6 Ways of How to Thrive on the Insurance Market Despite Shaky Times
1. Narrow your focus on what matters
Do you still deal with small insurance payouts personally? Most probably, it costs you a fortune. Invest in a smart claim management technology and settle small claims automatically. It will help your personnel budget and allow you to focus on significant and complicated cases only.
2. Double your performance
Time is money, friend. What if you can fit twice as many tasks into an adjuster's or underwriter's daily schedule as usual? You really can! Use the right tools for smart management of collected documents and get out of the never-ending cycle of cutting driving licences from a messy scan. Finally, stop that annoying hand-copying of personal data as well. AI-driven document processing will do the trick.
3. Stay safe and sound in times of COVID-19 pandemic
Health should always come first. It doesn't matter whether it is the new wave of coronavirus, dangerous construction sites or flooded basement. To keep both your employees and your customers away from health hazards proved to be the best practice.
Social distancing has probably disrupted the way you used to operate already. Travelling and making appointments with the clients on a daily basis is not the way to go. The bright side is that staying at (home-)office reduces the travel costs as well. Virtual inspections seem to be the next game-changer in the insurance field.
4. Stop fraud
Fraud is an inevitable part of insurance, and of course, you want to reduce it to a minimum. Remove any barrier between the FNOL and the actual claim report. The longer it takes to report damage, the higher is the chance of fraudulent behaviour. You might also start to think about fake documents detection. Some people have outstanding photoshop skills, but artificial intelligence can shield you from cheaters and protect your sources.
5. Raise conversions
Unfortunately, insurance companies are often known for poor customer experience. They create barriers with a slow and complicated onboarding process that some prospects never break down and instead give up. Keep the flow of new clients by offering speedy and safe underwriting. Online self-service or guided inspections are trending now. They are perfect for remote risk examination, especially in times of worldwide pandemic and social distancing.
6. Put it into practice with InstaClaim
There are many options on the insurtech market right now to choose from. One of them is InstaClaim. How it differs from the others? Most importantly, it is an all-in-one solution. It consists of several modules that can be used stand-alone. However, InstaClaim's super-power fully shows off when used as an all-inclusive service.
Learn more about InstaClaim modules and particular features in our Introductory Series: