A hand holds an illustrated lightbulb in front of a horizon at sunset. In a digital-first insurance company, the data management is automated, leaving licensed agents available to deliver personalized and superior customer service to the buyer. (Credit: greenbutterfly/Adobe Stock)

When new technology disrupts a legacy industry, it’s usually consumers who demand and drive the change. Forty-eight percent of insurance consumers think the insurance industry is lagging behind technology. However, up to 72% of insurance consumers still purchase offline from an agent because they don’t know that online, mobile-friendly insurance shopping is available today.

Anyone who has purchased insurance by phone and a series of back-and-forth emails knows how slow and difficult that process can be. For the insurance companies that still rely on call centers and salespeople to get customers, the cost of doing business the old way keeps going up, while the customer experience continues to suffer.

The insurance market is already perfectly suited for automation

The home and auto insurance landscape requires compiling a lot of data and performing many repeatable tasks. That part of the insurance buying process is much better suited to robots, but it’s not just the hundreds of backend processes that can benefit from robotic process automation. Automation can also simplify the ways consumers search for and purchase insurance.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

Complex Claims & Litigation Forum 2023Event

Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.