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In this newsletter, we learn about self-serve portals and explore how they revolutionize the claims experience for businesses and customers. We’ll showcase how companies utilize these portals to simplify claim submissions, improve customer satisfaction, and boost operational efficiency.

Higher Costs of Live Chat Channels Before Self-Service Portals

Traditional claims processing can be slow and error-prone, with higher costs for live chat channels.

• Cost per Live Chat Channel: A single live chat channel content costs $8.11, which is a higher cost for both clients and insurers.

Benefits of Self-serve Portals in the Claims Submission Process

Increased Efficiency and Convenience: Self-service portals can automate many of the tasks associated with claims processing, freeing up your team to focus on more complex claims and bringing convenience to the customers.

Streamlined Claims: Electronic claim submission helps streamline and accurately claim submission with faster processing times.

Improved Customer Satisfaction: Self-serve portals bring a 20% increase customer satisfaction. Customers appreciate the convenience and transparency of self-service portals.

Case Study:

Challenge
Church Mutual faced a challenge with its claims submission process. Customers and agents lacked a self-service solution to access account information and documents, leading to time-consuming manual processes and reliance on customer service.

Solution
Church Mutual partnered with Life Ray Global Services to develop self-service portals for producers and insured customers. These portals leverage Life Ray DXP’s features to provide a user-friendly experience and include automation tools to streamline internal processes.

Result
The implementation resulted in:

• Rapid adoption by producers
• Improved efficiency through user self-service and automation
• Modern and convenient access for users through any device
• Anticipated benefits include reduced customer service calls, cost savings, and increased sales.

Lea: An AI-powered Digital Native Travel Insurance Claims Solution

Meet Lea, an AI-powered Digital Native Travel Insurance Claims Solution designed to simplify and enhance travel insurance claims processing.

Lea is designed around seven key modules:

1. Online Claim Submission: Our user-friendly online portal guides claimants through the process, ensuring all required information is captured upfront. This reduces back-and-forth communication, saving time for both the claimant and the claim handlers.
2. Centralized Collaborations Claims Hub: All claim details, documents, and communication are organized in a single, editable workspace. This fosters seamless collaboration and allows anyone on the team to quickly understand the claim status.
3. Automated Claim Assessment powered by AI: LEA integrates rule-based management, document verification, and fraud validation to swiftly make automated, real-time decisions on claims. This functionality frees up valuable time for your claims examiners to concentrate on complex cases, offering personalized attention to customers.
4. Customer Self-Serve Policy Management: Provide your customers control with a self-service portal where they can access policy details, update information, and manage their coverage independently.
5. Omni-channel Customer Service: Deliver exceptional customer care through diverse channels, ensuring constant connectivity and support for your customers.
6. Outbound Customer Engagement: Proactively reach out to your customers, keeping them informed and engaged throughout the claims process.
7. Advanced Claim Analytics: Extract valuable insights from data to identify trends, optimize operations, and make informed decisions. These insights enable your claims team to pinpoint improvement areas, allocate resources effectively, and enhance the efficiency and effectiveness of the claims process.

[Contact us to learn more]

The post LEA Claim Hub Topic 5 – Newsletter first appeared on Ancileo.

The post LEA Claim Hub Topic 5 – Newsletter appeared first on Ancileo.

One of the most significant developments in travel assistance has been the rise of chatbots and AI-powered solutions. These intelligent technologies have revolutionized how travelers interact with service providers, gather information, and address concerns. Chatbots can now provide real-time assistance, offer personalized recommendations, and even facilitate bookings, making them indispensable tools for modern travelers.

In today’s fast-paced world, the need for round-the-clock assistance and efficient claim reporting in travel has become more crucial than ever. Travelers often encounter unexpected challenges and emergencies requiring immediate attention, and having access to reliable support at any time is paramount. Additionally, streamlined claim reporting processes ensure that travelers can swiftly address any issues related to their journeys, promoting a seamless travel experience.

