Despite the pandemic of 2020, most financial institutions and markets have been resilient.
Plus, in 2022 with COVID-19 restrictions loosening up, it is a good time to look at the trends which are occurring across the board in these companies. If you are considering investing in insurance, you may be surprised to know that even the insurance industry, be it home insurance, contents insurance, or even pet insurance, is undertaking some interesting trends and changes.
In this article, you will be introduced to 5 of the top insurance trends in 2022
It should come as no surprise that most insurance companies are investing even more heavily into the digital revolution. This has evolved from simply looking to change the customer experience to becoming more efficient overall when customers are making claims and payments.
An example of this kind of digital integration into purchasing and paying insurance can be found at kbdinsurance.com.
Automation is slightly different from the digital aspect, although the 2 are linked. Automation with insurance can provide quick results, especially when you are looking to compare insurance across the board before purchasing it.
However, it can also be used for claims management, policy management payments, and for highlighting underwriting, so you are clearer on what is that you are purchasing.
Artificial intelligence is becoming more integrated with insurance and it is going to continue to change the process overall. It is likely that, with more insurance companies using AI, there will be lowered costs to the price of insurance, faster response times, and even better decision making, all designed to optimize the customer experience.
As well as this, AI is likely to be used against insurance fraud as well, and can be used as part of fraud detection, to ensure that there are no fraudulent claims made in your name.
Many people are aware of the dangers that can occur online, which has led to more insurance providers investing in cyber security. This is particularly important to prevent phishing attacks. Cyber security has evolved to offer more secure transactions, the identification and management of cyber threats, and preventing hacking with encryption, which is vital for any insurance company.
Customer Experience and Feedback
Insurance companies are aware that most people use their phones or computers to enquire about almost everything. Plus, insurance providers are looking to use the aforementioned technologies and better training of their staff to ensure that when you choose an insurance provider, your experience will be positive overall.
Yet, this extends far beyond a chatbot in the corner of the screen when you log on. It is moving towards a more integrated version of these systems. When you log onto your account, for example, to check insurance premiums, there will be a message at the top of the screen welcoming you using your name, to help add a more personal engagement element. Of course, if you are not a fan of excessive automation, there will always be somebody on hand at the other end of the phone to talk to. Almost all insurance providers are aware that, for those who are not tech savvy, all this automation can be a bit intimidating.