How Technology Is Changing the P&C Insurance Industry

We’re living in the age of empowered consumers and employees. Your policyholders’ expectations for digital experiences and instant ease of access have never been higher. Meanwhile, your internal teams have more choices than ever about where they work, so attracting and retaining them in a tight labor market is imperative.

The good news is that technology is rising to the occasion to help P&C insurers achieve the twin goals of customer satisfaction and employee retention. Let’s explore how.

What Customers Want

Today’s policyholders expect their insurers to play by their rules when it comes to engagement. They want information when they want it and through their engagement channel of choice. Every other facet of their lives works that way, too from communicating with friends, family, and work colleagues to ordering their lunch online, digital is the new norm.

If you’re not already building your capability to meet these elevated expectations, you’re behind the curve.  

Help is at hand in the form of cloud-based insurance technology that allows you to deliver an intuitive, immediate, and flexible customer engagement experience throughout the policy lifecycle. Some of the key features of these digital insurance solutions include:

Self-service: Your policyholders can access their insurance details and documents online with a few clicks. They can even pay their premiums.  

Robotic process automation (RPA): RPA is opening the door to new levels of operational efficiency through solutions for data pre-fill, automated decision-making, and advanced communication, all of which can accelerate the speed of policy servicing and claims administration.

Artificial intelligence (AI) and machine learning (ML): Advances in AI mean digital insurance platforms can process massive volumes of customer data to create personalized products automatically. Hyper-personalization and shorter turnaround times are good news for customer satisfaction. ML, on the other hand, can reduce the risk of customers’ claims being delayed or rejected erroneously. Pre-built algorithms analyze each claim’s data the moment it’s received, making settlement faster and more accurate. 

Telematics: Telematics continues to revolutionize auto insurance policy management. Essentially, telematics installs “wearables” in policyholders’ vehicles that monitor various indicators like location, speed, terrain, and driving habits. This data is processed by analytics software to help insurers determine a fair policy premium for each customer. Customers with safer driver habits get rewarded with lower premiums, as they pose less risk. 

What Agents Want

Insurance technology isn’t just good for customers; it’s good for your employees (and your bottom line!) It can automate up to 60% of back-end operations, allowing your teams to focus on adding value through their knowledge and experience. 

Insurance software can be deployed and accessed from anywhere. This enables you to offer teams the ability to work from home, something that will help give them the work-life balance they desire. This also gives you access to a wider talent pool. The days of having to recruit insurance specialists that had to live within a reasonable commuting distance of your physical locations are over. 

Beyond insurance platforms, forward-looking insurers are also leveraging new technologies to enhance employees’ on-the-job training and development. For example, some are using virtual reality to train novice claims adjusters faster. In days gone by, they’d typically shadow a more experienced colleague in the field for several months to learn the ropes. That takes time. Virtual reality training can accelerate the learning process exponentially. The technology simulates the scenarios adjusters frequently encounter, such as car and water damage, and trainees virtually step through the investigation process. This approach prepares young professionals to become confident faster while building their ability to provide a better customer experience.

Adaptive, Attentive, Innovative Insurance Solutions from Insuresoft 

Insurance is all about protecting people and businesses from risks. At Insuresoft, we’re committed to helping P&C carriers deliver on their promises in a more digital and automated world. 

Our Azure-deployed Diamond Platform gives you the means to reduce IT operating costs and move to a more strategic, innovative, and modern approach to serving policyholders. It’s an all-in-one enterprise software solution ideal for personal and commercial lines, combining core policy processing, digital engagement, and intelligent data to advance each insurer’s mission.

Learn more about our platform or contact us today.