The ways we communicate changed considerably during the latest years, so clients now demand that the companies communicate with them in a digital way.

In the insurance industry, in order to meet the new needs of the customers, there are some easy steps to begin with. For example, reducing presential meetings or long telephone calls. Instead, they gave the option of managing their insurance processes online through apps, or web services.

As mentioned above, customers demand now new platforms and new channels. Also, clients from younger generations will feel more engaged with their insurance companies.

If insurers give the option of multichannel to their customers, it will become easier, for example, to manage a prime or to check your account from your phone.

The administration of the clients’ data is one of the main concerns of insurers and also, protecting their data is a priority.

Here, technology gives an immense advantage: having all the data stored in the cloud or encrypted with blockchain technology is definitely safer than storing the data physically.

Also, storing the data in this way, makes insurers increase their productivity and process the data easier.

The automation of different processes through data analytics gives the option to automate traditional processes that were usually done by pen and paper and that nowadays are done digitally.

Processes such as underwriting rely now on more accurate data that has been updated in real-time.

We have already talked about the power of open data in the insurance industry. By gathering data from open data sources and contrasting it with the traditional data insurers already have, it is possible to estimate better pricing, better risk selection, and claims.

The predictive analysis developed by implementing Open Data makes the insurer save time and money and makes them more productive.