Understanding the Traveler’s Journey

Source: Understanding the Traveler’s Journey – International Luxury Hotel Association (theilha.com)

Pre-travel Phase

When embarking on a journey, travelers undergo several critical stages before setting foot on their destination. The pre-travel phase begins with planning and booking. During this stage, travelers meticulously research destinations, compare prices, and make reservations for accommodations, transportation, and activities. 

This phase is crucial as it sets the foundation for a smooth and enjoyable trip. Following this, travelers engage in preparing for the journey. This involves packing essentials, obtaining necessary travel documents, and familiarizing themselves with local customs and regulations. Adequate preparation significantly contributes to a stress-free travel experience.

During Travel

The in-transit assistance phase ensures travelers feel supported and secure throughout their journey. Whether through airline representatives, travel agencies, or digital platforms, assisting transit is essential in mitigating unforeseen challenges. Additionally, real-time support is pivotal in addressing any unexpected issues or queries that may arise during travel. Access to real-time support can range from customer service hotlines to mobile applications, allowing travelers to resolve any travel-related concerns swiftly.

Post-travel Phase

Following the completion of their journey, travelers enter the post-travel phase, which encompasses reporting incidents and claims. This involves documenting any incidents, such as lost luggage or flight disruptions, and initiating the necessary procedures to file claims or seek resolution. 

Moreover, soliciting feedback and follow-up from travelers is essential for service providers to gauge customer satisfaction, identify areas for improvement, and maintain a positive rapport with their clientele. This phase fosters accountability and enhances the overall travel experience for future journeys.

The Rise of Chatbots and AI in Travel Assistance

Source: Understanding the Traveler’s Journey – International Luxury Hotel Association (smefutures.com)

Chatbots: The Virtual Travel Assistants

• Definition and Functionality

Chatbots are virtual assistants powered by artificial intelligence designed to simulate human conversation. In the context of travel assistance, chatbots can help users with various tasks such as booking flights, hotels, and car rentals, providing travel recommendations, offering customer support, and delivering real-time information about travel itineraries and destinations. They can operate through messaging platforms, websites, and mobile apps, offering 24/7 support to travelers.

• Adoption and Growth in the Travel Industry

The adoption of chatbots in the travel industry has increased due to their ability to streamline customer service, reduce response times, and handle a large volume of inquiries simultaneously. Many airlines, hotels, and travel agencies have integrated chatbots into their customer service strategies to provide instant assistance to travelers, resulting in improved efficiency and customer satisfaction.

AI-Powered Solutions: Enhancing Customer Experience

• Machine Learning and Natural Language Processing

AI-powered solutions in travel assistance leverage machine learning and natural language processing to understand and interpret user inquiries. This enables chatbots to provide accurate and contextually relevant responses, understand complex requests, and learn from interactions to continuously improve their performance. As a result, travelers can receive more personalized and efficient assistance throughout their journey.

• Personalization and Contextual Assistance

AI-powered travel assistants can analyze user data and preferences to offer personalized recommendations, tailored travel itineraries, and proactive assistance based on individual needs. By understanding the context of the conversation and previous interactions, these solutions can offer relevant suggestions, anticipate traveler requirements, and provide a seamless and customized experience, ultimately enhancing customer satisfaction and loyalty.

Integrating chatbots and AI-powered solutions in the travel industry signifies a significant shift towards more efficient, personalized, and convenient travel assistance, ultimately enhancing customers’ overall travel experience.

The Benefits of 24/7 Assistance for Travelers

Source:24 7 Roadside Assistance — Feel Free To Call US And Make Your Trip Stress Free | by Road Serve | Medium

Instantaneous Support Anytime, Anywhere

24/7 assistance provides travelers instant access to support in their native language, eliminating communication hurdles that may arise in foreign countries. This ensures travelers can effectively convey their issues and receive help without language barriers.

Whether a traveler encounters an issue in the middle of the night or in a remote location, 24/7 assistance ensures that help is always available. This global coverage and accessibility provide peace of mind to travelers, knowing that support is just a call or message away, regardless of the time or place.

