| |November 20229THE RISE OF THE INSURTECH ECOSYSTEM FOR FRICTIONLESS CONSUMER JOURNEYAs per the Capgemini and Efma's 2021 World Insurance Report, an overwhelmingly three-fourth of patients and policyholders expect insurance providers to understand their needs and expectationsTechnology Collaborates with InnovationIn today's digitally-fuelled world, deploying cut-ting-edge technology is not just an option, but a man-date to keep up with new-age consumer. A seamless experience across physical and virtual platforms goes a long way towards consumer satisfaction, especially in case of insurance where the companies do not sell a physical product, but a promise that they would be there in the customers' times of need. It is through technology that insurance companies can effectively deliver on that promise.It has been several years now that technology has been driving every single aspect of consumer experi-ence right from visiting the website to purchasing the product and customer service interactions after mak-ing the purchase. Since the consumer can interact with the insurer on multiple channels, it is of paramount importance that the context of the conversation is re-membered and even predicted upfront when the inter-action begins. Technology can enable companies to create a comprehensive profile of the consumer based on data collected from real time events and customer interactions, including payment, purchases, ticket, call and browsing activity. This profile, once created, can help in follow-up interactions across any channel, thus creating an extremely personalised experience for the consumer. Today, various technological ad-vancements like blockchain, machine learning (ML), data analytics, artificial intelligence (AI) and automa-tion are contributing to revolutionise the insurance sector, helping it become more consumer-centric.Automating Journeys for Better ExperienceThe future belongs to a data-driven, consumer-cen-tric approach. Technology aptly completes the puz-zle to help insurance ecosystem attain that approach. For instance, smart contracts can enable insurers settle claims without the need for a lot of paperwork, time-consuming meetings, and obsolete manual pro-cesses.Especially, if we talk about common case of motor insurance claims, the whole consumer journey has been made a lot easier and frictionless. The conven-tional process of having to manually coordinate for repairs and then for claims after an accident can be a harrowing process for the consumer. This has been eliminated and now, the consumer can simply report the accident online, choose from an approved list of network garages and plan a tow or pick-up. The insur-ance company, on the other hand, can also generate an automated turn-around-time while the document are uploaded and scanned online, making consumer ex-perience much more hassle-free. In such a case, tech-nology comes as a saviour to the customer who might be dealing with aftermath of the accident and can fo-cus better on recovery.Big Data AnalyticsIn today's hyper-personalised world, even the every-day products come in a huge variety for customers. So, why should something as crucial and personal as insurance should follow a one-size-fits all approach? Technology like Big Data Analytics today enables in-surance providers to use data from multiple sources to accurately identify customer needs and provide them a personalised insurance product that is tailored to suit their needs. This is exactly what the customer wants ­ to respect their diversity and to be treated as independent individuals rather than just numbers or transactions.Similarly, companies can also use big data analyt-ics to accurately predict the risk value and define risk profile of different individuals while offering them insurance products. This helps them arrive at fairer premiums based on the accurate identification of risk. So rather than just using age and medical history of a customer, companies can take into account their life-style and even their vulnerability to diseases in future, making it possible to lower the premium for the ones who are less risk-prone and generally keep the premi-um low for the entire ecosystem. Today's constantly evolving world of technological innovation has made it possible for industry stakeholders to make the entire consumer journeys seamless virtually. Right from digital onboarding to offering personalised products, and from offering fairer premiums to hassle-free claim settlements, technology is at the forefront to make this all possible. The InsurTech ecosystem is at the cusp of a digital revolution that is all set to trans-form the insurance and its consumer experience for-ever.
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