January 9, 2023

What does it mean to be a digital insurer?

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If you wish to win over customer loyalty, do not waste any more time and immediately digitise your business! You read that right. Digital is the future, without which no business enterprise can progress in this ever-competitive market. Whether you are a retailer or an insurance company, digitising your business is the ultimate need of the hour.

Benefits of Digitising Insurance 

If you are an insurer searching for reasons to digitise their business, here they are:

•     Digital insurance offers a customer-centric approach, resulting in better product development that aligns with customer needs.

•     Digital insurance helps bridge the customer and agent gap. With insurance at your fingertips, you do not need to involve a mediator in the process and save your time, money and efforts.

•     Digital insurance offers simplified solutions. With a digital insurance app on your phone, you can enjoy multiple services like claims, risk assessment, policy, etc., all in one place.

•     Digitising insurance means you can work on customised products and focus on user-specific personalisation to add value for your customers. This could be as small as offering a display picture or personal themes on your insurance app. 

•     When it comes to new product development in digital insurance, there is more room for innovation and creativity. You can customise your digital insurance features according to the latest trends and optimise them on the go. You can also offer additional features in your insurance app like micro-insurance, multiple coverage options, digital vouchers, etc., to provide a dynamic customer experience.   

•     Digitising insurance paves the way for the automation of complex and time-consuming processes. For instance, with a chatbot integrated into your digital insurance app, customers can easily be accommodated and get real-time assistance on the go. This helps drastically reduce turn-around time, encourages efficient resource allocation, and cuts down business costs.

Here is Why Insurers Need to Offer Digital Insurance

When working on digitising your insurance business, the first thing to do is work on a mobile app. With the majority of your potential audience using mobile as the primary device, digital insurance makes sense more than ever.

First, let's address the elephant in the room: Will a customer download an App especially for buying insurance?

The answer is ‘Yes’. They are more likely to opt for a digital product that adds convenience and value to their lives.

It works simply like this. Suppose a customer buys a policy from you, and you send them a confirmation link to download a digital insurance app that enables them to do the following:

⦁ View the policy

⦁ Policy management

⦁ Policy renewal, with the option of auto-renewal

⦁ Claim application form

⦁ Instant Messaging option with policy agents

These are just a few ways customers can take advantage of their digital insurance app. With insurance services accessible from the palm of your hands, there is no reason why customers won't download an App that works only in their favour.

Get Started With Your Digital Insurance

Wesurance is an Insurtech company in the U.K. providing a platform that empowers insurance companies and brokers to easily build, develop, and grow their digital insurance branches. Through a simple-to-use and easy-to-implement solution, you can build your own digital insurance quickly and with ease. No worrying about coding to integrate the digital insurance process into your insurance business. Learn more about us at https://www.wesurance.io/.

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