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Consumer demand and satisfaction levels rose as a result of the digital transformation. Whether insurers become accessible and attractive companies will necessarily depend on their willingness to innovate.

Bureaucracy is a thing of the past: customer needs, adapted to the digital world, demand a better service and a simplification in the requirements to obtain a product or service.

For a few years now, insurers have faced the challenge of digital adaptation that continues to evolve. And while they have placed their products and services on digital platforms to some extent, the impact generated by COVID-19 requires accelerating and going further.

In the case of this sector, the changes that are taking place have to do mainly with the transition in the mentality of users, which are closely linked to new technological developments.

By integrating and matching physical and digital channels with users, technology enables the insurance industry to convey confidence to its clients from all their contact points.

In our case, the pandemic drove us and forced us to be digital when we never thought we would be, but this was the only way to continue working and from that perspective we have done well
– Mario Vela
CEO and President of Prudential México

The global trend is as follows: 50% of property and casualty insurance customers bought a policy online and 41% used a Smartphone to make the purchase. 47% said they want more online interactions with their insurers and only 15% considered they are satisfied with the current digital experience, according to the recent report “The Insurance Customer of Tomorrow” from the consulting firm Accenture.

A company dedicated to this business must listen to the customer and attend to their needs. The customer, as the centerpiece of the puzzle, should be at the center of the business strategy. These days, almost no person is willing to spend more than fifteen minutes filling out question-filled forms. Undoubtedly, they prefer to hire a service using software that provides ease of data management, or make use of artificial intelligence to understand the details of a coverage, and that the same technology guide them in the hiring process.

Insurance companies that have understood this have focused their investments on improving the digital experience of their clients by optimizing the operations system that encompasses the insurance business. In this way, they have been able to take advantage of new technological trends that simplify the processes faced by users.

The benefits of developing better services and customer experiences range from financial savings to the possibility of providing a better service to a greater number of consumers. For example, the advantages that an insurance company achieves are enormous when handling claims and analyzing risks through artificial intelligence, robotics and blockchain, obtaining transparency to the value chain, reducing operating costs and increasing the client’s satisfaction and loyalty.

Another great benefit is the massive use of Big Data, by storing, analyzing and evaluating this data, to be capable to make decisions in real time. This knowledge also makes it easier to design products individually adapted to each client and even anticipate their needs.

At TELNORM we understand these important changes and the acceleration of trends in the areas of customer service and attention, as well as in the operation of agents and executives. We are prepared to help insurance companies to integrate technological solutions and value-added services that lead them to achieve a digital transformation in a smooth and intelligent way.

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