How Insurtech Revivifies CX

By Insurance CIO Outlook | Thursday, April 09, 2020

Here’s how insurtech is reinventing the insurance industry by driving better customer care like never before.

FREMONT, CA: As digital transformation takes the insurance business atmosphere by the strides, customer care cannot be left untouched. Like every industry, insurance is experiencing a significant transformation in its business processes. Insurtech is transforming the insurance industry and revolutionizing CX for the better. Placed at the intersection of technology and insurance, the goal of insurtech is to help insurance businesses operate in a more profitable, productive, and streamlined fashion.

Insurance firms have realized that building their technology is a time-taking and challenging task. Insurance companies are provided with innovative technologies, and this delivers them the power to jump-start customer-centric approaches and improve antiquated models. The insurance industry is being transformed by insurtech in the same way that the finance industry was revolutionized by fintech. With insurtech, consumers can interact with chatbots to get answers fast without having to wait on hold for minutes on end. This is an excellent gamechanger for the insurance industry and is going a long way towards enhancing customer experience. Chatbots are so effective that they can outsell human employees by four times and acquire almost zero marginal costs.

As insurers begin to unveil their new customer experience strategies, big data, RPA, and real-time interaction and collaboration are fueling the industry forward. Insurtech is making it feasible for insurance customers to be able to communicate with their providers in real-time via video conferencing and digital file-sharing. RPA is used by insurtech firms to help automate repetitive tasks like calculations, inquiries, and the maintenance of transactions and records. With the help of big data, insurtech firms are helping insurance businesses in marketing, underwriting, rating, claim settlement, and fraud detection.

Insurtech is swiftly reshaping the insurance industry by delivering big data, RPA, and real-time interactions and collaborations among insurers and their consumers. These will help to cut costs, widen profit margins, and streamline business processes for insurers while dramatically enhancing customer experience.