Technological Trends In Life Insurance Industry Is Shifting Customer Expectations

Technological Trends In Life Insurance Industry Is Shifting Customer Expectations Undoubtedly, technological advancements have shifted customer’s expectations to a great extent. In this era of digitalization, the businesses need to provide instant services to their customers in order to keep themselves abreast of their competitors.

And the insurance industry is no exception. In the world of consistently emerging competition, insurers are leaving no stone unturned to provide excellent services to policy buyers. They analyze customer’s expectations and determine how modern insurance industry is leveraging technological advantages to fulfill those expectations.

A “Must-do” Checklist for Insurance Industry To stay competitive, provide regular and reliable services: According to a survey, 60 % of the customers look for reliable services after shortlisting life insurance companies on pricing and coverage options. If negotiating on price or coverage seems challenging, differentiate yourself with remarkable service. Since the insurance industry is increasing day-by-day, it is becoming challenging for insurers to differentiate themselves from competitors, when it comes to coverage options and pricing. The latest research conducted in the US revealed some critical influential factors for selecting an insurance provider- Pricing, Coverage options, Services, Data Confidentiality, and Transparency.

In addition to it, reliability is another aspect where policy buyers don’t want to compromise. With so much available options, buyers are more likely to choose the insurance provider who can fulfill their expectations. Also, due to digitalization, buyers are making more online insurance purchases than ever before. Therefore, insurers need to hold a proactive approach to increase their customer base. Either by monitoring your services regularly or taking customer’s feedback on areas of improvement, insurers should keep their services, technology, and processes in place.

Besides contacting the insurance company, buyers look out for agents and brokers too: As a matter of fact, besides contacting insurance buyers, a large portion of insurance buyers (say 35%) buy policies through contacting an agent or broker.

Having a dedicated life insurance software is must: Almost half of the insurance buyers agree to buy a policy only after analyzing the insurance software you use. For this reason, insurers should implement a robust life insurance software in place that facilities claim handling.

A robust life insurance software can influence more buyers. Generally, insurance businesses consider a software after analyzing their business requirements.

Customer relationship management (CRM) software, for instance, help insurers to get most of their work done instantly.

In contrast to the days when buyers were not concerned about the software insurance companies were using, now they expect their insurer to have a reliable, user-friendly insurance software in place to access important functionality.

Providing online self-service is important: For insurance buyers, it is critically important to have accessibility to online selfservice in order to save their time for documentation or claim work. Buyers just only buy policies online but also likes to manage their policy or monitor their claim’s status online to minimize the hassles of visiting insurance companies or calling insurance executives.

Conclusion: In this era of digitalization, insurers can afford to overlook the necessity of aligning processes in accordance with the customer’s expectations and digitizing interactions with them. In fact, the digital experience received from every single online policy purchase impacts the customer’s expectation to a great extent.

Therefore, insurers should implement the right technology to meet customer’s expectations.