Are you acquainted with this information? Did you know that,
- 41% of insurance customers select a particular mode of insurance purchase based on their convenience
- 47% of insurance buyers trust digital channels of information to take their purchase decision
- 67% of customers prefer to use social media (most frequently) to compare available insurance products
- 35% of customers felt claiming process is a challenge faced in the engagement lifecycle
An Economic Times’ recent article read that India is on the brink to cross 500 million mobile users by the end of 2017. For the most heavily populated countries, India ranks #2 after China in internet usage* with a yearly growth rate of over 125%!
However, market penetration is still only 36% compared to 88% in the US.
Above 65% of the Indian population is under 35 years old, with nearly half of country’s population (i.e. 1.25 billion) under 25 years of age. Rapid emergence and adoption of technology and changing market trends highlight that every business sector, including insurance will have to adapt to these trends.
The digital age is still in its early years, starting roughly during the time of the introduction of the Apple Smartphone in 2007. It is motorized by a rapidly emerging set of new expertise that is driving innovation in the insurance industry.
Therefore, insurers must explore new habits of doing business, from new business models, new products, new engagement experiences and more.
Businesses like Amazon have elevated the bar of expectation. And how? Customers look for direct engagement with the seller across their customer journey beginning from research to buying and servicing, whether buying a dress, a toy or insurance. This is highlighted in the consumer research that demonstrated a swing of 76 points when looked at the difference between insurance service and the Amazon experience. The modern age insurance customer favours simple, customised and intuitive policies, an uncomplicated process and a simple and tangible cost breakup. Insurance providers have now thus begun to appreciate this preference and have put the customer at the centre core of product design, eradicating all earlier poor experiences along his/ her insurance adoption journey. This shift in product design from product to human-centric processes is the new beginning in Insurance industry.
As the industry changes to Digital Insurance 2.0, insurance companies are rising investments into modern centric systems and a array of digital technologies with an overall strategy as the foundational base for their digital business transformation. The strategy that includes much more than just sporadic, individual projects, as earlier seen in the past such as mobile apps for BYOD or agency automation, is also wide-reaching across the business. It transforms legacy business models and processes and not just legacy technology.
With the adoption of technologies like the IoT, robotic process automation (RPA), advanced analytics, artificial intelligence, drones, wearables, blockchain, and more, we are now at the beginning of reshaping of the business models of existing insurance companies and launch of new startup insurance companies (like InsurTech) in India. Consequently, the industry is now experiencing a new epoch of growth though amidst of an equally strong and rapidly growing array of competition. For reference, India’s life insurance industry is estimated to have gained ₹ 1.51 trillion revenues in financial year 2017 while the non-life segment’s premiums still stood at ₹ 1.28 trillion, approximately, as per the data published by IBEF.org
Consequently, the industry is now experiencing a new epoch of growth though amidst of an equally strong and rapidly growing array of competition. For reference, India’s life insurance industry is estimated to have gained ₹ 1.51 trillion revenues in financial year 2017 while the non-life segment’s premiums still stood at ₹ 1.28 trillion, approximately, as per the data published by IBEF.org
Benefits provided by AdWISE ASSURE Digital insurance solution:
- Use valuable data to guide all the interactions, adapted to the customer’s context and device.
- Hack through customer confusions, improvise on transaction completion rates and reduction of manual work needed to resolve mistakes.
- Prefilled guided interviews with already known information and connecting to your existing data and systems. Or links to your RPA or BPM platforms for superior business processing. And then automatically updating your systems along the customer journey.
- Empower business users to pull and plunge fields and business rules and get new products to market quicker. Low code and user friendly systems with no Java skills required!
- Allow multiple customers or participants to put in information as part of a single process.
- Maximize the customer experience for better satisfactory results with the analytics dashboards.
- Incorporate automatic workflows so you can respond quickly on-demand.
- Helps to connect with third-party data sources and e-signature solutions, enabling customers to complete agreements luminously fast.