Improved Customer Experience and Satisfaction

With 24/7 assistance, travelers no longer have to endure long waiting periods or delayed responses to their queries or concerns. Immediate assistance improves customer experience, as travelers feel valued and cared for throughout their journey.

Around-the-clock assistance ensures consistent service quality, as travelers receive the same level of support at any hour. This consistency contributes to improved customer satisfaction and loyalty, as travelers can rely on a high standard of service throughout their travels.

Cost Efficiency and Resource Optimization

While providing 24/7 assistance requires investment, it can ultimately reduce operational costs by mitigating the need for extensive on-ground support staff in various time zones. This centralized support system leads to cost efficiency for travel companies.

24/7 assistance allows travel companies to maximize the efficiency of their support agents by optimizing resources and leveraging technology. Agents can be strategically deployed to handle urgent matters promptly, leading to a more streamlined and effective support process.

The Role of Chatbots and AI in Claim Reporting

Source: Insurance Claim Process Automation | Dlytica Inc.

In the insurance industry, chatbots and AI play a pivotal role in improving the efficiency and effectiveness of claim reporting processes. These technologies streamline the claims process, accelerate claim resolution, and enhance fraud detection and prevention.

Streamlining the Claims Process

Chatbots can automate the initial incident reporting process, allowing policyholders to quickly and easily report claims through natural language conversations. This reduces the need for lengthy phone calls or paperwork, expediting the start of the claims process.

AI-powered chatbots can assist in gathering necessary documentation and information from claimants, such as photos, videos, and other relevant data. This streamlines the documentation process and ensures that all required information is collected promptly.

Accelerating Claim Resolution

AI algorithms can analyze historical data and assess the probability of a valid claim, enabling faster assessment and processing of legitimate claims.

Chatbots can handle routine and straightforward claims, expediting their processing and settlement. This frees human adjusters to focus on more complex cases, thus accelerating the overall claim resolution process.

Fraud Detection and Prevention

AI-powered systems can utilize advanced algorithms and pattern recognition to identify anomalies and potential fraud indicators within claim submissions.

Chatbots can continuously monitor claims data in real time, flagging any suspicious activities or patterns and alerting the relevant authorities for further investigation, thereby enhancing fraud prevention efforts.

Case Studies and Success Stories

Source: Generative AI in Insurance: Top 5 Use Cases (appian.com)

Allianz Global Assistance: Transforming Travel Support with Chatbots

Allianz Global Assistance has implemented AI-powered chatbots to handle claims and customer inquiries. These chatbots use natural language processing (NLP) to understand and respond to customer queries, providing personalized assistance throughout claims.

Lemonade: Redefining Claim Reporting with AI Solutions

Lemonade, a digital insurer, has gained attention for its innovative approach to claims processing. It utilizes AI and chatbots to handle claims, allowing users to file claims quickly and easily through a mobile app. Lemonade’s focus on technology and user-friendly interfaces aligns with the preferences of tech-savvy consumers.

Overcoming Challenges and Future Outlook

Source: Top 7 AI Challenges and How to Overcome Them (intellicoworks.com)

Addressing Privacy and Security Concerns

In today’s digital landscape, addressing privacy and security concerns is paramount for businesses. To tackle this, organizations are focusing on:

• Data Protection and Compliance: Implement robust data protection measures and ensure compliance with data privacy regulations such as GDPR and CCPA. This involves conducting regular audits, implementing encryption technologies, and establishing clear data handling protocols.
• Safeguarding Customer Information: Prioritizing the security of customer data through secure storage, access controls, and proactive threat monitoring. This includes investing in advanced cybersecurity measures and fostering a culture of data security awareness among employees.

Continuous Innovation and Adaptation

Looking ahead, the future outlook for businesses involves:

• Integration with Emerging Technologies: Embracing emerging technologies like AI, blockchain, and IoT to enhance security measures and streamline data protection processes. This includes leveraging AI for threat detection, implementing blockchain for secure transactions, and utilizing IoT for monitoring and securing physical assets.
• Anticipating and Meeting Evolving Customer Needs: Proactively understanding and adapting to customers’ changing needs and expectations. This entails leveraging data analytics and customer feedback to tailor products and services and embracing agility to respond to market shifts and technological advancements swiftly.

