PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

HERE’S HOW INSURANCE AGENTS CAN WEATHER TECHNOLOGY GAP!

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The insurance landscape is changing at a rapid pace. More and more insurance companies are embracing the latest technologies, be it robotic process automation or predictive analytics.

The technologies of the future are fast becoming technologies of today, whether we talk about driverless cars or artificial intelligence (AI). While this progress is encouraging, the entire industry needs to keep up.

Will agents be affected by this technological revolution? While a few agents are taking this digital challenge seriously, some are not keen to make effective action. This technology gap will grow if brokers do not step up their game, resulting in the loss of clients and business.

As the insurance industry transforms, so should its agents. Technology will be a threat if agents do not adapt to it. The key to the insurance industry, is adapting to the fast pace of change and making sure you are not left behind. Clear progress can be seen as agents are adopting new technology to improve customer satisfaction and increase profitability.

Insurers in the Digital Era!

Technological trends will definitely transform how the insurance market works. There’s going to be a plethora of changes in customer engagement and the way insurers connect with their customers. This will change the way insurers work; those who are just doing sales will be affected for sure. But, brokers who are looking to establish value in the insurance chain will definitely taste success.

A lot of insurers are now adapting the latest technology. This will benefit underwriters to personalize customer interaction, better predict customer needs, streamline processes to higher efficiency and manage risks.

Insurance companies offering 24/7 customer service will gain a competitive advantage. Conversely, agents who ask clients to “call the support department” after-hours or tell them to “leave a message” are pushing business away needlessly.

Messaging has replaced voice conversations. A lot of insurance giants have already started using chatbots to improve the customer experience. Customers have started following a new approach; the “10-minute rule”, which means they will move on if they are not provided with a satisfactory answer from the brand in that particular timeframe.

Embrace Technology, Not Fear It!

The insurance sector is going through a tsunami of change which is affecting everyone, from brokers to customers. The things once considered innovation are now commonplace. Insurance agents need to embrace this new technology and use them to create a seamless experience for customers. Running from artificial intelligence (AI), chatbots and other such revolutionary technology will only end up losing existing and potential clients.

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