Making Commercial Insurance Tech Accessible
Published on 23 de May de 2023
In today’s digital age, insurance customers are demanding more efficient customer service and personalised products. In fact, according to the Boston Consulting Group study, 75% of potential commercial insurance customers are only willing to purchase insurance services if the company offers a fast and digital process. For this reason, InsurTech is the key to favouring the incorporation of these new technologies in the insurance sector.
In this article, we discover how to make technology accessible and how to adapt it to this industry to get the most out of it.
1. Identifying Barriers
The insurance industry is one of the most regulated industries in the world, so it has several barriers that make it difficult to incorporate technology into its work processes. Primarily, these barriers have to do with slow bureaucratic processes, resistance to change and the use of antiquated systems.
However, it is in these obstacles that we find the opportunities to apply technology. The use of new technologies allows the industry to streamline complaints handling, improve customer service by reducing waiting times, improving the accuracy of responses, or innovate in the creation of digital products that are more responsive to customer needs.
2. Simplify is key
As new technologies are applied to the insurance industry, they create complex processes that non-tech professionals must navigate. However, to simplify these tools and make them easier to use, insurers can provide training and support to help their professionals understand and effectively use these tools.
In addition, insurers can conduct research to find out which areas of the company are most in need of technology support, and then seek that support from companies that are strong in innovation and technology development. This is why joining forces with InsurTech is the answer that the sector needs to achieve the digitalisation of its working methods quickly and efficiently.
In short, with the knowledge of the sector’s needs and the support from companies such as InsurTech, insurers can successfully incorporate technological tools for non-technological professionals.
3. The future is technological
The future of the insurance industry is clearly technological, so insurance professionals must adapt to remain competitive and meet the challenges that technology presents. Those who fail to do so will be left behind and miss out on key opportunities.
By leveraging new technologies, commercial insurers can gain a competitive advantage, improve operational efficiency, and offer more accurate and personalised services. According to a LIMRA survey, 74% of insurance companies say that use technology accelerated underwriting and reduced the waiting time for policies, as well as lowered policy issuance costs.
Ultimately, technology must be accessible to all professionals in the industry, and to achieve this, investing in training and seeking the support of companies with strong technological expertise will enable the sector to move towards new customer needs.
In conclusion, technology has become an indispensable element for the insurance sector, and its adoption is increasingly necessary to remain competitive in a demanding market. Commercial insurance customers, such as SMEs, need technology to be accessible to their needs and the insurance industry to respond with efficient and simplified processes. Despite existing barriers, the support of technology companies simplifies processes to make technology accessible to all professionals.
