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6 Digital Trends in the Insurance Industry Today
24-June-2021 |
The insurance industry has evolved from traditional insurance purchase and settlement standards. The advancement in technology has supported this digital transformation. In addition, it has introduced better customer service and employment conditions. Furthermore, the hassle-free online processes have reduced the cost of purchase significantly.
So, are you aware of the digital trends in the insurance industry today? Have you witnessed the benefits of it for your financial needs? It is important to know these trends to better utilise the features for your benefit in the long term. So, let us get started right away!
Top Digital Trends in the Insurance Industry
Customizable product solutions - Advancement in technology has allowed insurers to customise the products based on their individual needs. It is not a single product with varied features but a package of necessary features based on your preferences. The modifications to the products online are customer-friendly, and therefore, you can do it anytime at your comfort.
As the products are available for customisation, insurance solutions have become more cost-effective. For example, you can choose a savings insurance solution with the critical illness benefit if you are looking for a life cover, savings benefit and financial assistance if you get diagnosed due to a critical illness.
There is the option to receive the payout as a single lump sum, a combination of lump sum and regular income, or a regular income for a specified income period. You can also choose the return of premium and receive a refund of the premium amount paid on maturity.
Online purchase - The insurance products are available online for your reference, comparison and research. The array of products and their features are detailed on the online platform. You can navigate the different products and understand their relevance to your financial needs. The insurance terms are detailed in simple language to ensure that you understand the product features without the help of an agent.
For instance, when purchasing our Tata AIA Life Insurance Plans, you can also make use of the wide variety of online premium calculators that help you estimate the premium based on the required sum assured and the policy term. You can change the figures and derive at the most affordable premium based on your income and long term financial commitments.
Also, with the online life insurance purchase options, you can benefit from making payments through various channels. It is safe and secure to use, and extremely customer-friendly.
Enhanced communication technologies - Better customer service and experience is a fair digital trend attracting many policy seekers. You can interact with a customer service executive through an email or a chat messenger and receive an instant response.
Insurers have also started using chatbots that provide digitally generated answers for all your queries. It has reduced the turnaround time and the quality of service fairly. Therefore, when you purchase a life insurance plan online, you can access the products and reach out on how to do it by interacting with the team for a better and quicker experience.
Also, the post-sales service involving maintenance of the personal account, policy renewal, etc., have improved greatly, leading to immense customer satisfaction through regular online enquiries.
Automation of processes - The purchase of insurance products and further their claim settlement in the later years require a set of important processes. As the processes are automated after the digital transformation, the paperwork has been reduced. Therefore, digital life insurance companies have become swifter in their operations, making the insurance plans' benefits reach you faster than expected. Also, with the increase in artificial intelligence technologies, insurers have been able to access various reports to develop business insights to improve performance in the long term.
Social media marketing - Traditionally, marketing agents visiting the houses of every individual and describing the product features was the only way to do brand awareness. However, with the increase in social media marketing options, the advertisements on insurance products have reached a huge customer base.
Now, you can read a customer review, post a review and even conduct a poll on the most preferred option to make a smart purchase decision. These recent trends in life insurance have increased the awareness and the importance of varied product solutions such as the Tata AIA Unit-Linked Insurance Plan(ULIP) that provides a life cover and market-linked returns on maturity.
Digitally enabled research - The digital life insurance services have been enhanced by developing the Internet of Things to a considerable extent. It has increased global interconnectivity quantitatively and qualitatively. As a result, insurers have access to a huge amount of data that reduces the time and effort on effective research for business enhancement. Better usage of data and the extraction of information from cloud services have also increased the quality of initiatives taken by life insurance companies.
Conclusion
With the advancement in life insurance trends, purchasing, reviewing and claim settlement processes have gone online. Automated processes, better communication and payment channels have reduced the effort, energy and cost involved in the business performance. It has also helped them provide personalized solutions to the customers to fit the insurance product into their financial needs.
In addition, the increase in social marketing digital trends has increased the reach of brand awareness to a great extent that has made marketing more effective in the long term. Furthermore, with the development of the Internet of Things, the global network is strengthened for more connectivity and quality information for enhanced research. Therefore, the digital trends in the insurance industry have ensured a better customer experience for the best reach of the benefits.
L&C/Advt/2022/Mar/0593
