One cannot do without getting insurance these days. Especially, with pandemic like COVID-19 affecting the health of thousands of people around the world, getting an adequate health care plan is a must. In the past, applying for the insurance policy was quite tiresome, and the whole process was very lengthy. But now, with the integration of technological innovations in the insurance industry, the entire process has been digitized. That advancement has benefited the insurers greatly, as they can now apply for their claims online.
Moreover, the insurance industry has witnessed many technological innovations in recent years. For example, advertising campaigns on social media, use of customer analytics, email marketing, and word of mouth — all of which have risen customer expectations.
Mobile internet use is becoming pervasive in the lives of people; it is also influencing the business of insurance to use mobile technology. Users would make the payments and process their claims by making a few clicks. Well, the purpose is to make insurance more accessible for customers, especially in difficult times.
So, let us help you understand how mobile technology is changing the insurance industry:
New sales opportunities
In today’s world, competition is rising at a swift pace. Insurance companies are looking forward to expanding their horizons to reach out to more customers. Unsurprisingly, accelerating new product development to boost revenue is on everyone’s priority list. With the help of mobile technology, you can make this possible.
You can always look up to big giants for some inspiration. For instance, a Japanese company introduced a “one-day insurance coverage” with the help of mobile technology. It designed to provide temporary insurance cover when borrowing someone’s car. With similar policies, mobile technology is increasing sales opportunities in the insurance industry.
Mobile technology is also changing the way people interact with each other. In that sense, the nature of interactions between consumers and insurance agents is also changing. Brokers and agents can communicate with their clients remotely rather than going to the physical office. Insurance agents are enjoying the use of tablets and iPads, rather than manually writing documents. These devices are giving them a chance to put their creativity skills at use, boosting engagement with the customers.
Unlike formal meetings at the office, agents are keener on discussing health & wellness plans over a video call or at a conference meeting. If customers have any queries regarding the insurance claims or policies, they can discuss it over live chat, even at odd hours. Besides, mobile technology allows agents to have real-time access to the client portfolio with information on the client’s account.
It gives brokers an in-depth understanding of client’s requirements, allowing them to come up with products that meet their exact needs. Thus, it would be right to say that mobile technology is bringing the essence of personal services, building trust, and loyalty with clients.
Usually, people are skeptical when it comes to getting insurance since they don’t know whether benefits exceed the costs. Even though they are getting information about the policies online, they have to go to brokers and agents to make the final decision. Well, mobile technology is allowing people to make all sorts of insurance decisions from the comfort of their homes.
Additionally, customers can choose between different companies and price shop various plans offered by those companies. Similarly, they can go through separate insurance policies online and make decisions right away. At the time of buying insurance, you can foot the bills by making online payments.
Mobile technology closes doors for hectic procedures of filing claims; you have to upload photos of the damage and file your claim. Don’t worry; if you are not tech-savvy mobile technology offers the most straightforward user interface accessible for everyone.
Simplifying interaction with customers
The use of mobile technology by insurers aims to provide customers with the best experience. For instance, customers can pinch in their details — location, past behavior, time of the day — from their phone to get tailored experiences. You might come across minimal steps and limited manual entries, simplifying interactions.
Think about devising a mobile application that offers customizable responses. In that sense, an app that helps users identify their insurance needs with available payment capacity would tune into the insurer’s servers to allow people to make realistic decisions.
Emergencies come unexpectedly, and customers want to know whether the insurance policy covers the cost immediately. If a consignment is on its way, but due to weather conditions, it might get damaged – the customer would be willing to get a quote for auto insurance immediately. The use of mobile technology enables that immediacy and allows insurers to offer “quick services.”
Tuning into social intelligence
In the 21st century, data is the most powerful asset a company can own. Mobile technology is helping insurance companies produce loads of data and giving access to rich customer insights. Health insurers are making every possible effort to improve customer advocacy through early diagnosis to reduce treatment costs. Many patients are admitted to hospitals for weeks without close monitoring. Mobile technology allows companies to keep a close eye on symptoms, identifying problems quickly.
It could be used to collect your data and changes in communication patterns to detect changes in health — and even conditions such as flu, fever, or depression. At times, a mobile app could be used to send users alerts about deteriorating health conditions to get help before it gets worse. Thus, a smart app could help keep users out of hospitals and avoid insurance claims. In short, it is bringing strategies that are in the best interests of insurance companies and patients, alike.
Mobile technology is likely to break down barriers between the service sector, allowing insurers to buckle up their digitalization game. Technology holds equal opportunities for everyone and continues to evolve industries with new and better ways. Similarly, it is also changing the insurance industry with overwhelming opportunities and benefits. With the help of the above-mentioned benefits, you can now choose the right health plan for yourself and be stress-free.