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There are three main areas where mobile solutions present real answers to the insurance industry’s current challenges – let’s see them in detail!
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Sales: from Slumping to Stellar
Insurance companies globally are struggling to close the most deals possible in the shortest amount of time, facing tough competition along the way from technology-driven players. Other than driving down the prices, they make the whole process of buying insurance easier – again posing a threat to providers with sluggish processes.
Traditional insurers need to keep up with this trend, and mobile applications are able to ease the pressure. Consumer-facing apps are a suitable solution for today’s conscious customer who demands a quick and transparent buying process with more interaction with the service provider, even if it’s virtual, like a 24/7 customer support.
When they do require a personal contact with the sales agent, employee-facing apps are the solution to support the sales cycle in many ways. Accessing data wherever and whenever is not a problem anymore, so agents can support their argument in real-time when meeting with clients. Equipped with a tablet, the agent can give full control to the customer in the calculations with automated quotes, while also able to show rich presentations or give advice on critical choices backed by database evidence.
Let’s not forget that mobile apps are two-way tools: while the agent is on the road, he or she can also supply business-critical information about customers and deals, such as quotes and preferences, that the whole team can have access to. Managers can communicate with the field team in real-time, through easy-to-use interfaces, and call the attention to cross-selling opportunities.
Damage Appraisal: from Dilatory to Dashing
Damage appraisal is one of the most important activities of insurance companies and a typical field job. Traditionally, it had been a paper-based process with lots of delays because of the slowness of paper file transfer and manual data input.
Digital transformation, however, didn’t leave the industry untouched, and the paper-based workflows are slowly being replaced by digital ones, ideally with a mobile-first approach. Some companies even take it one step further by embracing the increased connectivity of devices known as the Internet of Things, for on-site, automated claim management.
Mobile devices and easy-to-use apps are a way to maximize the output of an aging workforce of damage appraisers while attracting new, tech-savvy talent to the profession.
Mobile applications can handle the submission of low-risk claim forms in an instant, and provide the agents with information on the customer, helpful hints on reasonable claims, repair cost estimates, or compliance issues.
A simplified daily routine makes the use of a mobile app attractive to the agents, increasing their engagement and loyalty, especially if the application interface is user-friendly and minimal training times are required.
Due to a real-time input of appraisal data, claims can easily be adjusted by the next day, reducing the usual waiting times by even as much as 40%, which will increase engagement on the customer side.
Valuation: from Valid to Value-Added
Even the property sub-market of the insurers has been experimenting with steering their processes in the mobile direction to meet new demand from the customer side.
Frequently changing regulatory environments, market conditions, call for a sustainable solution to stay in the competition. By cutting back on process times and costs, insurers can save what is lost in the price competition.
During property valuation, the most useful is probably an appraisal helper that allows the agent to synchronize data about a property that was either put in off-site or on-site and add sketches or photos to a complete picture. Some applications also have the capability of converting documents like blueprints to portable formats and store them in the cloud for easy access.
The real-time access to specific data sends the message of professionalism to the client. Mobile applications allow the agent to use downtime to increase productivity as well as to add real value to a process without much effort.
For a worker who is always on the go, tracking mileage and other expenses without any paper involved is also a function of utmost importance. These documents can also be attached to reports and getting handled by the back-office staff with more efficiency.
See how SCOLVO helped improve the processes of Aegon Group, one of the most well-known names in insurance globally
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