In today’s world, speed is more important than ever because consumer expectations have evolved. Consumers now expect purchases to be delivered the next day, all possible flight options to be available with a few taps of a finger, and repetitive tasks to be automated by a machine or a few lines of code.
Naturally, consumers have extended expectations to the insurance industry: they expect claims to be processed quickly and policy renewals or cancellations to be completed in double quick time.
PolicyDock can help insurance companies, brokers and managing general agents and digital eco-systems meet these expectations by:
- Ending manual reporting
By standardising disparate sources of data and uploading them into the cloud, there will be no need to do mundane paperwork by hand. Once this tedious component is eliminated, fewer people will need to be hired to perform that one task while other staff can spend more time performing data analysis. Savings that are achieved through headcount reduction can consequently be passed on to consumers.
- Improving the customer experience with innovative insurance
When clients see their claims handled efficiently and have a seamless digital experience, their satisfaction levels will improve. The next time they answer the survey question, “how likely are you to recommend us?” you will see a higher Net-Promoter-Score.
- Delivering real time data
Once data is standardised, easily uploaded to the cloud and conveniently accessed, information can be examined quickly. Companies will then be in a better position to adapt to market conditions faster.
- Meeting business partner expectations
In its March 2021 report about why Asian insurers needed to innovate their products, McKinsey noted that super-app companies measure success based on the number of times a product is iterated, with each adjustment based on consumer insights. The consultancy believes that super-app companies will expect potential partners like insurers to move at the same speed.
- Launching and iterating new products fast
Once new products are in the market, consumer behaviour data needs to be gathered, analysed, and adjusted for pricing and audience targeting. At the same time, previous iterations of the product should be kept in a cloud repository that is easily accessed so that analysts can quickly determine what has previously been tried and tested.
If any of the above points pique your interest in learning more about us, allow us to demonstrate PolicyDock to you. Get in touch with us at demo@policydock.com