April 25, 2022
Web-enabled machines, self-driving cars, drones that capture data- these are only a few innovations that have been changing the way people are working and taking insurance. All these technologies are helping insurance companies to bring in new customers using insurance technology trends that could keep customers happy.
But what about legacy insurance firms? How can they uplevel their operations to beat their competitors that are more agile?
The truth is that the business and technology strategies are the same for insurance companies of all levels. But the good news is companies with legacy systems don’t have to begin from scratch to work with the new technology. That’s where Salesforce for insurance can be helpful.
Let’s have a look at the insurance technology trends that are changing the game in the industry.
Gone are the days when insurers simply trusted the accuracy of using the information provided by customers. Today, they use telematics technologies like GPS and onboard diagnostics to get hold of accurate data.
From having access to real-time maintenance alerts to prevent unnecessary repairs to maintaining driver safety scorecards to promote worker safety, telematics is transforming the insurance business.
Insurers should take this as a wake-up call. Using datasets generated from drone images or carriers for better coverage can take their service to the next level. Cloud technologies and 5G networks work together with platforms like Salesforce, with the industry-specific clouds that can make it all possible.
Many insurance companies make the mistake of investing large sums of money into systems that are aging and require extensive customization. Ripping the system out will not just be expensive but also be exhausting and time-taking.
The good news is that you don’t need a rip-and-replace method for your insurance company— or even wise. A modular approach can work for you.
To start, consider your business aspects that require to be connected more efficiently. Think about your distributors if they are working seamlessly with underwriting?
It is possible that your newly-remote back-office employees require a new solution. Perhaps they need a cloud-based platform that could allow them to manage their workflows better, seamlessly share information with partners, and easily surface actionable insights.
It has been a long time since insurance carriers have been investing in automation to speed up their back-office functions like payment processing. But with the evolution of AI’s capabilities, they should look more for predictive analytics that can help disrupt service and underwriting.
For example, an insurer has to submit a standard policy application to underwriting. The agent does not have to wait for days to get the process going as automation makes it faster. AI-powered automation enables nearly instant responses.
In cases where AI can’t help to give a quick decision, the agent’s inquiry will be routed to a human representative.
Salesforce is the platform that can help you and your customers at every step in the journey. Whether it’s about assessing risks, giving support agents a 360-degree view of customers, or finding the best distribution partners.
Uncover new potentials for your insurance company with Salesforce. Contact our certified experts to know what works for your business.