Insurance has long been associated with long and tedious processes, starting from the qualification, underwriting and approval processes, which has posed major challenges. But as we know it, times have changed over the last few decades, including technology which has provided newer means to support and improve the insurance industry.
Since insurance is based on trust, it is not surprising to find people making false payment claims that could potentially affect the proper dispensation of the service, not just impacting the provider, but the entire insurance policy-holders as well.
But all that has changed over the last several years, as it aims to improve the processes and tackle the problems that have long plagued the industry, thanks to multi-sectoral cooperation from experts such as those coming from Virginia IT consulting firms and from the rest of the world.
Fresh recruits and customer acquisition
With the introduction of artificial intelligence technology into the insurance industry, it has allowed for better processes to strategize the acquisition of new customers and how they reach out to the market.
Social media, email communication, and mobile computing are just a few of the platforms where AI technology becomes valuable for scouting a fresh customer base, regardless if these claims are made by employees of IT staffing companies, business organizations, and retail establishments, among others.
Armed with robust data and machine-learning algorithms, the rise of online insurers has been phenomenal and has taken the limelight compared to traditional insurance policy offerings with more targeted options for potential customers.
Faster and more accurate insurance claims
Customers have long been complaining about the delays that go along with insurance claims, but this may just be a thing of the past, as business solutions with AI-driven platforms are expected to automate claims processes from filing to release of the claims.
Many insurers, have seen significant growth of around 3 to 4 times the previous traditional process and has cut expenses by 30% due to an accurate assessment of claims and faster processing times.
Customer experience and satisfaction
With technology improving the claims process, insurance companies have the edge of retaining customers as a result of enhanced and improved customer services experiences. Take note that customer satisfaction is a vital component in a business.
A recent report revealed that 54% of millennial have declined initiated transactions due to poor customer service. They are followed by 52% of Baby Boomers and 50% of Generation X’ers due to poor communication and lack of options that are perceived to be beneficial for customers.
These can now be addressed by technology to improve the business landscape and the insurance industry would surely be able to benefit greatly out of it.