Media-Insert Communications

Media-Insert Communications

The blog of Media-Insert Communications – featuring freelance P.R. and journalism links to the work of Graham A. Jarvis.

Editing, Journalism, Copywriting, and Public Relations

Like most industries, digital transformation is changing insurance. Journalist, Polly Jean Harrison, writing for the Fintech Times on 5th May 2022 about ‘The Top Tech Trends Transforming The Insurance Industry’ therefore claims it has never before more ripe for disruption than it has today. The charge for change is being led by Insurtech startups who lead with technology-first approaches. Arguably though, they need to lead with customer-first approaches by initially understanding how the implementation of technology impacts on customer experiences of insurance brands. 

This industry shake-up is nevertheless expected to change the industry forever. The start-ups are working on augmenting legacy systems, increasing robotic process automation (RPA), low-code/no-code developments, tailored digital products, and then there is Spixii’s ability to offer Conversational Process Automation (CPA) and its expertise in enhanced Conversational Self-Serve Technology.

Harrison writes: “Insurance companies are in a “digital race” as they rush to innovate to support better customer experiences. Agility has become a baseline to mark competitiveness in today’s insurance space…[insurance] companies are exploring AI-enabled tools to automate estimation and inspection. One instance of this is the use of telematics to offer greater levels of contextual information to aid smoother, faster, and more comprehensive claims settlements.”

“More and more agents and brokers are turning to digital tools; at the same time, customer demand is skyrocketing with the emergence of self-service digital channels. A McKinsey survey conducted in 2020 of European insurance executives, revealed that 89 per cent of respondents expect a significant acceleration in digitisation, and most also foresee a further shift in channel mix.”

She argues that the fully tech-enabled insurers of the near-future will be unrecognisable when compared to today’s organisations: “The fact of the matter is that inefficient, manual processes have to go. Paper-pushing may have been the norm in the insurance industries for centuries, but this is no longer feasible. These archaic channels cannot be seen as necessary evils anymore, with digital solutions right here under our noses and being normalised more and more each day.”

Explore more, read the complete article on Spixii's website

Client: Spixii. Published circa June/July 2022. 

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