The insurance industry is infamous for its delays in embracing the most recent cutting-edge solutions and technologies. Bogged down by archaic systems and regulations, insurance has historically been quite slow on the digital up take until recently. In the past couple of years, it has become clear that the complete move to digital insurance is presently underway.
In this blog, we take a deeper look at digital insurance and determine if digital is the right way to go.
What Is Digital Insurance?
The idea of "digital insurance" is an all-encompassing term that incorporates the massive amount of innovative technologies and solutions that have transformed the way almost every carrier works. Several insurance businesses today have a digital insurance arm along with conventional insurance practices.
Such providers usually differentiate themselves using the following ways:
⦁ Omnichannel experience - you can easily look up, compare, and buy insurance via an app or online without speaking directly to an agent.
⦁ Providing a client-first approach
⦁ Simplified coverage options to cater to families or individuals who have less intensive insurance requirements
⦁ Risk evaluation, claims to handle, and/or pricing relies on contemporary software connected to new technology that's specifically designed for the insurance company.
Is Digital Insurance the Way to Go?
Insurance brokers should not underestimate the changes that digital will bring to their industry and the challenges they will present.
Like other industries, the insurance industry has also felt the force of digital disruption - those that move fastest to adapt to these changes have a high chance of taking a disproportionate share of the market and profits. Even though IT has long been considered a cost of doing business by insurance companies, in a digital era, it must be modernised and recast as a strategic one
To stay competitive in today's rapidly advancing insurance industry, carriers know they need to deliver the agility, speed, ease of use, and accessibility that only digital insurance provides. This involves providing a range of online services on the client side of operations – a major shift from the conventional insurance model.
But how does that actually involve? Features including self-service portals, online claim filing, and live chat are all made possible through digital insurance technologies and applications.
Wesurance Can Help You Build Digital Insurance
If you are looking to create your digital insurance, connect with your channel partners, develop a price comparison website, or an avenue to interact with your customers – Wesurance has all the solutions you need! Moreover, we will help you launch new digital insurances quickly and update your digital insurance depending on market demands.
Contact us to learn more about digital insurance and how it can help your insurance business!
Wesurance is a UK-based Insurtech company that offers a platform for insurance companies and brokers to create and sell Insurance eCommerce. Build digital insurance without IT assistance using a drag-and-drop platform. Find out more here.
.png)