The New Face of the Insurance Provider

October 8, 2018

The following is a guest blog post courtesy of Jetty, a source for affordable renters insurance. This article is the opinion of the author and does not represent Jetty Inc.

woman holding ipad

Insurance agencies and providers that best serve their customers are those that stay abreast of new trends in technology and service standards. By implementing the latest tools and offering customers flexible options, an agency or provider is more likely to continue making the right impression on clients and keeping their trust.

Specifically, insurance companies and agencies should start focusing on three major tech developments: the rise of self-service dashboards, a focus on customer-centric service departments, and the introduction of add-on products as insurance continues to become part of a greater “services” industry. 

Regardless of whether an agency operates within the auto insurance, apartment insurance, or any other insurance field, these innovations are transforming how the industry operates. The information below will help you better understand these trends, and how they impact a customer’s relationship with their agency or provider.

Self-Service Dashboards

Big data and analytics are important for virtually any major organization in today’s digital world. However, while the technology to analyze and store data has improved rapidly, the ability of the average user to take advantage of these developments may still lag. That’s why insurance agencies and companies should implement self-service dashboards that allow their employees to more easily manipulate, analyze, and draw conclusions from existing data sources. 

Providers and agencies can also create dashboards for customers. These will be less data-focused than the ones used internally. Instead, they can give customers the chance to review their individual policies and make adjustments without going through the tedious process of contacting a support representative. Eliminating the “middleman” simply allows for a greater degree of convenience.

Customer-Centric Service Departments

Technology has the potential to dramatically improve the overall customer service experience an insurance provider or agency offers. 

For example, insurance agencies should adapt to the changing times by allowing customers to access various service department features through multiple channels. Again, calling up a customer service representative can be a time consuming and frustrating process. Giving customers the chance to easily access these features via a mobile app offers a more efficient alternative.

Imagine a customer wants to file a claim. Instead of calling up the agency or provider directly and having to coordinate with a representative, all parties benefit when insurors create a mobile app which guides the customer throughout the process swiftly. 

This can reduce operational costs by limiting the need for active customer service representatives. The insurance agency can pass the savings along to the customer, offering improved service at a more affordable cost.

Add-On Products

Increasingly, insurance agencies are offering add-on coverages and products that let customers tailor plans to their exact needs. When doing so, it’s important to be transparent. Customers should clearly understand what’s available, what the cost is, and what steps they must take to add these features.

Keeping clients informed is crucial. Wells Fargo recently got into trouble when it was revealed that customers were paying for add-on products they didn’t know how to take advantage of. In many cases, they didn’t even fully understand the product when it was added to their plans. Now Wells Fargo must issue those parties refunds.

This is another reason a mobile-friendly, customer-centric approach is essential. Simplifying the process of purchasing and adjusting an insurance plan should be a key goal of any insurance agency and provider. By taking advantage of technology, it’s possible to offer a greater degree of personal service than ever before, while avoiding unwanted outcomes like those suffered by Wells Fargo and its customers.

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