The insurance industry is notorious for its slow processing times, tedious paperwork and endless frustrations as customers wait to speak to representatives and adjusters about their claims. However, mobile innovations have been quietly remaking this industry for years, bringing fundamental changes to how employees set about their daily tasks.
Today’s insurance agents possess plenty of tools that help streamline their work, speed up processing and provide more efficient service. This also helps organizations save money while improving the overall customer experience.
Ultimately, the hope is that embracing technology makes insurance a simpler, more customer-friendly product that offers greater customization and affordability. Here are some of the significant changes mobile innovation has brought to transform insurance companies into digital workplaces:
Mobile tools to process insurance claims
Insurance claims can be famously slow, arduous and frustrating, especially when consumers are waiting for employees to approve the costs of repairs and medical procedures. In the past, it was routine for customers to spend days waiting for adjusters to make onsite visits to the locations of car crashes, gather information and complete their reports.
However, mobile technology has expedited this process. Consumers can use their smartphones and mobile insurance apps to share information with claims adjusters faster, and these adjusters can combine this information with their own mobile tools to process claims faster and resolve open cases.
As regulatory standards catch up with mobile technology, claims adjusters also have access to additional data sources to build comprehensive pictures of events and provide faster, more efficient services. The end result is more efficient, productive workers and better customer experiences driven by technology.
CRM solutions to grow clientele
Customer relationship management (CRM) is a cornerstone of any insurance business, since managing relationships is key to any company’s success. According to Farm Bureau Financial Services, a CRM platform that organizes clients and consolidates information helps agents complete this work with greater efficacy and efficiency.
With a mobile CRM solution in place, insurance employees can quickly view customer profiles, policy information, past interactions, claims and other pertinent information. Through the use of a CRM, agents can work faster and provide greater personalization for each customer while also facilitating better communication.
The rise of peer-to-peer insurance
Mobile innovations are disrupting the traditional broker-based approach to insurance. Peer-to-peer insurance is a form of insurance that uses crowdsourcing and social networking to help customers organize themselves into risk pools.
Instead of relying on big data to optimize premiums and assess risk for a large body of policyholders, P2P models give customers greater control over the costs of their insurance and their inherent risks while improving the transparency and efficiency of each policy, according to Insurance Business Magazine.
P2P insurance offers an element of self-service built on mobile technology, but insurance companies can get their hands into the pot by offering these products to a low-cost, mostly self-sufficient pool of customers.
Mobile analytics to drive improved customer service
Customer service has always been a struggle for insurance companies. The process often moves too slowly for customers recovering from accidents or waiting for prescriptions to be covered. In addition, these customers often don’t contact insurance companies unless they need to file a claim or are struggling to get compensation, which means most of the communication between insurers and customers begins from a place of frustration, confusion or stress.
Digital technologies are helping insurance companies improve customer service and the overall customer experience. Advanced analytics can leverage a wide range of mobile technologies to gather more data and expedite the customer service process. Auto insurance companies use data collection in vehicles to monitor consumer driving habits, allowing them to make smarter recommendations for products based on the customer’s needs. It’s also possible for health wearables such as Fitbits to monitor basic health vitals to assess risk and even prompt consumers to make preventative trips to a doctor.
Ultimately, this use of analytics and data could help customers reduce the risk of accidents and even lower premiums, while insurance companies can save on claims and expedite the claims review process.
For agents, adjusters and other insurance industry workers, mobile technology is bringing fundamental changes to day-to-day operations. Fortunately, what’s good for these workers is also good for consumers, as the insurance industry keeps finding new ways to build a more efficient, cost-effective and customer-friendly business strategy, all thanks to innovative mobile technology.