It’s undeniable that tech has revolutionized the insurance industry as underwriting technology is becoming bigger than ever. Many of the processes that were human-dependent just a few years ago are now run entirely by algorithms. This shift has come with many improvements. These additions include reduced operational costs and better policy management tools. Also, it comes with its fair share of challenges. Among these challenges is the emergence of new customer expectations that insurers now must strive to meet.
If you’re wondering how underwriting technology is affecting consumers, consider the following four examples of consumer impact with underwriting technology.
One of the most outstanding examples of tech’s impact on consumers is the increased emphasis on insurer transparency. Consumers must know the underwriting process of their policies, how their claims are processed, and the process of governing their policy. Providing insureds with this information can reinforce trust, but it can also be challenging. It is especially true if there has been corruption. Programs like Portal Pro make it simple to connect with consumers and offer the clarity they seek. It occurs all while maintaining the integrity of your operations.
The rise of personalized products has permeated nearly every industry, and the insurance sector is no exception. Customers want policies and products uniquely tailored to their lives and needs. It can be a problematic need to meet if your company lacks the analytics capability to understand your clientele adequately. Investing in a program like Portal Pro is the best way to garner this data and craft personalized insurance policies that attract your target clientele. You can develop products that speak directly to your customers’ needs with the correct information.
Historically, the insurance industry hasn’t necessarily been known for its user-friendliness. It is changing, though, as tech has given insureds the power to seek greater access to their policy details and other essential data points. Insurance companies can meet the demand for user-friendly platforms by offering insureds as many self-management tools as possible. It includes online policy access, claims management, and customer service, which can be easily accessible within an online portal or mobile application.
Although the tech revolution has significantly impacted the insurance industry, it has not eliminated the need for a human assistant in certain situations. Algorithms and chatbots aren’t always the solution. The best tech can predict when human intervention is necessary and connect insureds to the right person before they become frustrated. It is the best way to ensure that your clients get everything they seek while ensuring that your operations run smoothly. Likewise, finding the best performance-based policy administration system can help the industry flourish.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700
