Touching Every Aspect of Life Insurance Through Technology

Before the pandemic, most insurance companies were charting a digital transformation strategy or were halfway through their transformational journey. But post pandemic, the pace in the digital transformation journey has shifted gearsdue to a major shift in consumer behavior.

Customers have been quick in adapting digital enablers / digital mediums to transact on a daily basis to minimize their contact with people. Using contactless payment has become a phenomenon in the pandemic to stay safe. This inclination of customers towards contactless transactions has forced most enterprises to redesign their processes to make them contactless.

A major shift has taken place in the industry in the process areas – be it engaging with prospects to pitch an insurance plan, customer onboarding, customer consent, premium collection process for new policy or renewals, the payout processes, customer servicing processes and customer engagement process. These processes are being digitized and emerging technologies are increasingly being used to make the processes more efficient and relevant for the customers besides making them contactless. These include:

  1. Engaging with Prospects – Sales Pitches – From F2F interactions to Video Calls:
  2. Customer Onboarding Process – 100% shift to digital application forms
  3. Digital Collections / Digital Payouts – Embedding of payments in the transactions
  4. Customer Servicing –Self Service Options on Chatbots / IVR

Many insurance companies are also experimenting with voice technology to be integrated with their bots, to enable a conversational user interface (CUI). This will further aid customers to access their information or undertake transactions on their policies in conversational mode, from his / her own device. These experiments intend to enhance the overall customer experience and may lead to more and more service offerings being taken over by conversational user interface instead of the traditional web-based interface.

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