In Claim Management Software, Cloud Computing, Technology

Once upon a time, the claims department was often considered to be a back-end process that had no bearing on the front-end of the insurance business. It sat away from the call center and claims administrators spent their time working through the claims life cycle and churning out claim decisions.

Digital Insurance was just a distant dream… 

However, in recent years, customers have become more demanding regarding customer service, including that for claims. When a policyholder calls their insurer, they expect the agent on the other end of the phone to have access to the most up-to-date information on their policy and claim details. Silos of data and paper files made that difficult in years gone by, but today it is a prerequisite. Today, consumers want to shop online, review their bank statements on their mobile phones, and receive information at a time and place that suits them, usually through a mobile app.

Did you know that 60% of people today are using at least two devices every day? And an additional 25% use three devices. The world today is more connected than ever, and consumers have a higher expectation when they purchase an insurance policy. With more and more consumers using multiple devices, accessibility should be critical to any service offering.

For insurers, this digitization can mean multiple things. According to Novarica, this includes, but is not limited to:

  1. Agent and Customer portals,
  2. Corporate website and online marketing,
  3. Digitizing and optimizing internal business processes, and
  4. Analytics.

Implementing these digital strategies opens up a world of opportunities to insurers looking to succeed in the digital world we live in today. To learn more about how implementing a digital strategy in your business can help you to stay ahead of the curve and succeed in the competitive landscape, download the whitepaper here.

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