Posted on 3/04/2017 by Adrian Kinnersley
Author: James Warren | Managing Director, Europe
How Technology Is Affecting the Consumer-Led Insurance Markets
Technological advances are triggering exciting changes in all sectors, but the insurance industry is now seeing some of the biggest and most exciting leaps forward, thanks to digital ingenuity and the ease of access and automation it provides. As a result, customer satisfaction and usability is now at the forefront of the insurance industry.
More Data = Better Service
Big data is now more accessible than ever, with companies collecting details about customers, and potential customers, on a larger scale than ever before. This means that companies can tailor their services and processes to suit the needs of their target markets more specifically, monitor market trends, and more accurately forecast and plan for future changes in the insurance sector.
It seems reasonable to assume that customers might be worried about so much data being collected. However, research has shown that most people feel comfortable with companies collecting personal information, as long as there is ongoing transparency regarding the use of that information.
New Technology, New Ways to Improve
More data and improved technology means that insurance companies can offer better services, while continuously improving the experiences customers have with the company. For example, New York-based company, Lemonade, are looking into ways to utilise new AI technology to automate claims processes, reducing the average processing time from several days to a few hours.
Changing the Face of insurance
While insurance may previously have been seen as a somewhat conservative business sector, technology has meant that these companies are at the forefront of consumer services, bringing in new ways to purchase, alter and update their offerings. Many larger insurance companies now have apps available for smart devices, and are investing in wearable technology to monitor health-based services through continuous personal health data collection.
Through apps, technology and new AI systems, insurance companies are completely overhauling the sector – from long-term, one-size-fits-all plans and services, to plans which are responsive to the changing need of consumers. Ease of access to insurance products enables consumers to think of them as 'pay as you go' purchases, as opposed to the older, annual model. These changes are providing a new level of flexibility that all sectors could learn from.
A Competitive Time for Recruitment
Improved services and experiences for customers will lead to better brand recognition and increased sales – both of which lead to increased recruitment.
The UK insurance industry is the largest in Europe, and third in the world as a whole, employing a combined total of 334,000 individuals across direct and tertiary roles. That sounds like a lot, but with the fast-paced evolution of technology, more and more companies are looking for a broader range of skills to enhance their services and improve efficiency.
Now is the time to specialise and show your strengths, so if you're looking for new opportunities in the world of insurance, why not join us and let us show you the way?
And for insurance companies, it's a great time to capitalise on the new skills being introduced into the sector. If you’re considering hiring technically-focused insurance specialists, why not let us match you with some of the brightest individuals available?