Conclusion

The transformative power of chatbots and AI in travel assistance has ushered in a new era of customer service, empowering travelers with seamless 24/7 support and claim reporting. This advancement has enhanced efficiency and significantly contributed to customer satisfaction in the travel industry. 

Embracing this future of enhanced efficiency, customer satisfaction, and innovation signifies a positive shift towards a more streamlined and convenient travel experience. With the continuous evolution of AI and chatbot technology, the travel industry is poised to achieve new heights of customer service excellence and operational innovation.

The post The Power of Chatbots and AI in 24/7 Claim Reporting for Travelers first appeared on Ancileo.

The post The Power of Chatbots and AI in 24/7 Claim Reporting for Travelers appeared first on Ancileo.

Inefficient claims processing can be a major headache for travel insurers due to lengthy communication, incomplete information, and frustrated customers. This is why many insurance providers have been leaning towards automations and other innovative strategies to transform their existing systems.

Among these strategies is the adoption of claims submission portals that enable policyholders to easily submit their claims with just a few clicks. Lea’s Hyper-Customized Online Claim Submission Portal stands out in this field, offering a solution that simplifies the entire claims submission process.

In this article, we will explore one of Lea’s core modules—the Hyper-Customized Online Submission Portal, its key features and the benefits it provides to travel insurers in overcoming common claims management challenges.

Let’s dive in!

The Pain Points of Traditional Claims Processing

Traditional claims processing methods often create a frustrating experience for both travel insurers and policyholders. Here’s a closer look at the most common pain points and their impact on both parties involved:

1. Lengthy Communication Back-and-Forth Delays Resolution

Reliance on phone calls and email exchanges to gather information creates significant delays and inefficiencies. This translates to increased operational costs for insurers with call centers and adjusters spending a considerable amount of time collecting basic information. Policyholders experience frustration due to long wait times and repeated requests for the same information, leading to a negative perception of the claims process.

2. Incomplete Information Hinders Processing and Creates Delays

Manual data entry and paper-based documentation often lead to missing or inaccurate information, which in turn, necessitates further communication with policyholders. This can cause delays for insurers and potentially impact financial reserves due to uncertainties in claim validity.

3. High Call Center Volume and Long Wait Times Erode Customer Satisfaction

Traditional claims processing relies heavily on call centers, creating a domino effect of problems. High call volume overwhelms staff, leading to long wait times and a strained customer experience. This frustration can manifest in negative interactions with customer service representatives, potentially impacting the quality of service and increasing the likelihood of errors. Ultimately, both insurers and policyholders feel the sting of this inefficient system. Insurers face rising operational costs due to high call volume, while policyholders grapple with long waits and a negative perception of the insurance company.

4. Slow & Complex Process Creates Frustration and Damages Trust

Travel insurance should be there to provide peace of mind, but a slow and complex claims process can have the opposite effect. The lack of transparency and a confusing maze of steps can leave policyholders feeling frustrated and unsupported. Unrealistic timelines and a sense of being “in the dark” create a feeling of helplessness and dissatisfaction with the travel insurance provider. This ultimately leads to a negative claims experience that damages trust and loyalty.

Disgruntled customers who feel unsupported during their time of need are less likely to renew their policies. Insurers can turn this negative perception around by simplifying the process and providing clear communication.

5. Difficulty Managing Expectations and Identifying Ineligible Claims Early

A disorganized claims process can create confusion for everyone. Without a clear system, it’s difficult for both insurers and policyholders to know what to expect. Unrealistic timelines from policyholders can lead to frustrations and arguments, making it harder for insurers to provide good customer service. Also, if ineligible claims slip through the cracks, it can hurt the insurer’s finances.

