The Digital Insurance Platform Market is expected to register a CAGR of over 12.5% during the forecast period (2021-2026). The global insurance industry has been witnessing a significant shift towards the adoption of digital technologies. With COVID-19 impacting every facet of personal life and business, digitization has become a new source for the world to adjust to the new normal. This is especially apparent in insurance, where insurers can tap on digital channels for distribution and create awareness.
With the outbreak of Coronavirus, insurers are coming up with new COVID-specific products to help customers have a health cover specifically for Coronavirus. For instance, for motor, a few insurance companies have come up with a concept of pay as you drive insurance products. Even though most operations are done remotely, digital transformation to provide instant customer support is on high priority, where AI-based text and voice bots are becoming a part of trends.
According to a recent Willis Towers Watson report, 74% of insurance executives, identify reluctance within the industry to adopt new digital technologies. Customer loyalty and satisfaction have become a primary concern for insurance companies. Artificial intelligence (AI) and its related technologies are expected to significantly impact all aspects of the insurance value chain, from distribution to underwriting and pricing to claims management.
This may result in policies being priced, purchased, and bound in near real-time. Through these, insurers have been able to smartly connect information and quickly deliver innovative products and services, which in the end, will significantly improve customer loyalty and satisfaction.
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For example, New York-based insurance startup Lemonade is using AI and a robust digital platform to improve processes and applying behavioral economics to reduce fraud. At the same time, it offers a unique claims experience to its customers. Specifically, Lemonade organizes peer groups supporting charitable causes, charges upfront fees, and gives back unused premiums at the end of the year to charities personally selected by each peer group.
Insurers have increased their communication with customers – and shown a commendable degree of proactive customer-driven support. There have been examples in numerous countries of insurers offering rebates on motor insurance given decreased levels of driving.
In Australia, as well as some other countries, private health insurers have been offering premium holidays and other benefits given that customers can’t draw on their products, which cover them for elective surgery and ancillary services like dental care. Meanwhile, in the UK, some insurers have offered free motor cover and enhanced home cover for National Health Service (NHS) workers and extended business cover to provide coverage for employees working from home.
Key Market Trends
Cloud to Witness Highest Growth
Cloud computing has been experiencing tremendous growth recently and is increasingly being adopted by insurers. Looking at its immense potential, insurers consider building a strategy around cloud technology to keep competitors at bay.
Cloud-based insurance solutions can offer better social listening and higher conversion rates from opportunity to sale through targeted campaign management and improved opportunity and lead engagement models. This could result in higher upsell, cross-sell, and retention rates. Cloud can also enhance the claims experience by providing better service and better communication with end customers. This ability of the cloud is augmenting the growth of the cloud-based digital insurance platform market.
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