Insurance is one of the oldest financial businesses in the world, but it cannot keep using its traditional models. With the increasing use of the internet and mobile phones, insurance companies must follow the digital trends or risk losing customers.
Requesting a quote or buying insurance online is now an appealing option that most insurance companies offer. Through this option, the entire process becomes much easier for customers as they can get free quotes and decide which insurance company is best for them without physically meeting an agent.
The claims process can also benefit from digital use in the insurance market. Nowadays, with Artificial Intelligence (AI) and Automation, the claims process is both clearer and faster, without the direct intervention of an agent.
Chatbots are another use of digital technology. Currently, customers can have their questions answered so much faster than before and at any time, without the need to wait for the working hours of the insurance companies.
Finally, insurance companies can use Social Media as a new way of marketing. It is a direct way for customers to research about insurance companies, read reviews and review a product to help others. At the same time, insurance companies can reach out to their audience and be more assertive regarding their needs.