The future of insurance is already here. Drones can assess accidents without putting agents at risk by capturing footage and inspect damage. Sensors, plug-ins and cameras enable usage-based insurance models, such as offering discounts for safe driving. AI-powered algorithms can deliver claims in seconds.
This tech completely redefines how we think of insurance. It’s exciting stuff, to be sure. But the insurance companies who will thrive in five, 10 or even 30 years from now won’t be distracted by shiny tech – they’ll be focused on delivering a superior human touch, enabled by technology.
Future-proofing your insurance organisation requires you to master the basics and make your customer experience the centre of all you do. In the end, it all comes back to data.
Insurance represents a $1.3 trillion market filled with colossal swirls of processes, people and content. Ninety-five per cent of American homeowners have some form of home insurance. Eighty-seven per cent of car owners have some form of auto insurance. At Adlib alone, we facilitate 90,000 claims per day and 24,000 new policies a month for our enterprise insurance customers. And it’s only going to grow.
You can’t delight without managing your data
Leveraging technology to harness and optimise the collection of people, processes and content is what winners in the insurance market have in common. Unlocking your unstructured data – complex documents such as claims, contracts, proposals, agreements, scanned or uploaded images, and more – allows technology to deliver the essential fuel that powers market-leading customer experiences.
The value of all this shiny tech isn’t its “cool factor”. It’s the way it works behind the scenes to humanise the insurance model. When’s the last time you interacted with your insurance company on a good day? Your customers deal with you when life happens: accidents, theft, natural disasters, hospitalisations, death of loved ones.
The best insurance companies will deliver fast, empathetic, light-touch support for customers dealing with emotional life experiences. AI and automation allow insurance companies to let humans do what they do best: be human.
Many of today’s insurance processes are often email-based and highly manual content flows. Eliminate those friction points and increase transparency with the data you already have. It’s not the sexiest or most exciting part of what technology can do, but the best products I know are the ones that just work. You don’t have to think about them.
Technology allows you to deliver the right information at the right time to the people and systems that need it, without manually navigating multiple systems. Prioritising digital transformation in insurance allows you to deliver the kind of customer experience that will differentiate your business.
The ability for an organisation to mobilise and connect legacy content and the future nirvana of bots, drones and IoT will be key to delivering the best customer experience now and into the future.
Serve both sides of the customer experience equation
The most common approach to the customer experience focuses on your external customers. But what about your agents and call centre staff that handle everyday challenges? Your internal “customers” are just as much a part of delivering the end result as the technology is.
It’s not a wholesale replacement of people – it’s about equipping them with the tools and time they need to do what they do best. And cobbling together legacy systems using duct tape and glue isn’t going to cut it.
Capturing the right data automatically can simplify compliance, improve the customer experience and eliminate tedious data-entry and error-prone manual efforts.
Keeping up with the pace of innovation
Insurance companies need to start thinking of themselves as technology companies that deliver insurance products and services. With greater control over your data, your insurance organisation can:
1. Build products and services that are dynamic
2. Move more quickly to serve your customers
3. Realise the value of new and exciting technologies
Once a strong data foundation is in place, you can close the gap between customer expectations and reality, fulfilling the digital promises you make to your customers.
Centres of excellence – quickly becoming beacons of innovation – can help insurance companies quicken their pace of innovation and get one step closer to fulfilling their digital promise.
Adlib can help deliver your digital promise
Adlib bridges these two worlds. At Adlib, we create intelligent data that amplifies human potential and maximises business performance for hundreds of global insurance customers. How do we get there? Our Content Intelligence, Contract Analytics and Content Transformation solutions make it easy to discover, standardise, classify, extract and leverage clean structured data from complex unstructured documents. In doing so, our global customers unlock the power of their data to build seamless customer experiences and achieve a whole new level of performance.
|1. Deloitte: Insurance industry drone use is flying higher and farther|
2. McKinsey & Company: Digital ecosystems for insurers: Opportunities through the Internet of Things
3. McKinsey & Company: Insurance 2030 – The impact of AI on the future of insurance
4. Statistica: Value of insurance premiums written in the United States from 2009 to 2019
5. Policygenius: Homeowners insurance statistics