Five Resolutions for a Better New Year with Insurtech

As the new year approaches, the insurance industry finds itself at the crossroads of policyholder expectations and technological innovation. The demand for a faster and more efficient digital claims experience is no longer a preference but a decisive factor for policyholders. To highlight the impact that digital transformation and new technology has on the industry, research shows that nearly half (47 percent) of the population is at least somewhat comfortable with AI assisting with claims, policy recommendations, reading contracts, and more.

In response to evolving policyholder expectations, insurance carriers are increasingly turning to insurance technology solutions to streamline processes and enhance communication channels. Let’s dive into five resolutions for a better new year with insurtech, emphasizing the top ways it can transform the insurance industry.

Accelerate Claims Processing with Advanced Technology

Embracing innovative insurance technology is the key to improving operations, while also increasing client retention. With the integration of advanced technology and data analytics, insurers and policyholders can now monitor claims in real-time. Intelligent technology, such as AI and automation, ensures that all relevant information is tracked and processed accurately, alleviating policyholder frustrations and expediting the claims process. By leveraging insurtech, insurers can offer a faster, more transparent claims experience, setting the stage for improved policyholder satisfaction.

Implement Omni-Channel Communication for Policyholder Satisfaction

Policyholder retention is a top goal for many insurance carriers. In a fast-paced digital landscape, policyholders need to be able to seamlessly communicate with insurance professionals. In fact, studies show that 95 percent of policyholders say they would like to hear more about the status of a claim. Insurtech solutions provide the necessary tools for a smooth omni-channel communication experience. The key to genuine omni-channel support lies in the ability to facilitate a smooth transition for consumers between different communication channels. Insurtech solutions can provide instant communication, and simplify the submission of supporting documentation, ensuring a consistent policyholder experience and boosting communication efficiency. By integrating channels effectively, insurance providers can create a unified consumer journey, reinforcing their commitment to providing excellent service.

Break Down Barriers with Increased Transparency

Traditionally, insurance transactions have been shrouded in complexity, with policyholders often left in the dark about the status and progress of their claims. Advanced insurtech solutions allow policyholders to track their claims in real-time, gaining access to a wealth of information that includes updates, milestones, and relevant data points. This level of visibility keeps policyholders informed and fosters a sense of confidence and assurance in the insurance provider. Moreover, insurance professionals also benefit from this transparency by having a clearer overview of the entire claims process. This expedites decision-making and enables a more proactive approach to addressing potential issues or concerns that may arise during the claims journey.

Adopt a Hybrid Approach for Consistent and Personalized Correspondence

In today’s competitive insurance marketplace, a hybrid approach to claims correspondence is essential for insurance providers looking to differentiate themselves. This approach ensures that claims communication is not only consistent and timely, but also highly personalized. By utilizing insurtech solutions, insurers can automate routine communications, freeing up resources for more personalized interactions and improving operational efficiency while enhancing the policyholder experience. Personalized correspondence builds a strong rapport with policyholders, fostering trust and loyalty in an industry where consumer relationships are paramount.

Even further, insurance industry employees can begin to get out of the trenches, and begin to focus more on the customer than on the technological claims processing journey. Workflow efficiencies achieved through insurtech allow employees to focus and zero in on what needs to be done and relieves them of unnecessary added tasks that take away from their employee-customer interactions. More intentional time interacting with customers means more satisfaction and increased customer retention.

Leverage Data Analytics for Continuous Improvement

Insurtech solutions offer more than just streamlined processes—they provide a wealth of data that insurance carriers can leverage for continuous improvement. By analyzing data generated during claims processing, insurers can identify bottlenecks, optimize workflows, and enhance overall efficiency. Data analytics also enable insurers to gain insights into policyholder behavior, preferences and trends, allowing for the development of tailored products and services. The ability to harness data for continuous improvement is a powerful tool for companies in the insurance industry looking to stay ahead of the curve.

The new year brings with it both challenges and opportunities for the insurance industry. Insurtech solutions, such as those provided by Brush Claims, offer a pathway for insurers to meet and exceed policyholder expectations, improve operational efficiency, and differentiate themselves in an increasingly competitive marketplace. By adopting these resolutions, companies in the insurance industry can embrace the transformative power of technology, setting a new benchmark for policyholder satisfaction and workflow optimization.

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