7 ways to make the most of insurance policies in 2023

As 2022 draws to a close, advertisers, agents, brokers and consumers in the insurance industry are thinking about what’s next. Many investors agree that the economy is emerging from a recession, but that inflation has slowed, giving a better view of the economy. length and depth may drop. Regardless, the economic conditions have insurance companies looking for ways to improve quality and customer loyalty.

Smart insurers can use digital systems and technologies that are beginning to streamline customer-facing processes, improve the customer journey and build better and more valuable relationships. in the next year. Here’s a closer look at seven 2023 trends and how forward-thinking insurers are using them to gain a competitive advantage and move the industry toward a better future. good.

Expanding data sources: It is used by the most successful insurers data and analysis they improve their regulatory processes and manage risks effectively. Insurers also rely on data to manage disaster response. In the coming year, insurers will double the data and expand their resources, finding valuable information from a wide variety of data, including water table data and images captured by precision cameras. In 2023, more information will be better and strengthen the bottom line.

Most insurance products in the cloud: The migration of insurance products from on-premise systems to the cloud will accelerate in the coming years. Many insurers have already taken the first leap and moved some key product functions to the cloud, but in the coming months, the use of the cloud will continue to simplify operations.

The impact of data privacy laws on claims management: Insurers operating in Canada and the US should be aware of privacy protections enacted at the federal, state and provincial levels. This is because it may affect the way they handle claims, including information acquisition and storage. For example, in the US, some states are workers’ compensation claims, so insurers are subject to state laws in addition to specific federal protections such as HIPAA. Privacy laws are evolving, and the best way to deal with them is to build compliance into the technology on the ground.

Increase business texting: Most people want businesses to communicate with them through text – according to one study, 64% consumers want text-based communication from brands, and more than 80% of Gen Z consumers prefer this method. Email fraud is on the rise in the US, so it’s important for insurers to understand the importance of finding and managing fraud. consumer consent for text communications and fully integrated opt-in and opt-out functions. Effective management of written communication using consent and important messages will improve communication with customers.

Power principles: As part of their drive towards greater efficiency, insurers will revisit the function of key technologies such as their business administration and case management systems. In projects aimed at improving customer loyalty and outreach results, insurers will look for ways to simplify and simplify processes, evaluate products together and aim for direct integration to achieve efficiency and reduce costs.

Quick info and payment: The SaaS sales model, i.e., monthly payment for information and services, is making money in many areas in on more traditional money, big investments up front. The speed of information and payments offered by this model will reach the insurance industry in 2023 to simplify the payment process and offer more flexibility. This situation may trigger changes in the industry, including in the area of ​​payment of claims and collection of funds. Insurers need accurate payment processing and automation technology to ensure payments and available information is easily accessible to customers.

The smart home and smart city development: The technology exists today to use data from smart homes and smart cities to make people smarter and prevent or reduce property damage. But first, public concerns about privacy, consent, transparency and trust must be addressed. Insurers will be instrumental in unlocking that future with better online practices, but moving forward will also require government action and consumer agreement on trust and the security.
This is an exciting time for carriers, agents, brokers and buyers in the insurance industry. Digital technology and data and analytics capabilities are driving new opportunities in all areas of operations, from customer relations to justice. crying.

Smart insurers are moving forward with these processes using automated technology to understand customer expectations, increasing customer loyalty. right, protect privacy and improve efficiency. There will be challenges in the year ahead, and a recession seems inevitable. That said, insurers that automate operations and communications can stay ahead, compete more effectively and succeed in 2023.

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