In the insurance world, speed and efficiency were luxuries that not all carriers could enjoy. The insurance process required time to administer and the presence of live staff. New insurance technologies help companies achieve results quickly and accurately while offering a whole host of perks to the customer. Here is how technological advancements are giving insurance carriers the upper hand.
Verify Identity
In historical times, customers could not verify their identities without going through the primary insurance company resources. This could take days or weeks to complete, leaving the client in a state of limbo. Fortunately, things are changing as new insurtech methodologies emerge to remedy the situation.
Identity verification is easy for the customer to use once it’s correctly set up with the insurance company. All it takes to confirm identity is critical personal information, a few documents, and security measures (such as PINs or passwords). Upon successful verification, the insurance carrier can send the client receipts, confirmation letters, and information about the services.
Personalized Insurance
In general, insurance packages are geared toward serving broad demographics that can use the standard insurance offerings satisfactorily. Of course, customers will always demand special services or amenities that require adjustments to their policy. In that case, the best plan is one that caters to that particular client.
Crafting unique insurance policies is a lot simpler with special software designed to make it easier for agents to work with the customer’s needs. Digital transformation allows agents to access standard policies, add or subtract services, and propose a new deal to reflect the changes. The new insurance policy provides a win-win situation that satisfies both the client and the firm.
Efficient Underwriting
Insurance underwriters must take the time to go through all of the data presented by the customer, process it, and produce an agreeable set of terms. The underwriting process could take anywhere from a few hours to a few days — at least, it did in the past. New insurance technologies now allow underwriting staff to generate policies much faster than in previous periods.
Insurance technology dramatically improves the insurance underwriting process by:
- Working from pre-approved templates
- Compiling all relevant data into one database
- Highlighting areas of interest for the underwriter
- Opening the doors for immediate approval
- Reducing the chances of errors in all areas
- Generating the complete policy in a digital document
- Sending out copies to the involved parties
Each new insurance technology drastically supports how underwriters can do their jobs.
Systematic Claims Process
Customers wishing to make insurance claims need to follow the steps outlined by their insurance company. An insurance claim requires the client to invest the time and energy to gather the evidence, fill out the documents, and submit it for processing. There would be a waiting period before there could be a resolution.
In the digital age, customers can now complete their insurance claims in just a few minutes for minor issues or in a fraction of the time for major ones. Dedicated apps allow clients to file claims, submit evidence, and receive confirmation in a few easy steps. Adjusters can view the case and process the claim within a few minutes of submission.
Addressing Fraud
Fraud is always a big thing in the insurance field, unpleasant as it may be. Insurance businesses need to make sure they are dealing with legitimate customers who are the people they claim to be. Identity theft can cause all sorts of headaches for professionals and victims alike.
Insurance tech takes handling fraud cases to a whole new level with services such as identity verification and resolution protocols. A dedicated fraud prevention task force can quickly investigate the situation using the information presented. Additionally, they can monitor accounts to ensure activities’ validity and send corresponding alerts to potential victims.
Insurance companies can find many advantages by implementing new technologies into their operations. The above procedures can help your insurance operation thrive in the modern world.