Life after the pandemic – What does the future of insurance look like?

The COVID-19 outbreak changed the industry outlook from positive to negative due to the volatile and uncertain markets. While the primary focus was ensuring safety and containing the spread of the virus, enterprises have slowly figured out alternative ways to enable business continuity. 

Going Digital

The insurance industry safeguards people, businesses, and assets, making it crucial to find a way forward during these times. Today, digitization has gained accelerated growth as the virus pushed the world to expedite its efforts to help its businesses stay afloat. 

Today’s crisis requires insurers to address the current scenario and the future of the business, posing this to be a potential game-changer. One thing is sure, enterprises that make strategic investments and advancements in operations and technology will attain a position of strength and see significant growth in the coming years. 

The Way Forward

Enterprises are already working towards stabilizing their businesses and elevating them to the new normal. The short-term goal of insurers is to enable this shift and establish themselves as digital insurers. Multiple factors that should be considered are:

• Enabling the workforce to shift to a remote working model. It includes equipping them with the required technology and devices to support a seamless shift. 
• Make the digital experience fulfilling for both customers and employees. Develop a strategy to help agents connect, engage, and serve customers across all digital touchpoints. 
• Invest in digital interaction and voice-based customer engagement channels. 
• Expand capabilities on the digital front and launch innovative products to enhance customer base and retention. 
• Invest in cutting-edge technology that transforms business operations like underwriting and claims processing. 
• Leverage partnerships that will facilitate business continuity and growth. 

To enable all of this and more, insurance leaders are increasingly making the switch to digital and cloud-based solutions as they offer scalable and flexible models. Processes that earlier involved tonnes of paperwork, and were long, tedious, and error-prone, requiring a lot of human hours, are now being automated.

The Future of Insurance

The COVID and the post-COVID world have no room for traditional products or processes. What customers want today are personalized products and experiences with anytime and anywhere access. The old, complex, and paper-driven insurance models involving multiple back-and-forth and tedious claims processing are slowly becoming irrelevant. 

Digital insurance has the spotlight today and will continue to see significant growth after the pandemic as well. So, in the long-term, insurers must look for ways to adopt new-age technologies and move beyond legacy systems. Think long-term and build systems for tomorrow. It will help cut down IT expenditure and enhance digital channel engagements with customers. 

Utilize AI and RPA. In the competitive insurance world, the longer a process takes, the higher are the chances of losing out on a customer. Improving processes like underwriting and claims processing through AI-powered automation will enable businesses to stay ahead.

Neutrinos – Digital Insurance Solutions

It is all about striking a balance between the short-term and long-term actions to build a resilient business model. Neutrinos has been an active part of the digital transformation journeys of the insurance world. We launched our Digital Insurance Sales Distribution to lend a helping hand to insurers and enable them to conduct business as usual. 

Our solutions are helping insurers accelerate their digital transformation efforts with the help of our low code MXDP. Aviva, Telesure, and MPI Generali are some of the leading insurers who have leveraged our platform and rolled out our solutions. 

Read a successful case study that helped a leading insurer optimize the claims process with our Telematics solution.

Are you looking to accelerate digital transformation and enable digital insurance solutions?

Contact Neutrinos Now!