Life after the pandemic — What does the future of insurance look like?
The world continues to grapple with the pandemic that has caused widespread disruption, forcing nations to impose lockdowns. The COVID19 outbreak rapidly changed the industry assessment outlooks from positive to negative, due to the volatile and uncertain markets. While the primary focus was ensuring safety and containing the spread of the virus, enterprises have slowly figured out alternative ways to enable business continuity.
The insurance industry plays an important role in safeguarding people, businesses and assets, making it crucial for this sector to find a way forward during these times. Digital transformation was a strategy enterprises including insurers were working towards and made significant efforts towards. Today, digitization has gained accelerated growth as the virus pushed the world to expedite their efforts to help their businesses stay afloat.
Today’s crisis requires insurers to address both, the current scenario as well as the future of the business, posing this to be a potential game changer. One thing is certain, enterprises that make strategic investments and advancements in operations and technology will attain a position of strength and see significant growth in the coming years.
The way forward
Enterprises are already working towards stabilizing their businesses and elevating to the new normal. The short term goal of insurers is to enable this shift and establish themselves as digital insurers. Here. multiple factors need to be taken into consideration:
- Enabling workforce to shift to a remote working model. This includes equipping them with the required technology and devices to support a seamless shift.
- Make the digital experience fulfilling for both customers and employees. Develop a strategy that will help agents connect, engage, and serve customers, across all digital touchpoints.
- Invest in digital interaction and voice based customer engagement channels.
- Expand capabilities in the digital front and launch innovative products to enhance customer base and retention.
- Invest in cutting edge technology that transforms business operations like underwriting and claims processing.
- Leverage on partnerships that will facilitate business continuity and growth.
To enable all of this and more, insurance leaders are increasingly making the switch to digital and cloud based solutions as they offer scalable and flexible models. Processes that earlier involved tonnes of paperwork, that were long, tedious and error prone, requiring a lot of human hours, are now being automated.
The future of insurance
[Source : IBM]
The Covid and post Covid world have no room for traditional products or processes. What customers want today are personalized products and experiences, with anytime and anywhere access. The old, complex and paper-driven insurance models involving multiple back-and-forths and tedious claims processing are slowly becoming irrelevant.
Digital insurance has the spotlight today and will continue to see significant growth in the post Covid world as well. So, in the long-term, insurers must look for ways to adopt new age technologies and move beyond legacy systems.
Think long term and build systems for tomorrow. This will help cut down IT expenditure and enhance digital channel engagements with customers.
Think AI and RPA. In the competitive insurance world, the longer a process takes, higher are the chances of losing out on a customer. Improving processes like underwriting and claims processing through AI powered automation, will enable businesses to stay ahead.
Today, it’s all about ensuring that you strike a balance between the short and long term actions and building a resilient business model. Neutrinos has been an active part of the digital transformation journeys of the insurance world. We launched our Digital Insurance Sales Distribution to lend a helping hand to insurers and enable them to conduct business as usual. Our solutions are helping insurers accelerate their digital transformation efforts with the help of our low code MXDP. Aviva, Telesure and MPI Generali are some of the leading insurers who have leveraged on our platform and rolled out our solution. Get in touch with us for more!