For policyholders, unclear timelines can be stressful, and unexpected claim denials can cause financial hardship. By streamlining the process and identifying ineligible claims early, everyone comes out ahead.

Introducing Lea’s Online Claim Submission Module

Lea’s Hyper-Customized Online Claim Submission Portal is designed to address the inefficiencies and frustrations commonly associated with traditional claims processes. This module simplifies the entire claims submission journey, ensuring complete and accurate information is collected from the start.

Key Features

Lea’s Online Claim Submission module is packed with features designed to make submitting claims a breeze:

• Intuitive User Interface: The interface is clear and straightforward, designed with ease of use in mind. Policyholders can navigate the claim submission process without difficulty.
• Step-by-Step Guided Process: Lea’s module breaks down the claim submission process into clear and concise steps. This ensures all necessary information is collected efficiently and accurately, minimizing the need for back-and-forth communication.
• Seamless Uploading Capabilities: Uploading essential documents is effortless. The online portal allows for secure and efficient file uploads.
• Secure Payee Information: Policyholders can securely provide bank details for claim reimbursement within the online portal.
• Real-time Progress Tracking: Policyholders can track the progress of their claims in real-time. They can easily log in to the portal and see the status of their claim at any stage of the process.

Process Walkthrough

Lea’s Online Claim Submission module offers a user-friendly experience for policyholders while simultaneously streamlining the claims process for insurers. Here’s a walkthrough of the process:

Step 1: Enter Policy Information

The process begins with the claimant entering their policy number and ID. This retrieves and verifies their policy details, ensuring that the correct information is used throughout the submission process. 

Step 2: Provide Claimant Information

The claimant then provides their personal and trip details, including contact information, travel dates, and destinations.

Step 3: Describe the Accident Details

The claimant specifies the type of claim and describes the incident in detail. The portal guides them through necessary prompts to ensure that all required information is collected.

Step 4: Upload Supporting Documents

The claimant uploads essential documents, such as the certificate of insurance, flight itinerary, and boarding pass. The portal supports multiple file formats and provides clear instructions for a smooth upload process.

Step 5: Submit Payee Information

Next, the claimant provides bank details for reimbursement, including account number and other necessary banking information.

Step 6: Make a Declaration

In this step, the claimant declares any other insurance claims related to the incident. This helps insurers identify potential overlaps with other policies and streamline the assessment process.

Step 7: Review and Submit the Claim

Finally, the claimant reviews all provided information. They can easily navigate back to any section to make changes if needed. Once satisfied, they submit the claim. An automated confirmation receipt is generated.

Lea’s Hyper-Customized Online Claim Submission Portal turns a traditionally cumbersome process into a streamlined and efficient workflow. This transformation not only enhances the customer experience but also enables travel insurers to manage claims more effectively, reducing costs and improving overall satisfaction.

Benefits of Utilizing Lea’s Online Claim Submission

The online claim submission module of Lea isn’t just a portal; it’s a powerful solution that streamlines the claim process, delivering a host of benefits for both travel insurers and policyholders:

For Insurers: Boosting Efficiency and Reducing Costs

• Streamlined Operations: Reduce manual data entry with a structured information input process. Secure online uploads eliminate physical paperwork, saving time and resources.
• Reduced Administrative Burden: Secure logins eliminate manual verification of policyholder information. Clear claim initiation steps minimize back-and-forth communication. Optional real-time claim status tracking reduces call center volume, freeing up valuable resources.
• Data-Driven Insights: Standardized data makes it easier to spot trends and patterns in claims, helping insurers manage risk more effectively.

For Policyholders: A Faster, Easier Claims Experience

• Effortless Submission: Enable policyholders to submit claims seamlessly through an intuitive online portal, improving their overall experience.
• Faster Potential Payouts: Streamlined information gathering and standardized formats can expedite claim assessments, leading to quicker payouts and increased customer satisfaction.
• Transparency and Control: Provide real-time tracking of claim progress, reducing the need for inquiries and empowering policyholders with greater control over the process.

