Tech Game-Changers for the Insurance Industry

Insurance has always been tricky to sell, even more so as people are savvy to the tricks of the trade and often follow consumer advice, making their own comparisons and deciding without seller input at all. There are several technological developments which are enabling insurance companies to position themselves better and work more efficiently. Customer satisfaction is always an issue for the insurance sector and many customers look for speedier, more efficient solutions. Why aren’t you using technology to offer them?

Below is a deeper look into some of the trending technologies that insurance companies are interested in and integrating into their processes. Every technology is chosen for its suitability for the specific business and with the key question, will this improve sales? All business people should only be investing in tech if they can see a proven route to profit. The technologies discussed below offer many opportunities for improving consumer experiences and in turn, this should result in improved sales.

Fuse Marketing and IT with Martech

So, we know the hard sell isn’t going to work, which means there is a need for more sophisticated marketing methods. A fusion between marketing and IT has led to the growth of effective marketing technology, with many technologies combined to deliver the majority of successful marketing campaigns made by successful insurance companies today. To harness the true power of your marketing tools it is essential to be systematic and committed to measurement of as many metrics as possible. Knowing how and when things went right and went wrong has been made easy with the range of marketing tools available, but utilising them properly is also essential.

Effective marketing operations will streamline the process connecting the ideas and content with the supportive tools and applications. Practical application of the blockchain can also help in insurer’s marketing endeavours as its efficiency benefits also reduce costs and coordinate well with marketing automation technologies.

Integrating the Internet of Things

The Internet of Things sounds vague but it refers specifically to a system of interrelated devices, sensors, living things and other objects which can communicate with each other. In insurance, there are many connected devices which can play a key role in how the industry may be shaped in the future.

Auto insurers are regularly using telematics devices to record driving patterns for example and this in turn can affect premiums, with some insurers offering coaching options for those drivers who see their policies increase. Wearable connected technologies too offer a wealth of health information and this is something insurers could capitalised on, allowing for further personalisation and specific discounts and incentives for policyholders based on their measurable lifestyle choices.

Over 38.5 billion Internet of Things devices are forecasted to have been deployed by 2020 and many of these things should be targeted by insurers who rely on data for the success of their business. A recent Accenture survey also found that 44% of insurers cite connected devices as a key driver to their revenue within the next three years so insurance businesses who haven’t already looking into the use of the Internet of Things and their business should be making moves in that direction immediately.

Big Data for Better Data

Of all the industries there are, insurance is probably more reliant on its data than most. To calculate premiums, ensure people are paying what they should be and to find new leads, exceptionally well managed and organised data is essential. The concept of Big Data, therefore, is an essential consideration for the modern insurer. It ties closely into The Internet of Things as through collecting more information about consumers, insurers can track and monitor their behaviours more closely. Whilst this may sound a bit out of sorts, the whole purpose of this level of tracking is to provide a more personalised experience, something which consumers have come to expect.

Big Data has allowed for the development of even more honed predictive analytics and one survey found that the majority life insurers have confirmed that want to increase their market penetration through the use of data and analytics. This probably sounds like common sense but many insurance companies have yet to realise the potential that is in offer, should they just collate a little more data. It is also important to be mindful of industry guidelines, the head of the Financial Conduct Authority recently warning insurers to recognise there needs to be limits to their use of big data. This is yet another balancing act to work into your growth strategy.

Intelligent Insurers Embrace Technology

While most insurance companies recognise the need to have some understanding of technology, not many are fully embracing the range available to them. To remain a competitive force in the industry it is important to aim to exceed consumer expectations and to do this, you have to make the most of the latest technologies available to you. And, just in case something may go wrong with all of this data and digital “stuff”, don’t forget about insurance cover like public liability and professional indemnity.

Good Fortunes to you; I hope I have helped your approach and mind set to marketing and business.

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