Taking the time and effort to deal with insurance agents and selecting premiums can seem like another less than desirable life task. With new insurance technologies available to help customers and the insurance agencies alike, this can help both sides of the party when it comes to many facets of processing requests.
As the cost of insurance rises with increasing disasters and damages, insurance and home warranty companies are trying to increase the efficiency of the entire business model. The word ‘insurance’ may make some feel as if it’s not even something they are ready to deal with due to the amount of time and communication that goes into the involvement of setting up a warranty contract or insurance premium.
Some experts say the insurance industry is changing for the better. Although a once reluctant industry, the insurance and warranty business models are starting to step up to the plate when it comes to rapidly changing market trends and customer engagement rates. Success of the insurance company is widely dependent on their use of technology to engage with customers.
Living in a digital age with most consumers in developed nations with mobile phones and internet access, having access to important information via technology utilization is necessary. Something that used to be a paper and pen industry of signing contracts and making paper contract agreements, now comes with the ability to see statements online. Being able to make online payments is a huge benefit for consumers who do not want to be bothered with payments that must be mailed or called over the phone.
The insurance and warranty industry grows as customers purchase and utilize their protection services. As a service industry, it’s important to maintain proper customer service. Customer service should come from all platforms, not just an in person interaction. Anytime a user logs into their insurance app or website, they should have an easy time navigating. In the event something with the policy should change, the customer should be notified immediately via email or by being contacted from a customer service agent at a call center.
Customers have a large network of other insurance agencies to pick from. By making their customer service experience phenomenal, agencies should show a higher retention rate, thus creating investment and business opportunities for the company. With so many options available, having 24/7 agency representation is another way insurance companies will stand out to customers.
As artificial intelligence sweeps the nation and globe, it will also have direct impacts and effects on the way customer service is handled. Many insurance companies already utilize artificial intelligence as a way to gather data and organize it for agents to decide on the best premium for customers. As claims become a large profit at insurance companies, many of these businesses capitalize on artificial intelligence as way of detecting fraud and faulty data points. With the potential to revolutionize the customer service industry, artificial intelligence is a great tool for insurance companies to use from data collection and management to customer retention and proper service.