The insurance industry is entering a major transformation stage as a slew of key trends converge on the industry. From shifts in customer behavior to AI-driven data collection, insurance as consumers know it today will soon be replaced with experience-driven, technology-powered solutions.
Current insurance industry trends
- Customers are buying insurance products directly from the carrier rather than through traditional commission-based channels
- IoT provides information not previously available to provide insight into claims risk due to policyholder behavior
- AI and automation provide the ability to decrease operating costs and provide better experiences due to shortened cycle times
- Customers want their insurer to be partners in their financial and personal well-being
What should you focus on?
- Diversify distribution channels: How can you introduce new models of activation, communication, and monetization?
- Connect insurance products through data: What new data points have you been ignoring?
- Improve experiences and manage expectations: How do you build smooth processes, decreased response time, and clear requirements into your transactions?
- Change the customer paradigm: When and how do you interact with your customers? Where else can you add value?
By asking yourself these questions, you get closer to the heart of your business, policyholder, and employee needs.
Learn to capitalize on these insurance trends and maximize your ROI on Salesforce with our latest industry whitepaper.