How Lea Goes Beyond Online Claims Submission

Lea’s approach to claims processing extends far beyond its Hyper-Customized Online Claim Submission Portal. It offers a comprehensive suite of seven AI-powered modules, each designed to improve different aspects of the claims process, ensuring both insurers and policyholders have a smoother, more effective experience:

Module 1: Hyper-Customized Online Claim Submission

Lea’s intuitive online portal guides claimants through every step of the claims submission process, making it easy to provide all necessary information upfront. Reducing the need for back-and-forth communication saves time for both the claimant and the claims handlers.

Module 2: Centralized Claims Collaboration Hub

All claim details, documents, and communications are organized in a single, easily accessible workspace. This setup promotes collaboration among team members, allowing anyone involved to quickly understand the status and specifics of a claim, thereby enhancing efficiency.

Module 3: Automated Claim Assessment

LEA uses advanced AI to handle rule-based management, document verification, and fraud checks. This enables real-time claim assessment and decision-making, allowing claims examiners to focus on more complex cases that require personalized attention.

Module 4: Customer Self-Serve Policy Management

This module allows policyholders to manage their policies independently, reducing the need for call center interventions and enhancing user convenience.

Module 5: Omni-channel Customer Service

LEA ensures exceptional customer care through a variety of communication channels. This module integrates all customer interactions into a unified platform, providing consistent and responsive support across multiple channels, ensuring that customers are always connected and supported.

Module 6: Outbound Customer Engagement

Proactively reach out to policyholders with personalized communications throughout the claims process, keeping them informed and engaged.

Module 7: Advanced Claim Analytics

The Advanced Claim Analytics module offers deep insights into claims data, helping insurers identify patterns and optimize their claims processes for better efficiency and decision-making.

Conclusion

Lea’s Hyper-Customized Online Claim Submission Portal transforms the claims process for travel insurers and policyholders. By addressing traditional pain points, this module simplifies claims submission, reduces inefficiencies, and enhances customer satisfaction. Its intuitive interface, guided steps, seamless document uploads, secure payee information, and real-time tracking ensure a smooth, transparent experience.

For insurers, this means lower operational costs, better data accuracy, and improved risk management. Policyholders benefit from faster payouts, less frustration, and greater control over their claims. Lea’s suite of AI-powered modules, including Automated Claims Assessment, Centralized Collaborations Claims Hub, Customer Self-Serve Policy Management, Omni-Channel Customer Service, and Advanced Claim Analytics, further optimize the claims process.

Adopting Lea’s technology enables insurers to enhance efficiency and build stronger relationships with policyholders, setting a new industry standard for streamlined, effective claims management.

The post Optimize Claims Handling with Lea’s Hyper – Customized Online Submission Portal first appeared on Ancileo.

The post Optimize Claims Handling with Lea’s Hyper – Customized Online Submission Portal appeared first on Ancileo.

But the rise of technology solutions has brought about the gush of data from numerous sources and every other industry is seeing the emergence of a new profession: the data scientist. The work they do is so much alike to an actuary that the internet is so torn between the both.

Is the birth of data science the damn of actuary science?

Despite that said, the industry is pretty much in consensus that the actuary wouldn’t be made redundant but requires development in its role to fit the requirements of the changing world. Being an industry ladened with business processes, regulatory and accounting requirements, actuaries often have to undergo rigorous formal training and have ample experience to hold its ground in the insurance industry.

Like the insurance agent (aka the financial advisor or consultant now), the work of the actuary will evolve and innovate to  bring about a more direct and meaningful impact on their potential customers – contrary to the common misconception that they’re seated hunched behind a computer at the back of the office, crunching numbers.

Forces shaping the “New Age actuary.” (Source: The evolving role of actuaries for insurance innovation, sas blogs, Sept 2020)

Beyond risk assessment that actuaries mostly deal with, in this article we want to make a case for data analytics in our industry. And how the impact of data has seeped into every other stage in the value chain, every other personnel in the insurance industry, and the role of insurers in today’s economy.

