Customer prefer self-service insurance technology
The technology is eventually taking over traditional insurance operations. Insurance companies are investing in technologies that improve business functionalities. Customers, agents and businesses pay high values to the quality services. Customers prefer 24X7 services to connect with an insurance provider and find the solution for their problems. Customers foresee multiple channels to interact with an insurance provider. Customers look for only one thing that is a fast response. It is difficult to interact with each customer and respond to their questions. The need for a customer to visit the office, fill the form and wait for days to get the results will negatively impact an insurance business instead of customers looking for instant responses for their insurance issues.
Creating a platform where customers and agents can interact and communicate add value to the business. Sometimes, people ask common questions again and again that consume lots of time of employees. Many insurance companies provide simple self-services sections like FAQ’s, online forums and information mail, that give employees a chance to put their time in productive work. Long gone are those days when the only option to interact with customer support is a phone call or office visit. Now people need the business to connect through platforms like websites, social media, live chat, chatbot, search sections, and digital sections. Business automation helps minimize monotonous work and help employees invest time in productive work.
Self-service technology helps the customer get what they are looking for; also increases the sale, reduces costs and improves customer satisfaction. For business and customer self-service technology creates a loyalty bond.
Insurtech companies are improving self-service technologies and adding more innovation. Tech businesses know the value of self-service technologies ATM’s, self-service kiosks, supermarket barcode scanners, online banking services, booking kiosks.
Why is self-service technology important?
1. Customer empowerment:
Technology enables a customer to file for a policy or apply for an insurance claim through different channels. Policy owners became more knowledgeable and learned about products and services in more detail. For small updates and changes, they don’t need to depend upon any agents or need to call insurance offices.
2. Connect more customers:
A quality customer experience and interface make it easy for customers to understand and use self-service technology. A good interface adds the benefits of creating a positive impression on the customer. Self-service technology not only makes it faster and better but also makes it efficient for customers. Many customers from multiple locations can connect at one a time.
3. Improve customer service:
Technology not only solves customer problems but also resolves them quickly. Self-service allows the customer to upload files, capture screenshots, send messages, contact through any geographical area and check updates.
4. Accuracy management:
When customers apply for a policy, they may share inexact documents or files. Document verification takes a bit of time to find what was the error. The customer gets annoyed when the application or claim is delayed because of inaccurate document submission. Technology helps to give instant answers and allows a customer to upload correct files. The calculations of premiums and its timely submission are easy with technology use.
5. No disturbance:
How do you feel when you are enjoying a beautiful dinner with family at a restaurant and suddenly get a call about premium payments? Policy-owners hate getting phone calls from the insurance companies about their premium payment. Customers prefer messages, emails or any other form of reminders which look at their comfort zone. Technology effortlessly helps to automate reminders and send notifications to the customer. And customers can check updates on devices and connect to the business. The technology supports respecting customers’ time and personal space.
6. Freedom of choice:
Every customer is unique, and their insurance requirements too. Customers vary from age, sex, salary, occupation, location and many more. According to all variation, their need for insurance also changes. Customers don’t want any agents or brokers interference and appreciate the freedom of selecting the product or services. Technologies like artificial intelligence and machine learning assist a customer find a product and services.
7. No time boundaries:
Customers can take help from technology 24X7. Technology assists the policy owner to choose and select the product. Customers can visit a website or open an application to take a look at their data. If a customer forgets the password, there is no need to call the customer service or visit the office. There are many services which customers prefer to make on their own.
8. Payment channel:
Policy owners foresee multiple channels of payments through which they can pay premiums. Customers prefer a safe and secure mode of payments to transfer the premium amount. There are different payment options available, like bank transfer, online payment, banking card, mobile wallets, UPI, internet banking, and more. Technology empowers the customer with easy availability of options. Customers feel safe to use the payment sections on their own.
Self-service technology empowers customers to learn and get access to detail about their insurance services and products instantly. They get answers to questions quickly that improves customer retention and satisfaction rate.
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