Obtaining an insurance policy was once a long and arduous process that required seemingly unending amounts of paperwork and approvals in order to execute. Even after all the boxes were ticked and the signatures signed, all of your hard work could be derailed at a moment's notice by some minor oversight or an unfortunate and unforeseen circumstance that developed in the interim. Since the industry's digital transformation, however, what was once a weeks-long endeavor can now be turned around in a fraction of the time.
Key insights and data analytics are able to be crunched in real-time and delivered almost instantaneously, allowing for an insurance industry that is more flexible, efficient and fluid than ever before possible.
Simplifying processes and identifying trends
Speed and convenience are obviously
Maximizing customer engagement
In addition to changes in the level of services and solutions that these companies can now provide, these digital technologies also have radically improved customer engagement. As digital communications and literacy increase, so does the ability for insurance companies and agents to connect directly to their clients, whether that is through chatting online or their social media feeds. Customers are made aware of new products as they are launched or changes to existing products that may provide a benefit they should consider exploring more, allowing their insurance strategies to become easily adaptable and amendable. Agents no longer need to rely on the "hard sell" in order to promote their services. Interactions with clients in digital spaces are more organic and less pressure-filled, as potential customers are given the information and guidance needed to make decisions in their own time. The capability to be a few keystrokes and mouse clicks away from purchasing a policy removes the immediacy and urgency of the insurance process.
Working smarter, not harder
These same tools that enable these direct digital interactions also allow agents to garner access to a wider and more diverse customer base by expanding their sphere of engagement from the local level to nationwide and even global. With these digital tools at their disposal, agents can enjoy a truly "to anywhere, from anywhere" workplace that grants them the freedom and flexibility to balance their personal and professional lives. The adoption of digital technologies has negated the need to battle through rush hour traffic or spend hours beneath the fluorescent lights of an office cubicle. The office is no longer where deals are done. They are executed seamlessly and easily through digital channels. Communicating information and signing important documents has never been an easier and more streamlined process than it is now.
The future of the industry
With the help of smart Customer Relationship Management (CRM) systems and
