Digital transformation trends continue to evolve throughout the insurance industry. If you’re wondering how digital technology is transforming the insurance industry, the better question might be how it isn’t. It seems like innovations are emerging within the sector every day. Thus, many of these changes are due to the tech revolution that continues to gain traction. It prompts questions like — is insurance going digital, and how will it impact clients?
Any stakeholder in the industry — or insureds seeking to understand the industry better — should consider the following four ways that tools like Portal Pro are challenging the dominance of legacy tech in the insurance sector.
One of the most significant transformations that have emerged recently is the increased popularity of no-code tools. Also, these tools provide stakeholders with certain aspects of administrative control without the need for any coding. These tools give users control of security preferences and compliance features. In addition to empowering users with a sense of control, these tools can mitigate the shortage of IT resources. Likewise, insurers can leverage these resources more effectively by outsourcing simple online tasks to insureds.
The cloud can be a solution to a litany of tech problems, but few people fully understand its applications or its value. It is changing as the cloud becomes more accessible to users and becomes a commonplace feature on tech platforms. The latest innovation is the emergence of a hybrid cloud model that combines the adaptability of cloud-based tools with the security of internal resources. Platforms like Portal Pro allow users to manage their accounts, while insurers can ensure that the tools are available to them.
With the increased autonomy that online users enjoy and the widespread availability of personalization tools, users often expect digital products tailored to their needs. Indeed, personalized online resources are becoming the norm across various platforms, and insurance is no exception. Insurers can meet this need by offering customized online account access based on the type of coverage a customer has and the request they’ve input. Thus, a personalized online experience gives insureds the tools to self-manage many essential tasks.
The permanence of work-from-home positions might not initially seem like a tech revolution, but it is. As insurance companies’ staff become increasingly removed from a central location, insurers must develop tech to bridge the gap. Then, they must ensure that processes remain streamlined. In most cases, this means a shift away from paper-based processes and a focus on improving online communication. It ultimately enhances the customer experience, too.
VRC Insurance Systems offers a policy administration system for MGAs and carriers, built by insurance professionals for insurance professionals. We can get your staff trained and up and running on our Verity software as soon as possible. For more information about VRC’s Verity software and to book a demo, click here or contact us at (541) 209-0700.
