solutions in a simplified manner that makes your business sustainable.