Supercharging insurance businesses: Embedded insurance & CPA

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What COVID-19 is teaching the insurance world

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As a business, we are sure you know.

These are times of crisis.

The world is operating upside-down and no one has any idea when it would be upright again.

In the meantime, everyone is handling things differently. Overall, everyone has faced one obstacle or the other. Delivering a good user experience while managing unbalanced supply and demand is difficult.

 

Times of crisis

The word crisis comes from the Greek word krisis which means ‘a vitally important/ decisive state of things where change occurs- either for the worse or better.’

Undoubtedly, this is a crisis and we all stand at the precipice of a decision.

However thanks to the recent shifts towards digital workflows, companies have been able to continue operations with some hurdles. Technology and AI are at the heart of this.

As per Bold360, over just a couple of weeks, live chat volumes doubled across its client base. Support centre queries increased by 500% since people had no option but to use digital channels when the phone wasn’t an option. Chatbot volumes, too, grew by 30%.

These tightly integrated live chat and chatbot solutions were the very reasons why Bold360 was able to continue serving its customers. They could be resilient and help their customers to be the same.

 

What is the current crisis highlighting?

Plenty of things. If we pay attention to them, the aftermath of the COVID-19 could very well spell a new era in insurance and insurtech.

 

Inability to serve well the customers with current tools

It is a logical conclusion that the systems and processes set up until now were for the pre-COVID world. No one could’ve predicted this happening and hence, no one could’ve been prepared for it.

For example, human helpdesks and call centres that have been put in place, prove inefficient during this time as we saw above. Managing calls from home is not yet a feasible solution in the long-term. 

In addition, trying times always lead to an increase in the number of enquiry calls that a company received. Thus, in addition to the usual number of calls, companies have to accommodate new ones as well. This phenomenon is known as surge and has been known to break the backs of many organisations.

 

The difficulty in communicating and working together

The whole world is habituated to working together in an open office space with regular face-to-face meetings to see how much has been done. At home, there is no such manager or process to keep people working.

While a lot now depends on taking greater self-responsibility, companies, too, need to step up and change internal processes for employee productivity and well-being. Again, all these processes will be implemented over digital mediums.

 

New ways of working are possible and are needed

Before COVID-19, only a few thought working at home was conducive or productive. With no other option now, businesses have had to pivot. Doing so has made it apparent- you can get a lot done via digital processes and mediums. If nothing else, this time is a testament to this truth.

 

The way forward from here

With the blindfold removed from our eyes, what will do?

As soon as things go back to ‘normal’ (which we know they won’t), will we default to the old ways of being and doing business?

Or will we take the above learnings and make shifts? The disruption caused by COVID-19 while uncomfortable is also an invitation- an invitation to step into a fresh, creative, and bolder way of working.

If you’re ready, then lean on InsurTech. Consider integrating chatbots and other automation technologies to streamline as many customer-facing processes as you can. Not only will this lead to greater long-term efficiency, but it will also free up space and resources to finding creative solutions to business problems. 

Not to mention, an InsurTech partnership not only safeguards you in the present, but it also creates a support system for the future. 

Before digital was on the business agenda, now it is the agenda.

Are you ready to pivot? If yes, then waste no more time. Read more about the solutions offered and get in touch with us through the infobot.

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