Market Potential for Data Analytics in Insurance

A new market research report by Meticulous Research highlights a number of insights on the state of data analytics in the global insurance market:

The aforementioned predictions are consistent across many market research reports. While it’s with no doubt that the ROI from deploying data analytics in the insurance value-chain will be plentiful. Yet, it can be painful to implement and integrate across the organization given the resistance to change – both on the fronts of legacy infrastructure and human skill sets needed.

For instance, this means transforming the actuarial role. Even within their traditional scope of work in pricing, valuation and regulatory reporting, the value that data-driven insights can bring is bountiful. Say in pricing insurance products, traditionally insurers have only used a few pricing bands (what they used to call a “one size fits all” model to pricing) and customers are evaluated depending on a few simple metrics. As we throw analytics into the picture, now you get:

Structured vs. Unstructured Data

Now that analytics as a tool or a means to a greater end has been covered, we want to move to the data pool where you use your tool to extract useful insights to your insurance business. And to explore the importance of tapping on unstructured data for the industry.

As much as 90% of the data out there is unstructured data. Unlike structured data, they don’t fit nicely into a box. Think of structured data like entries on a Google Form. You can easily generate them into columns and rows on the Excel spreadsheet.

Source: Unstructured Data vs Structured Data Explained with Real-life Examples, Yunee Ham, Jul 2020

For unstructured data, your potential customers are spontaneously generating these data as they’re online. Some examples of unstructured data are like Facebook comments, Tweets, email messages, instant messages, and audio or video files.

That said, for us, it’s more challenging to analyse and not as easily searchable. This also means that this type of data is not tapped into enough yet for the insurance industry. Ever thanks to advances in AI and ML, insurers can now tap into insights specifically from unstructured data.

Role of Partnerships in Enabling Data-Driven Insurance

Having a lot of data is good news, but not ideal when not all of these comes in useful for insurers. You want to be able to make use of a selected portion of the vast data pool to hone your existing product offerings and come up with new ones to serve untapped markets.

And getting the right data is facilitated by forming digital insurance partnerships to capture specific and diverse types of data of your targeted markets.

 Digital insurance partnerships can vary from:

• Digital distribution (via embedded insurance)
• Connected insurance (IoT/Telematics)
• Smart underwriting
• New product development
• Digital claims management & fraud detection
• Customer engagement (BoT/voice)

Consider telematics data from ride-sharing companies for auto insurance, or our health data gathered from wearables and mHealth devices for health insurance. Who better to get it from than your partners who service these markets directly?

On new product offerings, McKinsey & Company puts forward the multiple roles that insurers play in a particular ecosystem. In the example of the personal-mobility ecosystem, there is a range of opportunities for insurers to expand into areas such as vehicle purchase and maintenance management, ride-sharing, carpooling, traffic management, vehicle connectivity, and parking – where there is something for risk management and prevention in every one of these areas.

Future Trends: Digital Insurance Distribution

Traditionally, B2B2C insurance distribution has always been done via agents and your face-to-face interaction and relationship with your insurance agent have been at the hallmark of the distribution model.

Post-COVID-19 in a world where consumers are better informed, hyper-personalised and have higher expectations in the products and services, we need to consider how to redefine insurance distribution in the remote world. Agents will be deployed to provide more meaningful, real-time customer service that’s enabled by digital tools.

There will be more product offerings catering to the diverse needs of every individual consumer. The value of the product, its distribution and the service (or self-service) that follows after will be centred around the consumer, than it being limited to what the insurer can do on its individual platform.

It’s an ultimate win-win situation for both the insurer and the partner. Expanding distribution partnerships could help insurers to reach out to potential customers more effectively on insurance products that matter to them through their distribution partner. For the partner, this means a commission revenue earned on their end. Their value proposition would also expand given that the customer’s purchase extends after-sales.

The post The Journey to Data-Driven Insurance first appeared on Ancileo.

The post The Journey to Data-Driven Insurance appeared first on Ancileo.