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Top Digital Transformation Trends in Insurance
As most of business has embraced technology, the insurance industry has lagged, reluctant to migrate for many reasons. The industry finally seems to be interested in pursuing a tech update, primarily because online competition has required insurance brokers to go digital or lose access to a huge market. The emphasis has largely been on upgrading technology infrastructure, but some innovations, like digital plastic card printing, which contains all the information about an insurance recipient needed, have begun to take hold. Here are some other trends that will undoubtedly affect you and your insurance options in the very near future.
Self-service has reinvented commerce in many venues, including restaurants, grocery stores, even some gas stations. It has finally started to migrate to the insurance industry and the main conduit is through smartphones. People have started to use their phones to do everything and insurance is just the latest iteration of this trend. From conducting research on a phone to organizing claims and pursuing services like healthcare to ordering plastic id card printing, the insurance industry is slowly becoming more "online-friendly" and that's making the process much easier for customers.
It's likely you have seen the advertisements on television where someone filing a claim uses their phone to record their incident, document witnesses and take photos of any damage. The days of relying on manual processes to get the claims in motion are largely gone. Insurance companies now are doing everything from claims processing to verifying claims and the result is a much faster process of making people whole. With digital card printing, this process will only get more streamlined and faster.
Easier Price Shopping
Travel, hotels and even gas prices are all things we check pricing online for and now there are multiple venues that shop for and compare pricing for insurance plans. With instant enrollment, having coverage is almost instantaneous. It also is much easier for customers to price shop and compare costs to benefits quickly in one place, online as opposed to having to get individual information sent and then doing a paper comparison.
Insurance companies have lagged as it applies to technology. This reality has left the entire industry years behind counterparts in other industries. With the embracing of technology products like digital plastic card printing, the industry is slowly catching up.