Insurtech is Going to Energize the Insurance Industry

Insurtech will help the insurance industry to adapt to the digital world. The transformations taking place in the financial, mobile, IT, and other sectors are leaving insurance lagging behind. But insurance companies realize that IT requires more attention. A report found that insurance companies’ investment in insurtech, and replacing or improving information technologies generally, was expected to grow by 5 percent in 2015. That is noticeable compared to an average 3 percent in 2014 and 2 percent in 2013.

It has become harder to define the insurance policy with the appearance of drones, driverless cars, and IoT devices. Insurance is affected by the disruption in the hospitality business as well. Have you ever thought about of what gets covered by insurance if something happens in an apartment rented using Airbnb? What about what happens while in a car ordered on Uber?

When the lines of coverage are blurred, what is left is a grey area of confusion or a gap in protection, which can have drastic effects on customers. The good news is that this ambiguity can be relieved with the help of technology.

Industry Challenges

  • Regulation

Insurance companies are heavily regulated, which means that it is difficult and costly for a young company to comply with all government policies.

  • Process

The process of getting insurance is time consuming and often involves a lot of red tape. This can discourage new customers from getting a policy in the first place.

  • Agents

If people are able to get their insurance online without a broker’s help, this may make agents nervous. But technology can actually help brokers in their jobs, and increase their bottom line as well.

  • Brand recognition

When it comes to life or property, people tend to trust companies with a good reputation, therefore it is hard to convince someone to entrust their belongings to a company they don’t know.

What can be changed?

  • Re-connect with customers

The relationship with customers has to be rebuilt. Clients have to see insurance agents as trusted advisors who are helping out with the most precious assets, such as life, family and wealth. The first step is to start talking to your customers in an accessible way and within a space where they are already the most comfortable. With the changes in technology, people communicate differently, and have a very short attention span. Adjust to their lifestyle by, for instance, sending them short text messages instead of calling to remind them about renewing a policy.

  • Re-build the system

Innovation is brought on by small things, even the most basic customer engagement must to be improved. Build channels to communicate directly with your customers. Focus on designing applications that revolve around communication, transparency, and simplicity. According to a study,computerization and online transactions are one of the most important factors when customers choose an insurance company.

At DAS Solutions we developed insurtech products that allow brokers and producers to complete insurance requests and sell insurance products to the client directly, while all operations between them and the insurance company are completed seamlessly by the software. This includes estimate generation, client ID validation, and automatic document generation based on the insurance product purchased. Get in touch to have a discussion about how we can optimize your business processes with a custom software solution.

Insurtech Perspective

Many big insurance companies are investing in IoT startups. With customer permission, devices such as smartphones, smart watches, drones or digital home thermostats which record data could be collected and analyzed by insurers. The adoption of new technologies might enable insurers to start influencing their customers’ behavior, for example by suggesting they go to the gym or indicating not to drive in certain conditions.

Insurtech is going to help the insurance industry grow further. For that brokers need to tackle existing issues head on and start using emerging tools to their advantage. By communicating with clients in ways that meet their needs and expectations, insurance companies will build loyalty among consumers.

6 Reasons to Get a VoIP Solution in Your Office

Voice Over IP (VoIP) solutions deliver your calls using your broadband internet connection. These can improve communication efforts and cut costs, but you need to be careful while choosing the right solution for your business needs.

There is a range of products on the market, but not all of them were designed for business use and can fall short of addressing your needs, security concerns, and requirements. Existing calling apps can have limited functionalities. For example, some applications can make calls only to others who use the same app. When choosing a VoIP solution, you need to make sure that it lets you make calls across platforms, and to any landline or mobile phone number. Keeping this in mind, there is always the option to approach a custom VoIP solutions developer and see if a product can be customized or designed from scratch to your specifications. We’ve looked at the benefits of an SMS Gateway before, but today let’s take a look at what a custom VoIP solution can do for you.

Six Advantages of Getting a Custom VoIP Solution for Your Office:

  • Save money
    It is a well-known fact that VoIP systems are more affordable than services provided by traditional phone companies, especially if your business requires making phone calls to different destinations across the world. With a VoIP solution you will no longer have to maintain separate networks for phone and data, which is another advantage.
  • Enjoy phone number portability
    Legacy telephone systems assigned a phone number with a dedicated line. VoIP solutions provide number mobility: you can use the same number almost everywhere as long as your device is connected to the internet. Many executives use the same phone numbers regardless of their location, which is very handy.
  • Get voicemail transcriptions
    Voicemail transcription is a service that sends you an email with the text version of the voice message you got on your extension. It can be viewed from any device, and contains the contact information of the person who called, which can be useful.
  • Do not disturb
    You can turn on the feature to temporarily stop incoming calls to your phone and redirect them to a different extension. This is useful when you need to focus on other tasks that require your undivided attention or when you are in an important meeting.
  • Scalability and adaptability
    A VoIP solution will let you add a new line when a new employee comes in, and delete or reassign it whenever necessary. Thus you will always have the appropriate amount of lines for your needs and won’t need to pay extra for lines you don’t use.
  • Let your customers listen to your corporate anthem
    Sometimes you need to put the call on hold and then this feature becomes a necessity. Do not subject your callers to elevator music or silence. This feature will allow you to choose what your callers listen to while they wait. It will definitely help you create or enhance your brand awareness.

VoIP solutions are flexible and affordable. With custom features, they will help you increase productivity, and provide more convenience for your customers. Contact us and let’s see if we might be able to help identify a solution to your needs.

PS: Don’t forget about security.
VoIP’s popularity is attracting the attention of cyber criminals, and business owners are concerned that someone may digitally intercept VoIP calls or bring down a company’s VoIP system using denial-of-service attacks. Make sure your network security is thorough and up to date.