Digital technology is no longer optional. We’ve now reached a stage where adoption is essential to remain competitive. Not only that but technology has become so diverse and versatile that it offers a very wide range of benefits to any business with a willingness to adopt it. For those in the insurance sector, the time has come to embrace technology and all of the advantages that this has.
What are the benefits that technology can bring?
The advantages of investing in tech can be specific to the individual business. However, more generically there are many benefits to be found, including improving operational efficiency and optimising systems and procedures, delivering a better customer experience and the positive impact that the use of tech can have on the bottom line. Use of tech also gives businesses greater adaptability when it comes to responding to the ever evolving range of risks and threats.
Accessing the benefits of technology
Any step towards digital transformation is a positive move to make – it’s not necessary to entirely change the way that the business is structured or run. These are just a few of the options available to businesses looking to feel the benefits of technology.
Automation and Artificial Intelligence (AI)
The combination of AI and automation can bring increased efficiency by taking certain processes out of the hands of a human workforce. Automation instantly improves efficiency. It also enables a much more significant volume of work and tasks to be completed without the need to hire any additional resources to handle it.
Given the wealth of data that customers in the insurance industry generate, it’s becoming crucial to invest in analytics technology that can help to make sense of this. Analytics give businesses insight. Data can be used to improve decision making processes and also to gain a better understanding of customers and what their wants and needs are. If this can be built into insurance software, the whole process becomes more streamlined.
Service improvements via AI and cognitive computing
Customer service is one area that benefits significantly from adoption of technology with more personalisation and swifter response times for every customer. Cognitive computing tools can be used to provide responses to customer questions, for example, using as their basis what has been said by company representatives in the past.
AI chatbots are also being increasingly widely used in the insurance industry. This advanced technology is developing all the time and learns and improves as it goes with every customer interaction that it handles. AI chatbots can take the strain off the rest of the workforce and also improve the experience that customers have with the business.
Greater self-service capacity
Many of the document or information requests customers make don’t need actually agent support to complete them. Technology increasingly provides more efficient ways for customers to serve themselves without any reduction in positive experience as a result.
Technology is a tool that insurance businesses need to embrace to go on to greater things. From operational efficiency to increasing profit, the impact of this kind of upgrade can be felt right across the business.