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Trends Followed by the Life Insurance Sectors | How to claim for full benefits from insurance policy

Trends Followed by the Life Insurance Sectors |  How to claim for full benefits from insurance policy

Best Life Insurance for Seniors & All

Life insurance is able to see a significant change for the good. People are now more aware of the benefits offered by this sector and are opting for befitting policies for their friends and family members alike. This has been possible due to increased effort made by the insurance sector in educating the prospective customers; focus on enhancing sales, better operational efficiency, and delivery of exceptional customer experience. Additionally, Emerging technologies like robotics, artificial intelligence, virtual reality and machine learning are enabling the insurance providers to come up with more profitable offerings, bring a positive change in process efficiencies, collaborate with insurance ecosystem partners and more productively engage with customers. Following is a brief note on the insurance trends that is bringing about a positive change in how this industry is perceived by the consumers. We are wary of this fact and provide best possible critical illness insurance in Calgary keeping in mind the latest trends.

Technology is nowadays playing a key role in bringing about a revolution in the insurance sector and the players do not want to fall behind. The industry identifies that now is the age of technology and there is a need of young players in this field who are computer savvy and are also aware of other prominent technology trends that will help shape the future of this sector. Key trends are associated with technology in some way or the other. There is also a fact to be considered that certain aspects will take a while to be adopted by the customers in general as the people may not be aware of the technology jargon being adopted by the insurance sector.

Big Data and non-traditional insurance practices are likely to add credence to the insurance industry by making the entire process more efficient. It is going to be of much significance to insurers and customers alike. Trends such as the growth of peer-to-peer insurance and customer adherence apps with the use of wearables are also likely to be of significance in the coming future. Few other prominent steps taken by insurance providers include offering dynamic and flexible products and reaching out to customers proactively based on life events. Management of risks in a proactive manner and positioning as customers’ health and lifestyle coach. Approaching the client in a manner that is preferred to leverage upcoming digital channels to deliver services. Bringing a simplification in the customers’ journey by automating processes that enhance customer experience. Coming up with desired technological competencies that too quickly. Enhancing the relationships with insurance ecosystem partners.

life insurance policy

Offering dynamic and flexible products

Digital technologies are being aptly leveraged to provide broad and flexible products to grow revenues in otherwise stagnant environment. Affordability is the key criteria that now the industry recognizes and is taking steps to make plans that general folks can buy easily. Competitive interest rates and stagnant premiums over an extended time in advanced markets are driving insurance providers to explore diverse revenue streams. Data collection and real time data processing is enabling firms to design more granular and dynamic offerings. Major factor has been an increase in life expectancy as well that is making customers to choose more affordable and flexible plans.

Products and Services Offerings based on Customer Life Events

There is a growth in developing tailored, value-added products and services based on life events specifically, offering clients the apt offering at an appropriate time. Big data analytics and artificial intelligence is indeed helping services providers to make more informed decisions based on customer feeds from diverse social media platforms and internet and other connected devices. Insurance providers recognize that reaching out to customers based on true life events may boost sales and also increase the time of association with the customers. Insurance providers realize that there is a potential to generate better wallet share with customers by providing them the right services at right time and delighting them.

Positioning as Health and Lifestyle Coach of Customers

Proactive day-to-day engagement is helping insurance providers to wear the hat of health and lifestyle coaches of customers as well. Availability of data from connected devices has boosted output essential to achieve this objective. There is also a shift to preventive models enabling customer to make better health and lifestyle decisions. Advancements in wearable and cloud technologies is also helping insurers to gather useful granular customer data of real time. Latest apps are allowing users to track activity details in a peer group and measure progress of fitness goals. This helps adopt healthy lifestyle which results in lowering the number of claims.

