Truth be told, the insurance industry has never been much of a leader when it comes to technology. But finally — after decades of working with clunky workflows, outdated software, and lots of paper — many insurance companies are starting to get a taste of the tech bug. Perhaps that’s because hungry newcomer start-ups like Slice saw an opportunity to do insurance smarter, faster, and better. Or perhaps they realized how much time, money and risk they can save by updating and automating their processes — up to 65% in cost reduction alone. Whatever the case, there’s finally forward movement in the insurance sector, and customers are rejoicing that companies are jumping into the digital age. The following are a few ways insurance providers are making life easier for customers through the digital transformation.
Ah — the beauty of the self-service model. We’ve seen it in grocery store lines and restaurants — and now we are finally seeing it in insurance. As we’ve learned, people want to use their phones to get “life” done as quickly and easily as possible. They’ve also started to get more comfortable with doing serious things — such as taking out mortgages and buying cars — at the click of a button. It makes sense they’d want to do the same thing with their insurance—managing everything from finding the right policy and making a claim, to tracking their car repair all from one place.
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