From finance to health, we rely heavily on technology to increase our knowledge and enhance our experience of specific products or services. Knowing this, insurers have begun investing in insurtech—2018’s newest buzzword when it comes to the tech and health industry. This stems from rapidly changing consumer mindsets and the pressing need for all businesses, to adapting and evolving their business models accordingly.
While this is all great on paper, it is important to understand how these changing healthcare industry trends and the innovations in insurance industry can help you as a consumer. Here are some of the most pertinent trends to look out for:
You may have encountered chatbots on e-commerce websites. These are used for customer service, and give the impression of speaking to an actual person. You can direct your questions at the bot and have them answered immediately.
This takes away the tediousness of writing long e-mails or being put on hold during a call for extended periods of time. When it comes to the insurance industry, this trend works in the same way. Here is how it works and benefits you:
- Insurance policies can be complicated and the average investor needs a fair amount of hand-holding while navigating through the fine print. With a chatbot available on the website, you can ask your questions and have them answered instantly.
- Most salespeople have specific agendas in mind and are likely to push you towards them. Chatbots are robots with no agenda of their own so you can expect unbiased answers to your queries.
- These chatbots work on Artificial Intelligence, which helps them simulate real conversation. They have a database of FAQs and answers that help them identify what to say to you.
Chatbots are extremely simple to use. For instance, take MediBuddy’s chatbot. All you have to do is type in your query as you would on any other messaging platform and wait for the response to come through. Based on whether you are satisfied with the answer or not, you can take the conversation forward or minimize the chat window and return to the main website.
Imagine a digital database or ledger that is available to insurers across all value chains. With the access to data provided by verified digital customers, insurance investors are privy to a few advantages that enhance their digital experience. Some of these are:
- The availability of verified consumer data being available means that people looking to invest in a policy do not have to keep submitting KYC documents repeatedly. This is because the data is already distributed amongst the KYC databases of the insurers and their notary networks.
- Claims can be processed faster when the whole process is digitized. By incorporating a smart contract online, insurers can initiate pay-outs the minute consumers select the required options for the same. This is particularly great in the Indian context. You will not have to speak to multiple account managers and verification personnel just to get what you already pay for.
- Another one of the pertinent digital trends in insurance industry includes the use of virtual reality or gamification. By creating real-life scenarios for potential consumers, insurers can help them identify the potential risks that may befall them. This also helps them select the policy that suits their needs the most. For instance, BioBall, a VR software, shows the impact of technology on insurance industry in a relevant way. By having consumers pretend to catch a ball, the software takes snapshots of their body’s performance to determine what they need to watch out for.
Application of Robotics and AI (Artificial Intelligence)
One of the biggest recent trends in insurance industry is the use of robotics or AI to handle tasks that are generally handled by a claims officer. These tasks include anything from expediting claims to ensuring accuracy and data reporting. This innovation in the insurance industry can help make sure that processes are not only faster, but also error free.
Staying informed of the latest trends in the insurance industry can help you make the most of your experience while going through a list of options and trying to decide which policy to invest in. Technology innovation insurance industry can have positive impacts on both, consumers, and insurers alike.
By enhancing your consumer’s experience with your brand, you can ensure their loyalty and good word-of-mouth. Although there are plenty of game changers today, a good example would be Medi Assist which has the unique distinction of empowering the public to make informed healthcare choices online with MediBuddy. With over 55 lakh portal users and 5.7 lakh app downloads, MediBuddy has been proudly propelling their members towards self-help and digitized customer support. As consumers, of course, these innovations are bound to make the search for insurance that provides comprehensive coverage that much easier.