Leveraging New Distribution Channels

Technology is being put to good use to help cost-effectively expand into newer, digital distribution channels. Digital channels are indeed witnessing an increase of worth and value, with internet being prominently used by customers to avail services. Reaching out to a wider audience has become lot easier and more cost effective. APIs are being used to in addition to cloud and micro services for a seamless collaboration of insurers with their distributors. Pseudo-direct models are also gaining prominence as insurers get a chance to work directly with customers while pushing continued agent involvement in the process. Digital channels are becoming increasingly important for customers and it is now critical to be able to reach clients via their most preferred distribution channel maybe it is the internet or a Chabot addressing all customer queries automatically.

Services Being Delivered in Real Time

Advancement in AI based technologies such as machine learning, natural language processing and generation, or even speech recognition all have spurred development of conversational bots that are working automatically. Customer is at an advantage as there is an option to get all queries resolved in an instant. The bots are being effectively used to cut down queue times, boost efficiency and availability, and provide alternate effective channel of service for the customer. Automation of service processes has also helped drastically reduce the operational costs.

Enhancing Experience of Channel Partners

At times there is lot though that needs to be put by the customer to decide the sort of service to avail as there are lot of parties involved as well. Channel partners are constrained from adding more value because they are required to handle operational and administrative tasks that require tremendous paperwork. AI and RPA and new technologies that have helped automate manual and repetitive tasks. Currently adopted across various sectors cloud technology is making it easier for various parties to collaborate digitally. Such is the scenario that insurer who are going paperless and using digital channels are witnessing an improvement in relationships with partners of ecosystem, improved turnaround time, reduction in operational costs and overall enhancement of customer experience. There is a possibility to enhance productivity of agents using these tools that empower them to engage better with customers and focus on selling most appropriate products making optimal use of time and resources. Digital and cloud-based platforms are indeed allowing easier document sharing, faster support and turnaround, and end-to-end customer life-cycle management. Agents, brokers and partners are able to work collaboratively and more productively after the advent of these key technology trends.

Implementation of Accelerated Underwriting Processes

The automation tools are helping improve agility and cut down on customers’ policy acquisition time. Traditional policy purchase process was manually intensive and slow, and this slow underwriting process has resulted in high rates of refusal that also occur because of unintentional manual mistakes. Margin pressure is also driving companies to cut down on manual processes and other expensive medical examinations. Technology is now being rapidly used to streamline underwriting. There is a decrease in questions asked, medical test requirements, and increase in collaboration with data providers to generate a faster and more accurate risk profile of a customer and pre-filling customer information. Substantial reduction in underwriting time also means faster policy acquisition for customers, resulting in increase of acceptance of policies by prospective customers.

Improvement of User Journey and Sales Process Becoming More Intuitive

 

Advanced analytics is being put to use, including behavioral analytics, to improve user journeys and hasten the sales process while making it more intuitive. Insurance firms are putting impetus to gain key behavioral insights so as to tailor strategies accordingly. As with other industries, customers are now expecting contextualized and personalized experience with the providers of insurance as well. Speech recognition and NLP technology is coming in handy to automate analysis of speech or text.

Defining Accelerator Programs to Stay at Forefront of Innovation

Accelerator programs are increasingly being used as a means to collaborate with insurance firms to stay at the forefront of innovation. Digitally intensive insurance firms are more agile, adopting a fail-fast approach to explore innovations and reaping the rewards of making the right moves. There is an increased collaboration between traditional and upcoming Insures firms to leverage the complementary strengths and working together for a win-win benefit. Talent is also identified as a key factor to scale automation and innovation initiatives. The steps taken are likely to give both players an opportunity to work closely on business cases and identify future synergies prior to a more permanent collaboration. InsurTech players can help life insurance providers develop technological competencies faster helping them to innovate and come up with more customer friendly policies.

Today’s life insurance trends tend to reflect to a future build around digitally-integrated ecosystem in which players can collaborate to deliver seamless customer centric solutions. There is an inclination by life-insurers to move to customer centricity by leveraging technologies that allow more customization and personalization based on real time data analysis. While adoption of new technology and digital tools has empowered channel partners to focus more on value-adding tasks, emphasize on accelerating the underwriting process and making sales intuitive and straightforward thereby improving the customer journey.

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