Why the Insurance Companies need to transform in the digital age?

David Esteva
Web Developer

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The pandemic made it possible to expose one of the insurance industry’s greatest weaknesses: its digital and technological capabilities. Insurers continue to work with their rudimentary system, which translates into the use of many forms to complete, telephone calls, among others.

The resistance of the insurance industry when it comes to the implementation of digital technologies is marked and as we see an increase in digital adoption in other companies, we can know that insurers not only run the risk of being left behind, but that they could also become obsolete with other companies offering insurance as an added service.

The Insurance Companies must pay attention to their clients expectations

Insurers have not lived up to rising expectations, in fact, simple insurance purchases require lengthy questionnaires, extensive evaluations, and channel changes.

The customer experience is becoming a key competitive weapon and insurers must keep up with the expectations of current customers, which are focused on digital and related channels. For some time now, customers have become millennials, which represents a total adherence to technology.

Covid-19 has challenged and generated growth opportunities for companies to offer better customer service. An example of this could be that as a consequence of the health contingency due to Covid-19, the requirements of car insurance changed due to altered mobility needs, there are even many insurers that offer reimbursements based on the reduced use of vehicles.

Currently, what should the Insurance Companies take into account to offer a better experience?

1. Commitment: Understanding the interests and experiences of customers, helps the company to design and offer solutions that will be more valued. Providing relevant offers over time and in the channels that people most frequent is the way to improve customer opinion and boost engagement.

2. Empowerment: insurance companies need to strengthen their clients, allowing them to access superior and relevant information to make better decisions. Thanks to this, insurers will be able to establish a relationship based on trust.

3. Emotional connection: this characteristic originates from the result of the combination of ethics and social responsibility of companies, the way they treat their employees, the causes they defend and their experience in building relationships. Showing and maintaining authentic care for both employees and clients increases emotional connection.

In order to keep the insurance industry competitive, insurers must engage with policyholders in the way they respond, train them with relevant and up-to-date information, and demonstrate that they care about them. In the urgency to digitize and adopt new technologies it is also important that the insurance industry take advantage of its ability to personalize its customer service.

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