Technological advancements are beginning to affect the life insurance sector and this could be a welcome development for the future of the industry. This is because emerging digital technologies are changing the modus operandi of life insurance firms and forcing them to adapt and make necessary changes in the way they interact with existing and potential clients.
Firms who refuse to evolve with the times, if any, will be left behind by their ever-ready competitors. Advancements in technology coupled with a change in the preference of customers are driving this revolution in the life insurance sector.
Customers now have an eye for a seamless digital experience and they expect services with such features from their insurance providers, whilst getting the best with regards to convenience and personalization. Some technology trends are already at the forefront of this revolution and we’ll be discussing four major ones that are currently aiding the much needed digital revolution in the life insurance industry.
Comparison engines have been available for a while but are now beginning to be utilized. One of such is Insurance Hero, where customers can visit and compare policies instead of searching for policies with the help of the insurance provider.
Customers are allowed to carry out quick comparisons of quotes from a variety of providers without the hassle of entering their data separately on all the sites. Efficiency and speed of access are guaranteed in the process. It’s an ideal marketing tool for insurance providers who must put measures in place to ensure that they’re listed in the databases of all comparison websites.
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It’s a no-brainer that the life insurance industry emphasizes on accessing and understanding a customer’s life expectancy and health data. Therefore, the ease with which this is done, counts.
In their bid to forecast payouts effectively, they must come up with custom policy quotes and these are based on how healthy their customers are. Wearable tech provides an ideal solution for gathering health data.
Tools like fitness tracking and health monitoring wearable devices can access huge amounts of health data such as blood pressure, activity levels, BMI and more. Insurers now take advantage of these wearables by rewarding policyholders who reach an agreement with them to record and share physical activity data from their devices, thus promoting higher levels of interaction with clients and improvement of life expectancies.
Blockchain Smart Contracts
These are blockchain applications which ensure that assets owned by two parties are held in escrow until the transaction between them is completed successfully. When it comes to the transparency, safety, and security of handling life insurance claims, then blockchain smart contracts is the way to go.
Smart contracts also boost the efficiency of operations in the life insurance sector by ensuring that third parties have no part to play in the process, as well as the elimination of fraud.
Robo Advisors are AI (Artificial Intelligence)-powered advisors that help customers in their search for policies that will suit them when they browse the internet.
These advisors have been designed to interact with existing and potential policyholders just as sales representatives would, whilst gathering data to use for the recommendation of specific policies. They improve operations in the customer service department thus ensuring that clients derive utility.