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THE CORONAVIRUS AND IT'S IMPACT
Insurance industry will accelerate its digital journey post Covid-19
The emerging trends post COVID crisis can be far-reaching. Pandemics can be short-lived, but the economic impact can be long-term.
Given the importance of insurance to safeguard people, businesses, and other important assets, it is important for the industry to find alternate ways to ensure business continuity, maintain and enhance service quality, and keep the innovation engine on. While the industry had already made big strides towards digitization, Covid-19 encouraged all the players to expedite the journey, literally in a span of a few days.
Here are some major changes that we have witnessed: -
Digital interaction capabilities:
Given that India has low financial literacy as compared to some evolved markets, nothing replaces the impact of face to face interaction between an agent and customer. However, self-service portals for policyholders are proving to be a game changer by providing a fast and easy way to connect and interact. These portals are built on an intuitive & responsive design approach and can be easily accessed through a web browser or mobile applications. Additionally, as people get accustomed to it, premium payments, claims and other customer requests are likely to increase soon.
Insurers will also need to ramp up their call center operations to keep pace with the rising volumes. This means using new age solutions such as cloud telephony, AI powered chatbots, Whatsapp based response, and interactive voice response etc. By all means, the investment is worth making, since it takes the customer experience to a new level and helps in cost optimization.
Conclusion: If you are unable to update yourself as per industry need then your customers will replace you automatically.
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