Insurtech – Build Connectivity with Customers and Boost Your Bottom Line
Insurtech – Sounds like it’s short for Insurance and Technology… well, that’s exactly what it is. So that’s the word sorted out… what does it do and, more importantly, “what can it do for your business?”
Insurtech is any new technology introduced into an insurance company which contributes to and results in a more cost-effective or streamlined process. It’s important to note that Insurtech is a subdivision of Fintech, which if you apply the same logic to the name, tells you that Finance Companies use technology to improve the way they operate and ultimately (of course) maximise the all-important bottom line. If it’s good enough for those guys…
Examples of Insurtech are types of technology based around AI, such as chatbots. Chatbots constantly pop up to offer help to a consumer and can deal with queries instantly and efficiently. This, therefore, provides an efficient service and does not involve employing customer service personnel.
Another key example of Insurtech is the use of smartphone apps. An app is something that the general public are not only familiar with, but the insurance process is more streamlined, therefore attractive enough to generate repeat customers.
So Insurtech can improve customer service, create streamlined processes and minimise the need for customer service employees and all the associated overheads. Sound good so far?
Can Insurtech help to create any safer protocols for insurance companies? It can and it does. The introduction by some insurance companies of using Drones has significantly reduced the risk to people when assessing dangerous areas like damaged buildings or motor accident scenes.
Insurtech can achieve all of the above and much much more…
Here’s why you need to apply Insurtech in your business…
- Faster, Better decision making through deeper analytics of gathered data
- Enhanced operations and customer service
- More innovation which drives cost efficiencies
- Hyper-personalised services and proactive customer engagement
Every insurance company that wants to stay ahead of the game as we live in disruptive, and ever-competitive times needs Insurtech. Get in touch with us here at Artemis to see how we can help.