How has digital transformation proven a game changer for insurance industries?

Digital transformation is not an easy task, but it is necessary to remain competitive and deliver the kinds of service your target audience are demanding. So industries are ready to adopt the new advancement to their department to make their unique position in the market and to improve productivity in their core business.

So it is likely to be in insurance. In the past times, the traditional insurance business model has proven remarkably silent but with the growing technology, insurers were also feeling the effects of digital. From this effect, the way of delivering product and services are changing and increasingly will sure change the nature of a business too and even the business model itself.

 

Customer satisfaction, lower cost, and higher growth – three basic need  of an insurers

With the help of digitization and improved services, you can offer higher customer satisfaction and faster delivering, both are itself a driver of profit through increased customer retention. By emphasizing on the issue we came up with the result below.

These are the steps which will take you to the journey of customer satisfaction, lower cost and higher growth!

  • Risk Assessment: With the help of telematics (in-vehicle telecommunication devices), insurers can track their customers in order to predict and calculate risks.
  • False claims: One out of 10 insurance claims is fraudulent, for this major issue big data analytics is used to improve fraud detection and criminal activity.
  • Automation: when you take your business to another level with intelligence, you need to automate simple processes such as data entry, compliance checks or repetitive tasks that require fewer efforts and initiative skills.
  • Fraud Detection: Through data management and predictive modeling, Insurers can improve fraud detection and criminal activity using Big Data
  • Customer Insights: Gaining customer insight with big data can really help in solving customer problems in real-time with the right approach and also helps to develop a trusted relationship.

Good news for all the insurers – OBD tracking system

This is all good news for insurers, that new technology has come up with automation- the power of data and its analysis which help insurers to know their customers in a better way. With the help of digitization and improved services, you can evaluate the right information and unlock better insights easily.

Insurance is meant to give us some measure of protection and it can be in any form like health, life insurance, Vehicle and so on. But the one which is not an option but compulsory by law and counted under a legal requirement in every state is auto car insurance

The Motor Vehicle Act of 1988 makes it mandatory for all vehicles to be covered under an appropriate insurance policy before they can ply on the road. If the Government have strict rules for the public than why not an organization can make another for the security and safety of the company as well as of the clients.

To overcome the challenges, the best possible system insurers should follow is a car tracking system that will not only help insurers but also assist in making the world a better place to live in by keeping a track of every little activity. From real-time location to pre-diagnostic history all can be tracked through an intelligent device called OBD GPS tracker. So stop thinking anymore and introduce this device to your insurance business for Customer satisfaction, lower cost and higher growth.