Digital claims introduces digital touchpoints and improves customer journey, making the process more time and cost-effective for insurers.

Depersonalization and rising expectations of convenience with mobile apps means customer experience (CX) is the only differentiating factor.

It’s easier to retain existing customer than to acquire a new one. Data-driven personalization may help insurers improve customers' perception

2023 is likely to see the beginning of the final stretch of digital transformation in the insurance industry as many have already caught on to the basics that are required to run a robust digitally-enabled sales and servicing operation.

Customers are clamoring for an enriched experience beyond the 2D outlay a laptop or mobile can provide. They want immersive experiences now.

Parag Sharma, CEO and Founder of Mantra Labs shared some key insights on ‘AI and Future Insurance Customer Experience’ at an event hosted by IRDA and supported by India Insurtech Association:

Gen Z typically has an attention span of merely 8 seconds. They are ready to pay more for a great experience and convenience.

With a sudden hike in insurance demand, customers' expectations have escalated, and so does the complexity involved in creating an exceptional experience on such a wide scale. According to the survey conducted by Mantra, the majority of insurers want to invest in improving Claims Management process (69%) and Customer Servicing (65%). Canada-based Manulife increased its straight through claims processing rate from 68% in 2018 to 81% in 2020 by digitizing all its processes, from claim submission to servicing.

IRDAI has made KYC mandatory for Health & General Insurance policies from 1st Nov and will not extend the deadline further. One-stop shop ‘Bima Sugam’ will assist insurers and IRDAI in tracking integrated data to better understand coverage patterns, customer needs, and product specifications and boost insurance penetration. The solution will also help save insurance policies in a Demat format, making it simpler to handle renewals and claims.

The Insurance Regulatory and Development Authority of India (IRDAI) has been modifying industry laws and regulations over the past several months to make it easier for insurance companies to conduct business and offer convenience to India’s humongous customer base. And now, the latest move is the dematerialization of insurance policies.

Consumer perspectives and expectations may differ due to the difference in their demographics. 'One-fit-for-all’ approach may not deliver a great experience to insurance consumers. Over the last two years, a large number of customers, particularly older Millennials and Generation X, have shifted to mobile apps to purchase insurance.

Insurance industry is at the cusp of digital transformation where a volatile shift in the consumer mindset is compelling insurance organizations to assess their existing business strategy and accelerate the digitalization of all the touchpoints.

With the global pandemic changing the insurance landscape over the past two years, Insurers are faced with a multitude of core strategic problems, including how to increase shareholder value.

AI-aided Super Agents can 'engage to win' customers with 63% more success. Though AI saw adoption rates jump 50% in 2020, usage rates remain low.

Carriers who prioritized CX before the pandemic have already gained an early advantage. Mature CX organizations are more than six times as likely to exceed their customer retention goals. Investments in digital front-office transformation would better align Carriers with their customers’ engagement needs and improve cost efficiency.

The insurance sector has been on a roller coaster journey for the past two decades. Despite the fact that global demand for insurance increased dramatically in the first wave of Covid, the insurance industry had significant setbacks in the second wave as a result of higher claims for deaths and Covid-19 medical bills.

Adopting CX technologies allows Insurance enterprises to enable scale & speed, engineer new experiences, and analyze behavioral data.

Conversational CX leads the pack among 'tactical investment strategies' for Insurers. Cyber/Data Security and Agile Cloud Computing are the other resilience-focused transformations. Conversational CX touches all parts of digital insurance journeys. It extends across the entire value chain, not just the upfront sales and onboarding process.

Mature CX organizations are more than six times as likely to exceed their customer retention goals. Investments in digital front-office transformation would better align Carriers with their customers’ engagement needs and improve cost efficiency.

Adopting CX technologies allows Insurance enterprises to enable scale & speed, engineer new experiences, and analyze behavioral data.