In a recent interview with Modern Insurance Magazine, ReSource Pro’s Meredith Barnes-Cook, Consulting Partner, discussed about the impact of technology on the insurance landscape and the evolving expectations of insurance customers. Here’s a brief recap of her key insurtech insights:
Q: How is Tech Shaping Customer Expectations in the Insurance Industry?
Our experiences in other areas of life, such as retail, dining, travel, and work, have influenced the way we interact with insurance providers. Today, insurance customers expect services to be easy, transparent, and available through digital channels.
Q: How have these changes affected insurance claim processing?
From telematics and wearables that detect accidents and prevent injuries to video streaming for quick assessments and digital payments for seamless transactions, technology has revolutionized the claims process, making it more efficient and customer-centric.
Q: What Emerging Technologies Are You Excited About?
There is huge potential in generative AI for insurance applications, as well as robotic process automation. Automating certain processes can create more consistent customer experiences and improve workflows. I’m also intrigued by the use of third-party data sources, as this can streamline quoting and policy changes.
Q: How Can Insurers Better Protect Consumers?
Insurance companies need as much risk information as possible to best serve their customers. Third-party data can be an incredible asset for insurers to fulfill that need, because it helps align customer needs with provided coverage while also improving speed of service.
Q: What Challenges Do Insurers Face in Fulfilling Consumer Duty?
Because insurance is so complex, many consumers find it difficult to understand and fully trust the process. Furthermore, insurance policies are often a mandatory purchase. They may provide essential protection, but the buyer journey is typically a reluctant one.
Q: What Are Insurers Doing Right? What Needs to Change?
I’m encouraged by the level of innovation in the insurance industry we’re seeing, especially when it comes to digital transformation. Even so, we can do more to improve our interactions with consumers. Insurers should consider regularly testing their company’s interactions with non-insurance professionals to gauge expectations and make incremental improvements.
Read the full interview on page 62 of Modern Insurance Magazine issue #62 for more of Meredith’s insights. Be sure to visit our Consulting page to learn more about our transformational solutions for insurers.