The importance of a customer-centric approach in 2024
We settle most of our daily affairs online, rarely touching a single paper document. All too often, insurance matters are the exception. Companies in the sector have been reluctant to transition to digital solutions – until it became clear that relying on a legacy system puts them at a disadvantage.
In 2024, self-service is the name of the game in the consumer market: Consumers are now used to self-check-in at airports and self-check-out at supermarkets and feel comfortable conducting all types of business independently online.
Insurance is no exception. Many consumers no longer see the need to go through a traditional insurance agent or brokerage to submit and sign various documents. In the digital era, the customer experience is a key differentiator for insurance companies.
Therefore, insurers are working towards automating additional processes and making customer interactions fast and seamless.
Personalized insurance products
In 2024, the digital transformation in insurance is driven by the innovative use of data analytics. Insurance companies are tapping into vast pools of customer data to gain insights into behaviors, preferences, and risk patterns.
Most customers are constantly generating vast amounts of data, including fitness and health data. Smart wearables present a particular opportunity: As they monitor many different health parameters, they could facilitate risk assessment for insurance policies.
If insurers can access this data, they can reward customers for a healthy lifestyle and offer them more relevant and individualized plans. Personalized service packages that precisely meet customers’ needs are particularly important to appeal to the younger generation.
The results are more flexible insurance products, where your coverage can be adjusted depending on your individual circumstances. Insurers can employ data analysis to offer “Pay as You Live” models, which make it possible to reward a healthy lifestyle by, for example, granting premium reductions.
Robotic process automation (RPA)
Insurance’s huge volumes of data and paperwork result in lengthy processing times – and sometimes frustrating mistakes. Adopting RPA, a technology that automates repetitive tasks like claims processing and underwriting, not only reduces the risk of human error but also significantly improves turnaround times. The result? Enhanced customer satisfaction and a more agile and responsive insurance company.
Robotic process automation in underwriting increasingly uses machine learning to automatically gather relevant information, assess risk, and determine an appropriate premium for the customer. With automated underwriting, insurers can cut wait times short and, therefore, improve customer satisfaction.
Similarly, automated claims processing can drastically reduce the time insurers spend on individual claims. Here, customers first upload all required documents directly to the insurer’s cloud storage using a customer-facing app. On the insurer’s side, RPA requires a properly configured backend, while on the customer’s side, the application must provide a high-quality document scanner.
Digital document processing
Insurance companies receive torrents of paper documents every day. Whether quotes, claims, invoices, or renewals: Every area of an insurance’s daily business involves paper documentation. And insurances often still rely on manual data entry.
Automation can unlock significant efficiency gains, saving costs while improving customer satisfaction by shortening waiting times. However, it demands high quality, digital data. This makes digitizing document workflows a vital prerequisite.
Thus, the first step for any insurer is to provide customers with an insurance app that includes a capable and easy-to-use document scanner. Such a tool assists the user with features like blur detection, perspective correction, and auto-cropping, thus ensuring high-quality scans.
We work with customers from the insurance industry to ensure their document submission process – using a mobile or web app – is as intuitive and efficient as possible, including:
By integrating our SDK, they were able to further digitalize their processes and achieve higher automatic processing rates.
The Scanbot Document Scanner SDK can be integrated into any iOS, Android, or web application to kickstart your automatic document processing. Its intuitive UI and image-enhancing features ensure that your input files are suitable for backend processing. It functions entirely offline for maximum data security, making it GDPR- and CCPA-compliant.
As we navigate through 2024, it’s evident that the role of insurance companies extends beyond risk coverage. They are actively shaping our digital future. By implementing new technologies, insurance companies not only meet consumer expectations but also drive operational excellence. The synergy of seamless customer experiences, RPA-driven efficiency, and data-driven innovation positions insurance companies at the forefront of digital transformation.
