5 INNOVATIONS IN INSURANCE, POSSIBLE THANKS TO DIGITIZATION

Insurance must respond to the needs of society and this forces it to be a sector in constant change and evolution. In this sense, digitization has become the best ally to improve and update services in recent years. From his hand, great innovations have come such as oline consultations or remote inspections, which have been key to guaranteeing services during the pandemic. These are five of the most outstanding developments that insurance has been able to implement in recent years thanks to digitization.

1.Teleperitations

They are a full-fledged win win, because with this system everyone ends up winning. The virtual appraisals facilitate the work of the experts, speed up the process so that the damage can be resolved as soon as possible and, at the same time, contribute to reducing the carbon footprint by avoiding unnecessary travel. Through photographs or videos made by the repairman, or even by the insured himself, the expert can know the extent of the damage.

2.Tele-processing or online parties

By email, through the mobile application or even through instant messaging tools. Insurers offer more and more alternatives to be able to report a mishap at the same time it occurs. This, in turn, makes it easier to activate the mechanisms to fix it as soon as possible. As we mentioned in the previous section, sometimes the applications themselves allow the insured to provide photographs of the damage, so when the technician comes, he is on notice of what happened and has more guarantees of being able to solve the fault on the first visit.

3. Online services

Not only are damages assessed online, but sometimes the services that insurers provide are also offered digitally. The clearest case in this regard is that of medical consultations via video call. This tool, so important during the pandemic, is here to stay. It is not the only service that insurance companies can offer remotely, the same happens with legal aid insurance or cyber risk insurance. In many cases, insured inquiries can be resolved over the phone or, in the case of computer problems, with remote assistance. This allows less inconvenience for the insured and more intervention capacity for the insurer.

4. Multiplication of communication channels

Email, social networks, web forms, virtual assistants, mobile applications, instant messaging services… Digitization has made communication between the insurer and the insured more bidirectional than ever and is available practically from anywhere and at any time.

5. Data management

Digitization, and more specifically data processing and its subsequent interpretation through machine learning, allows insurers to get to know their customers better and, consequently, offer them a product more suited to their needs or adapted to their life profile. The management of the data extracted from new technological devices, such as activity bracelets, allows, for example, that a person with healthy lifestyle habits has special conditions in their health insurance.

Each of the novelties mentioned in this article has a different function, but they all have the same purpose: to improve the customer experience. Digitization, therefore, has become an ally so that both insurance products and the communication of the insurer with the insured, are increasingly efficient.

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