Business leaders must adapt to the digital age and the evolutions it has brought. The increasing use of artificial intelligence and machine learning is deeply transforming our economy. The improvements of digital technologies will strongly impact companies over the long term. Such changes can be seen with various insurance products such as travel insurance, medical insurance and car insurance amongst others.
The digital transformation of insurance operations is reshaping the current and future state of the industry. Solutions can be customized by artificial intelligence, machine learning and predictive analytics. Such modern technics allow insurance brokers to create the features, functionalities, and applications they need to stay competitive in this market.
In this article we will shed the light on these transformations. We will also detail the recent pandemic’s impact on the acceleration of this process. Finally, we will show the benefits of such evolutions.
How modern technology is impacting business processes
According to an article in the Harvard Business Review, a shift to digital will strongly benefit insurers. It will help them collect a more accurate information on their customers. It will also yield improvements to operating profit margins.
Moreover, the digitalization of this sector will strengthen companies’ relationship with their customers. By doing so, they will increase their chances to up-sell and cross sell them.
The future is already now. Global funding for artificial intelligence is unprecedented. As such, traditional insurers must adapt to compete with the rise of tech-insurers. These new players provide faster claim payments as well as a better price transparency and a decrease in the overall costs.
Financial loss is likely to be incurred by insurers if they fail to reshape their model. It is time to rethink the industry at every level: from business model to customer experiences.
A quickened digitalization due to Covid-19
The recent health crisis has been a circuit breaker to the economy. Supply chains have been disrupted and many businesses temporarily shut down. Government enforcements of stay-at-home orders have fastened the digitalization of the economy.
Medical practitioners have gone digital with the use of telemedicine. The use of cash has been drastically limited to the benefit of credit cards. General insurance and the whole industry have seen direct impacts from the digitalization of the workplace.
The pandemic had dramatic consequences on the world’s economy and many argue that things will never go back to normal. Indeed, a growing number of people will be reluctant to work from the office. This is especially the case since companies have seen a boost in productivity by having their employees work from home.
Digital transformation’s benefits for the insurance industry
The modern advancements hold many advantages. It is critical to understand how your firm can benefit so you can start implementing more technology in your business.
One of the benefits is a greater efficiency. Claims can be instantly processed through an app. This will speed up customer service, where live chat and digital assistants are helping them in the most critical times.
Digitalization also brings an increased personalization of service. Today, customers expect service and attention where and when they want it. They also expect it to be suited to their needs, and personalization is now the status quo across all industries.
Automation and artificial intelligence may help your company better assessing your client’s needs. By doing so, you will make your service more personable and retain more clients.
Adopting digital technologies may help your company scale faster. Insurance companies can offer a constant service regardless of customers’ location. Through service dashboards and apps, they can collect valuable data from their clients.
Moreover, the digital transformation that the world is experiencing, will lead to more profit. Indeed, these technologies will undoubtedly continue to evolve and create more advanced opportunities for the years to come.
The digital transformation of BLACAZ
BLACAZ is an insurance intermediary firm that advises individuals and companies in their risk management. With headquarters in Singapore, the company offers solutions for corporations in their insurance portfolio audit, structuring and management.
We can help you secure every aspect of your business to protect your assets by providing all-in one services. Whether your company requires insurance in Singapore or other Asian countries, we will be more than happy to answer all your questions.
The change has already begun years ago. Digitalization is progressively taking over the workplace. The recent pandemic has hastened the process as many companies were forced to operate remotely.
The advancement of technologies will increase the use of artificial intelligence, machine learning and predictive analytics. This turn of events will greatly benefit customers as they will gain access to better price quotes, transparency and overall service.
Moreover, insurance companies will be able to more effectively collect data and automate their processes. As such, BLACAZ is transforming into a digital platform to better assist you and offer a touchless customer experience. Besides, you may always contact us and we will gladly provide you with more information.