Digital can handle every operation and it turns out to be an asset during a lockdown
The current crisis provoked by Covid-19 is ending up to impact on all business sectors. Companies are instructing their workers to work remotely, universities are shifting to online lessons, and even hospitals are offering telemedicine to reduce efforts of health structures.
The good news is that much of tech infrastructure to support contingency plans are already in place by many organizations. The challenge is to adapt it in the most effective and secure way. Insurers that have already embarked in digitalization can swiftly react: being already equipped with excellent technological infrastructure, with state-of-the-art Policy Administration Systems and omnichannel portals they can easily switch to digital and remote channels most of their operations. However, some of the traditional operators, who have not adapted to digital technologies yet, might now feel under pressure.
Nowadays technology handles almost every single business deal, and it’s crucial to ensure companies can manage the enormous need for remote work. Cloud computing can be helpful with issues such as remote work, and technology can also help employees engage with customers in a world where physical contact is likely to be much more limited. On the other hand, it will be necessary to employ new tools with customers too. For example, Insurers can get ahead of the competition by putting in place direct channels, leveraging on digital customer corners and virtual agencies. Also, more software bots are likely to be deployed in the coming weeks to reply customer-service inquiries, to support any human team.
Considering that by now customers can’t have face-to-face interaction with employees of most insurance companies, a new tip could come drones. The founder and CEO of DroneBase, a drone services and asset management company, Dan Burton, interviewed by Insurance Business America, suggests this could be the perfect time for insurance companies to carry on daily operations through contact-free inspection. Video collaboration platforms can help too, for example connecting agents and distribution networks with customers even if they are distant, as well as performing remote inspections on claims.
Given the fast coronavirus spreading, now more than ever insurance industry requires analytics-driven solutions to generate insights from data in order to best serve customers with new products and services with timely go-live. Modernizing technology and processes to derive value from the vast volume of data will continue to challenge business models for several years to come. At the same time, the virus has raised the public awareness on overall fragility, highlighting the equal importance of life and long-term care coverage.