Digital platform offers insurers good client experience

Big data and analytics offer huge potential for products that are more flexible and personal. FILE PHOTO | NMG   
By FRANCIS NGARI

If Covid-19 has taught anything to anyone in business, it is the importance of digital capabilities to
deliver services. The ensuing social distancing and limited physical interaction that has come with the pandemic has forced individuals to work from home as they grapple with quarantine and lockdown, while still trying to move on with their day to day lives.

Covid-19 has created a good tipping point for digital transformation, ushering even unwilling individuals, businesses and industries into the digital world where services and communication happens remotely primarily via digital tools.

Family gatherings and social events are now happening on social media platforms. Supermarkets and most retail chains are providing online shopping and delivery services, churches are conducting services online and school is happening via video conferencing.

While the insurance industry has been adopting digital tools albeit slowly, this season has created an urgency to strengthen each firm’s digital presence if they are to continue working effectively, retain business, access new markets and offer exceptional customer service.

Digital tools can bridge the social distancing divide between agents, employees, customers and other industry players. By employing more ways for customers to interact remotely with the insurer, digitising internal processes and using technology for communication, policy review and purchase, bill payment, claims reporting and processing, ensuring digital delivery of policy documents, statements, e-receipts and other operations businesses can ride the Covid wave and emerge stronger, better and even more profitable.

Today’s customers are digital natives who use multiple devices to get things done quickly and easily. They expect to interact and do business online. They communicate via various channels, research and buy products online, review products and companies on social media, attend meetings on video conference and air grievances via social media.

They are used to personalised attention, speed and control and expect the same levels of quality and service with their insurer as they get elsewhere. Insurance firms, therefore, cannot lag behind on the digital front. They have to go where their customers are and where potential new markets are.

They have to adopt digital tools that allow their mobile and tech-savvy customers to safely and easily manage their insurance needs wherever, whenever - be it to find the right policy, get a quote, pay a bill, track a claim or report a car accident.

This is what digital transformation for insurers is about. It is capitalizing on the power of technology to create or modify processes, cultures and customer experiences to meet changing business and market requirements. It is using digital technology to revisit business models, acquire customers to new channels and create new user experiences. It’s about using technology creatively to achieve customer focus across an organisation.

The digital tools that will see insurers reap immense benefits include Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning, Big Data, Predictive Analytics, Mobile and Cloud-based services.

IoT-enabled devices and wearables collect valuable data from customers leading to more personalized services and products. Sensors for example can prevent a driver from making a phone call while driving. Health trackers allow consumers to reap benefits for behaviors that promote health and wellness. For example, data from telematic sensors can help customers get better terms for their health policies if they are physically active or discounts for safe driving. In-vehicle devices and drones are now allowing a fully automated claims process, registering an accident and automatically triggering a first notice of loss entry making the process seamless and stress-free for customers.

Self-service platforms and mobile apps and payments will help insurers offer service everywhere and anywhere. Customers can choose when, where, and how to interact with their insurers. These platforms can be designed to offer customers differentiated experiences, features and value.

Big data and analytics offer huge potential for products that are more flexible and personal. Insurance companies, by analyzing data, can recognize patterns and identify opportunities for precise, intuitive and proactive solutions and strategies, creating highly dynamic, usage-based-insurance products tailored to individual consumers hence earning loyalty with customers.

Artificial intelligence and machine learning will streamline tasks and identify insights that humans would have missed, creating efficiency and speed in operations. Policies can be bought in minutes, underwriting can take seconds because of machine learning capabilities, claims can be processed instantly. Customer service is enhanced with live chat and digital bots.

Since customers are using multiple channels like text, email, web chat, phone and sometimes in-person calls and visits, an insurer who is able to interact via multiple channels will be able to serve customers more efficiently. Automated insurance agents, such as chatbots and advisors can provide customers with personalized services that will suit their unique needs and requirements.

The writer is the Head of Digital, Resolution Insurance Kenya.