Top 5 Trends observed in Insurance Digital Transformation During 2019

I was observing the digital transformation happening across industries like finance, healthcare, retail, education, automotive, sports, and entertainment during last year. It was evident that the digital transformation has influenced all industries and revolutionized many. But in some industries, digital transformation is happening at a fascinating rate. Case in point: Digital Transformation in the Insurance Industry.

The insurance industry hasn't embraced the tech bug in the past. But the last few years saw a huge shift in the attitude of insurers as they moved on from clunky workflows, outdated software and paper documents. This might be due to the fact that startups like Slice showed us a way to do insurance smarter, faster and better. Or maybe it's because the insurers have finally realized the obvious cost savings in automating their processes. There can be up to 65% cost savings in embracing digital transformation in the insurance industry. Customers can also finally rejoice that they can finally manage their policies from smart devices. Here are a few ways in which insurance providers are making their customers happy while cutting costs.

Self Service Dashboards

We have seen the success of self-service models in groceries and restaurants, in 2019 we witnessed that people are comfortable in doing more serious tasks with their phones - at the click of a button.  As we learned, people use their phones to take out mortgages and buy even cars, this trend is no different when it comes to the insurance industry as customers want to manage everything from choosing the right policy, registering a claim and tracking their car repair from smartphones.

Faster Claim Processing

Claim processing has become quicker than ever with the arrival of FNOL and claims automation technologies. This has helped insurers to cut costs and save a good portion of the policy amount. Today, a policyholder can make claims and track the progress without even needing to talk to an agent.

Compare and Purchase Options

Customers are now able to compare policy offerings and find the best policy that suits their needs without ever needing to talk to a sales agent. This is a far more reliable method for customers to choose the right product. Websites like insurance.com help us to compare and analyze complicated policy coverages and costs. 

Seamless Experience and Mobility

Digital transformation in insurance has eliminated the need for explaining customer's accident to one service agent after the other. Now insurers are making use of technology to store customer history so that all the agents have access to the data and proper follow up is done.

The emergence of Insurance As a Service

We have seen the emergence of short term insurances which helps customers to keep their goods and services safe without needing to commit to a long term policy. Emerging insurance providers like Slice offers short term insurance which allows people to insure expensive items only when they are in use. This trend could soon be known as insurance as a service and has an immense effect on the insurance industry.